This week, I decided to pick the brain of a young fella like Dr. Chris Vo, so an old guy like myself has a chance to figure out crypto. Chris is known as the “crypto dentist” to many and, although we aren’t actually related, there are so few “Vo’s” in the area that we might as well be cousins. True to his name, Chris is one of the founders of “The Crypto Dentist,” a two-man team run in tandem with his pal, Mitch. At the Crypto Dentist, the two aim to educate dentists on how to invest in crypto as safely and wisely as possible to reap more from their hard-earned savings.
Although Chris has valuable knowledge to offer those interested in cryptocurrency, I understand why some people may assume crypto is a “scam.” Many of those who’ve invested in crypto have endured a “beatdown” to the worth of their investments—including Chris and myself. However, it’s important to note that so many people continue to invest in stocks despite their volatility, yet they don’t write the stock market off as “BS.” You gotta accept that these things are cyclical in nature.
Chris agrees that the nature of crypto itself isn’t to blame for the recent crash. For starters, it wasn’t just crypto that crashed—it was pretty much the global financial market. We’ve all experienced an economic blow thanks to hiking interest rates from the federal reserve and how inflation has soared out of control. Although many people may be interested but afraid to invest in crypto, Chris says now may be the best time to follow through. He paints the example of a mall where everything is 80% off—would you go home and come back when everything’s at retail price? “The time to buy is when everything’s on sale,” Chris says, “Which is right now.”
Those who are watching right now are probably thinking, “He’s the crypto dentist, shouldn’t he be just drilling and filling?” Although Chris has devoted himself to dentistry, he says that he’s “always been a techie.” He grew up fascinated by technology; it comes as little surprise to learn that Chris began mining Bitcoin in 2017. This was the same year Chris sold his practice because he was unsure whether he would stay in dentistry. In the meantime, he’d been totally captivated by crypto: “All I could do was eat, sleep, breathe, drink crypto.”
I can recall the “dot-com crash” like it was yesterday and, although the crash came down hard, that doesn’t mean dot-coms weren’t worth anything. In fact, it showed that the cream rises to the top. That is, the strongest competitors made it through the fallout. Chris says that, as a dentist, he often sees his colleagues struggling to figure out how to invest the money they’ve saved. The Crypto Dentist’s mission is to provide “basic educational courses” for those who are just starting to test the waters. He believes crypto is an effective way for busy dentists to build up a passive income.
That’s not to say investing comes without its risks. Chris believes the best way to help offset risk involves investing in one of the “blue chips” of the crypto world—Bitcoin and Ethereum. Like all cryptocurrencies (and stocks for that matter), Bitcoin “goes up, then goes down.” However, “on a long trajectory, it’s going up.” That’s why Chris thinks Bitcoin is the first asset dentists should invest in.
Still, investing is not so cut and dry. Chris emphasizes that before anyone buys, they should know exactly what they’re getting into. This knowledge will prepare an investor to keep their head in the game—“I’ll tell you what’s not a winning strategy: buy high and sell low without conviction, that’s what happens a lot,” Chris says. Some people buy into the misconception that crypto won’t be here in the long run. But Chris and I both agree that it’s here to stay.
Those who find themselves on the fence because of such fears may just need a push to feel confident about investing. After all, there are many available resources to learn the ins and outs of the stock market, but there seems to be much less out there on crypto. This is where Chris steps in. Education is the primary goal behind the Crypto Dentist. Neither Chris nor Mitch manage people’s funds—they strive to help people come to the decision to invest or not.
Your security and ability to succeed are top priority. That’s why Chris is upfront with his clients about hard lessons he’s learned from his own investment journey. For example, Chris and I were impacted by the recent decline of the Celsius Network, a sort of “crypto bank.” “These are platforms I have recommended in the past,” Chris says, “I don’t recommend them right now.” Whether this platform and other similar ones will make a comeback is yet to be determined. As Chris believes, “Crypto has to be thought of as an experiment.”
This isn’t a criticism of crypto’s potential, however. Chris points out that crypto is an experiment in “the same way the internet was an experiment… 15-20 years ago, we didn’t know what was going to work.” In the end, the strongest networks stay afloat. Given the inherent risks involved in investing, I can’t stress enough how important it is to utilize a conservative strategy. People should always remember, if you’re not ready to handle that loss, you shouldn’t be investing.
When you turn to Crypto Dentist to learn more, you’ll become better-versed in risk management. Chris emphasizes that “a balanced portfolio has high-risk portions of it and low-risk portions of it”—it’s all about finding that spot that’s best for you. The Crypto Dentist recently offered a course on all the basics for those making their first steps into the world of crypto. Keep an eye out for upcoming events (and possible upcoming discounts). Of course, you can always contact Chris by finding him in the Nifty Thrifty group or visit his website cryptodentist.net to learn even more!
According to Chris, what is to blame for the recent crash?
Why are critics wrong to cite the crash as evidence of crypto’s “unreliability”?
What has made Bitcoin so innovative and long lasting compared to other cryptocurrencies?
How does Bitcoin aim to solve the issue with the fact that we can’t just print more money?
How long has Bitcoin existed?
Hint: over a decade!
What does Glenn think about utilizing an “aggressive” investment strategy?
When and why did Chris decide to sell his practice?
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