What are your thoughts about cryptocurrency?
View all responses
A guy I know invested $1,000 in cryptocurrency several years ago. He got in at exactly the right time, rode the wave, and cashed out with about $100,000. That’s a pretty remarkable return on an investment, and I congratulate him on his good fortune.
Naturally, hearing about his success made me wonder whether I should get in on the action. Fortunately, I didn’t. A couple of months later, I checked the numbers and discovered that the cryptocurrency market had cratered. Had I invested $1,000 when he told me about his windfall, I might have been lucky to have $100 left. I thanked God I hadn’t followed him into the market. Apparently, my best investment decision was deciding not to make one.
That’s pretty much my understanding of cryptocurrency. People put real money into something that exists entirely in the digital world, hoping that someone else will eventually pay them considerably more real money for it. Sometimes it works spectacularly. Other times, somebody named CryptoKing420 disappears with everyone’s life savings and a Lamborghini.
I realize I’m oversimplifying things. Blockchain technology is apparently quite sophisticated, and there are legitimate reasons people believe digital currencies represent the future of finance. I’m not dismissing the technology itself. I’m simply a little uncomfortable investing my retirement in something I can’t explain without using the words “I think” at least six times.
If I invest $1,000 in McDonald’s, I own a tiny piece of a company that sells hamburgers. Starbucks sells coffee. Home Depot sells lumber, appliances, and approximately 47 varieties of screws, none of which will be the particular screw I need. These companies have buildings, employees, equipment, and products. Their stocks can certainly lose value, but at least I understand what I’m buying.
With cryptocurrency, I’m buying a collection of ones and zeroes whose value depends largely on whether other people want to buy those same ones and zeroes. Granted, traditional money has become pretty abstract, too. Most of my paycheck is nothing more than numbers moving between computer screens. But at least I can take those numbers to Publix and exchange them for groceries without first checking whether Elon Musk tweeted something about a dog.
Maybe digital currency really is the future. Maybe someday we’ll abandon cash entirely and conduct every financial transaction through some sort of electronic wallet. I can see the convenience. I can also imagine the global financial system having a catastrophic meltdown because somebody accidentally unplugged a server in Estonia.
Of course, that’s probably not how any of this works. I’m reasonably certain the entire cryptocurrency industry isn’t dependent on one extension cord. But the volatility, speculation, scams, and occasional spectacular collapses don’t exactly fill me with confidence. I have enough trouble trusting the self-checkout machine at Walmart.
So, what are my thoughts about cryptocurrency? I think it’s fascinating technology attached to an investment market that often looks like a casino where nobody can explain the rules, but everyone insists they’re winning.
I could be completely wrong. In fact, considering my track record, the minute I publish this, Bitcoin will probably triple in value, and somebody who bought $1,000 worth this morning will retire to the Bahamas.
Meanwhile, I’ll be over here with my boring investments, my checking account, and the reassuring knowledge that Home Depot still has 46 varieties of screws I don’t need.
But really, who the hell cares what I think about cryptocurrency? I’m the guy who could lose money buying a winning lottery ticket.
Enjoyed this? Subscribe and get future reflections, bourbon notes, and assorted nonsense delivered straight to your inbox.
Copyright © 2026 Doug DeBolt.
