When You Like to Gamble  Listen to “People”

Do you want to flush your investing dollars down the toilet? It isn’t really all that hard to do. Sometimes the “people” you listen to have ulterior motives when they share their success stories.

It is not unusual for people who reach out to me on WhatsApp to want to convince me that I should be buying precious metals and cryptocurrencies. It usually starts with something like this message on January 25: “Is this Mr. Wayne? I searched for your number and found that you also use WhatsApp, so I took the liberty of sending you this message. I hope you don’t mind.” As soon as I see something like this I am fairly certain that the person on the other end is going to want to convince me to invest in cryptocurrency.

Then, on January 31 the real motivation for the original message appears: “It sounds like you did something very meaningful today, and your investment philosophy and experience seem quite extensive. So, what kind of investment portfolio do you hold? Wayne: I currently hold some stocks, and I have a precious metals account, a cryptocurrency account, a stock account, as well as an IRA and a 401(k) account. My precious metals account holds $800,000, my cryptocurrency account holds $3 million, and my stock account holds $1 million. However, my 401(k) and IRA accounts are not performing well; the returns they provide are insufficient to hedge against inflation and the rate of dollar depreciation. I’d also like to hear about your investment strategy so we can learn from each other and discuss interesting investment topics.” Apparently the goal is to impress me. But I’ve seen this ploy far too many times to be impressed.

When I say I am not interested in crypto, the response is predictable: “I completely don’t understand what you’re talking about. In the 21st century, people actually think precious metals and cryptocurrencies are a waste of time? So what do you consider good, high-quality assets? Stocks and real estate?” I apparently don’t “think” the same way as “people” but I’m not certain what people she is talking about.

By the way, the images included by the writer are usually very suspicious and appear to be AI-generated images. Pictures of food, handbag purchases and Asian settings are the norm. There is usually a reference to an “uncle” who is helping the person sending these messages who could also help me get rich quick.

A Reality Check for Bitcoin

“The cryptocurrency has seen wild swings in the past year. Last year it had reached a record high of $126K. However, it fell below the $100K mark in November and since then has been unable to reclaim it.” – Sinchita Mitra, SA News Editor

A Reality Check From Seeking Alpha

Here are some common cryptocurrency ETFs with QUANT ratings. Notice the preponderance of RED.

A Reality Check from the Scriptures

Proverbs 13:11: “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.”

Proverbs 21:5: “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.”

1 Timothy 6:9: “But those who desire to be rich fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction.”

Conclusion

Be Careful.

“Despite a crypto-friendly White House and rising institutional adoption, Bitcoin (BTC-USD) has fallen about 40% since surging to a record high in early October. The cryptocurrency slid on Tuesday to its lowest level ($72,877) since U.S. President Donald Trump’s re-election in early November 2024.” – Preeti Singh, SA News Editor

Before You Buy: Think

Summary of Bitcoin’s price changes over the last year.

  • 12-Month High: $126,186.00
  • 12-Month Low: $49,486.90
  • Current Price (February 4, 2026): $76,031.50
  • Price Change over 12 Months: Approximately -21.3% from the previous year.

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All scripture passages are from the English Standard Version except as otherwise noted.