Joe Pinsker

speaker

1,247 appearances 30 recordings 1 series first heard Oct 2022 last heard Jan 2025

Joe Pinsker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Some Investors Still Think Crypto Will Make Them Rich · 24 Feb 2023 podcast

The money that they make at their job is not enough for them to build wealth. voice-verified

Yeah, thanks for having me. voice-verified

Yeah, there's an interesting survey finding from last fall from the Philadelphia Fed, which found that about 39% of people who own crypto last October said that they were likely to buy more. voice-verified

So there are definitely people out there who are still doing this. voice-verified

Some of them actually happen to have lost a good amount of money from the crypto crash. voice-verified

last year in 2022, and are back at it nonetheless. voice-verified

So there's kind of a mix of people who have some experience with crypto before, and they think in general that because prices are so low right now, that now's a great time to buy because they think prices will shoot up again in the future. voice-verified

And in general, whether you're looking at now or in the past couple of years, there are some patterns that stand out about people who are more likely to use crypto. voice-verified

Crypto use in general is higher among men than women. voice-verified

It's higher among adults who are under the age of 50 than over the age of 50. voice-verified

And in general, it's higher among Americans who are black or Hispanic or Asian than those who are white. voice-verified

That's all according to some Pew surveys that have come out over the past couple of years. voice-verified

Yeah, there's some interesting recent history here. voice-verified

Probably one of the big examples that stands out in somewhat recent memory is the dot-com boom of the late 1990s, which a lot of households got involved in. voice-verified

And I was talking with a sociologist named Adam Goldstein from Princeton, and he has done some really interesting research on how when people are exposed to one type of boom, they end up voice-verified

Yeah. voice-verified

And there's this interesting thread of his research and his observation that when people see booms happen around them in the economy, it makes them think that they're capable of getting in early on whatever's next. voice-verified

Yeah, one of the biggest risks here is just that the price of crypto can swing so dramatically, and there's really no recourse for investors if your portfolio basically just goes down to zero. voice-verified

I was talking with a financial planner in Chicago named Valerie Rivera, and she said that in general, crypto just doesn't belong in a portfolio for an everyday investor. voice-verified

She said that some of her clients nonetheless are really interested in it, and if they are set on investing, voice-verified

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