AIBU to think my husband shouldn't YOLO his bonu on Crypto?

[IndieR22]

Basically what it says in the title. My husband will get his work bonus at the end of November. He says that he will be YOLOing it all into his Crypto account.

For anyone who doesn't know what YOLO is, he wants to blast all his bonus into his Crypto account. For anyone who doesn't know what Crypto is, it's a decentralised currency (a currency not controlled by a single governing body).

Interested to hear other people's opinions.

Depends on the amount snd what the general household finances are like.

£500 bonus when you’ve got thousands in savings and own your house yabu

£3,000 bonus and your desperately saving for a house deposit, the car needs replacing etc then yanbu

I’m v.sceptical about crypto. And it’s highly environmentally unfriendly!

Tell him you want an equivalent sum to YOLO.

Are you a SAHM? It’s not his money, it’s family money.

I wouldn’t do that in a million years, personally.
I’m not a YOLO type 🤣

But: his money his choice.

Depends how much his bones is? 10k or 100k makes a difference.

Bonus, even

Depends if you have your own earnings. If you do and aren't part time or SAHM for the family's sake then his Bonu really.

But its so bad for the environment. He'd be best off investing it in something else.

Tempted to link to the thread from the other day where the poster had used Bitcoin FPS foreign exchange transaction, discovered many years later that she still had 1.5 coins. And they were now worth £100K.

(don’t know where the FPS bit came from!)

The returns have been pretty amazing on crypto recently so I can see where the temptation lies. But can he afford to lose it? It's basically a high risk investment so it just depends how solvent you are.
Also could argue that top of the market has been reached. If you're buying now, you're buying when the market is historically high. It may have more to rise but it's very hard to predict.

I wouldnt touch crypto with a bargepole. Its mainly for crooks and scoundrels to money launder. It will all come crashing down one day and there will be great wailing and gnashing of teeth.

So many unknowns - can the household afford this - were you waiting for the bonus for essential purchase? What's his level of experience in crypto - recent band wagon jumper vs experienced investor? The basic rule of crypto is don't put in what you can't afford to lose...
I understand and invest in cryptocurrency so have a level of understanding. I'm also highly cautious, have never spent what I can't afford, am sceptical of "lambos to the moon" talk. I would never put in my whole bonus, carving off small amounts over time that won't be missed is more my approach.

My husband dabbles in crypto almost like a hobby and he has made money from doing it. Not masses but probably nearing 1k.

If he's a recent "look how much money there is in cryptocurrency, this time next year we'll be millionaires Rodney..." = No. Hell No. No.

If he's a long term hodler "we can afford to invest this and I believe in the use case of xyz abd research abc backs this up. I'd like to hodl for the long term but accept this is still a punt and we may never see this money again" = Maybe.

Agree it’s difficult to make a call without more context.

For example I thought “fuck it” and YOLO’d some money into Crypto and have now doubled my money. But I only put in $125 and could have afforded to lose it if it went the other way; plus nothing more pressing that I needed the money for.

Agree totally depends on the context. Do you really need thd money for other things, or do you have money anyway? Also how much?

Finally to add I made my first purchase of £10 of BTC and £100 of LTC in Nov 2017. Whereapon the price of both pretty much immediately tanked. LTC has not recovered it's price to this day. I invested £30 in Ripple on a platform called Bitsane and the owners did a runner with everyone's money. These were the lessons I learned the most from and am most grateful for!
There's no regulation and little protection. There are fundamentals he should learn and understand re cold storage/ ledgers, security etc.

Part of the bonus seems more reasonable.

For anyone who doesn't really know what YOLO is, it's acronym for You Only Live Once.

OP, sorry I'm amused by the all the reference to 'YOLO' 'YOLO-ed' and 'YOLO-ing' going on here. Probably because of how I read them in my head.

But as pp have said, if the money is for both of you/family money, then it's not only his decision to make. Or else you can have an equivalent amount to YOLO yourself.

Also, if you can afford it and don't need the money for more important things, then YOLO.

The only money to be made on crypto has already been made

What is he investing in?

Thank you all. Some very reasonable answers here. I am on maternity at the moment with our 7 month old and will be going back full time after Christmas, however I am only on Statutory Pay currently. He also trades stock and does do his research on things he's getting into.

I'm certainly not against him putting some of it in if thats what he wants to do but I did think it would be nice to use some for family days out/Christmas/put some away for a rainy days, etc.

Suprima I double my money yesterday/today.

IndieR22 how’s he doing with his stocks? Could you suggest some in a stocks and shares ISA and some in crypto?

@IndieR22

Thank you all. Some very reasonable answers here. I am on maternity at the moment with our 7 month old and will be going back full time after Christmas, however I am only on Statutory Pay currently. He also trades stock and does do his research on things he's getting into.

I'm certainly not against him putting some of it in if thats what he wants to do but I did think it would be nice to use some for family days out/Christmas/put some away for a rainy days, etc.

Do you get 'fuck it' money?