If I somehow showed proof that I doubled my money by the end of this year, would you consider investing? I'm in for $8,500. By the end of this year, I expect to double my money. In 10 years time, I expect to have over 1 million...and I'm very confident that it will happen. Once it goes mainstream, I will sleep in peace and my money will go up exponentially. You are a smart guy. Instead of saying No, you won't - how about you do more research on crypto. I'm willing to bet that after a decent amount of research, you will be sold and I want you to be sold because the more people get into crypto, the faster it becomes mainstream and the faster I make my money. it's a win - win situation for both of us.
No, I wouldn't.
I sincerely hope you do double your money, but the fundamentals of crypto are unappealing to me. I've done plenty of research - they're driven completely and utterly by sentiment at the moment and the anticipated spread is enormous. Add to that there is literally nothing backing it and I'm still extremely wary. Everything I've read suggests the way to make money from them is by taking advantage of their volatility (basically buying the dips), not holding as a long-term investment. Right now, that has no appeal to me I'm afraid.
"Becoming mainstream" is a fairly vague, and wooly notion. For crypto to become mainstream that would mean that people commonly use it instead of cash or electronic transactions to pay for stuff. Not sure I see that happening any time soon, and if it does, there is no guarantee that it will consequently sky rocket.
At the moment, I have less than 5% invested in what would be termed a high risk investment, and that is still much lower risk than crypto by most common measures. I have no interest at my age in increasing that %age any higher. I'm actually anticipating that the 'high risk' stock I hold will become gradually lower risk, and that suits me fine. I've done okay from this approach over a long period, so have no intention of changing it.
Btw, I'm not a bitter guy, so I will be delighted if I'm wrong about Crypto and your $8.5K becomes $1M (just as long as you take me for a spin in your Lambo). I will have no regrets from not investing though because I firmly believe in sticking to a plan.
Good luck to you all.