Her family, based in Denver, was already baffled by Nyvold’s decision to move across the country and work as head of media at a crypto industry publication. They were supportive, she said, but didn’t understand it at all, and ignored her when she told them to invest in crypto. Nyvold didn’t have any personal money in FTX, but her investments have been hit by the broader decline in prices.
She recently got a text from her brother asking if now is a good time to buy — but her mother doesn’t want anything to do with it.
Humble Pie
For those enduring questions from family about crypto, financial experts have some tips. Rockie Zeigler, founder of RP Zeigler Investment Services in Illinois, recommends being prepared to explain why you bought crypto in the first place: Do you believe in its long-term potential? Do you still think prices can recover? That can help frame discussions.
Being honest about your current thoughts is also important, Ziegler said, especially if you once advised buying crypto but have since changed your mind.
“Crypto is going through a difficult time right now and if you recommended it to family members, you might want to prepare yourself for some hard conversations this holiday season,” he said.
If it’s any consolation, there are many other financial woes to discuss at the Thanksgiving table besides digital assets, said John Boyd, founder and lead wealth adviser of MDRN Wealth in Arizona. People may be more interested in talking about how both stocks and bonds have faced massive losses this year.
Jason Cazier, a 40-year-old in Utah who works in finance, is preparing himself to answer questions from family at his holiday gatherings. He said his relatives don’t invest in crypto because they think it’s too risky.
Although he’s not concerned about his own investments, which he considers to be “safe,” he does think the FTX collapse will set back the industry.
“They’re just very conservative,” he said about his family. “I don’t want to force my position on anybody, but I’m happy to answer questions.”
This article was provided by Bloomberg News.