In the past year, the worth of the crypto market has tripled. Bitcoin alone has beat even NASDAQ 100 by a ratio of 10. Despite these staggering profits, many believe that the cryptocurrency revolution is in its infancy. This is due to the potential for massive adoption by institutions shortly.
Many cryptocurrencies have very little value and a lack of clarity about their possibilities. A lot of experts advise investors to stick with Bitcoin or Ethereum in the event of there is any — and stay clear of the less popular cryptocurrency.
A leading news site for cryptocurrency CoinDesk keeps a Coindesk 20 listing of 20 of the top cryptocurrency brands which are being sold and bought. The list contains cryptocurrency networks and assets by their most well-known names. Certain, like Bitcoin (BTC) is known by only one name for the blockchain network as well as the cryptocurrency. Others, such as Ethereum are named after the larger blockchain network however, they have a distinct name for their native currency (Ether, ETC for cases like Ethereum).
How Can I Become a Crypto Millionaire?
You want to be the next crypto billionaire! We all do! Here are some ways to reach your goal.
Wait it out
If cryptocurrency takes over the world within 5-10 years, enabling all aspects of supply chain and finance purchasing any cryptocurrency that can survive to the end of time will result in a millionaire. it’s just a matter of buying enough of it and never letting it go (hypothetically 10,000 for a small or mid-cap coin that lasts 100x and flourishes, as well as $50,000 to buy a big cap coin that lasts and flourishes). The danger is that crypto could rise, but the coins you invest in do not meet the criteria, since everything can change within 5 to 10 years.
A massive, focused bet
This is where you place your bets on a smaller-cap cryptocurrency and hope that it outperforms all the others and rises to the top of the leaderboard for crypto. If you put your money into the 100th-largest cryptocurrency and it climbs to the top 10 it will have a roughly 20x increase. The 20x could cost you anything from between $50,000 and one million dollars! Of course, your rank 100 coins will likely remain stagnant or be pushed out of the top 100.
The game of Whack-amole
Rarely in crypto are you able to see 1000x or 500x. I purchased Bitcoin at $250, and Ethereum at $30, and hundreds of dollars since. I’ve never owned one. It’s a sad fact that placing bets on $1,000 or $2,000 isn’t likely to make you a millionaire on its own.
However! If you place a bet of $1,000 on a cryptocurrency and it explodes to $20,000, you can transfer the $20,000 into a different cryptocurrency and expect a 10x. Then, you can move that $200,000 once more and expect a 5x. This strategy is very appealing for beginners since it sounds more straightforward than it is.
It is possible to make one million dollars using this strategy, but what will likely happen is this scenario: you make 20x in return and you move on to different crypto. This crypto goes down and the one you made a sale from goes up 3x. You are in a panic and decide to play the dice again and it crashes too and you return to the point you started at. You are unable to stop watching your initial coin increase in value and you realize that you could have been a millionaire had you kept it.
Make a big purchase during a huge crash
When I say massive crash, I’m talking about droppings of 90 or more percent similar to what occurs during bear markets, when coins that once cost one dollar are now worth five cents. The purchase of coins at a price that is falling is like purchasing homes that are in distress in the worst regions; nobody else would want them, but if the market can recover the coins could become lucrative.
This is an example: in the bull market in 2017/2018 I attempted to persuade my friend to share an extra node to exchange the same price as me. The cost was $15,000. He thankfully declined. In the following bear market when the price of a supernode dropped to $1500 at its lowest. If we had been more daring and bought 10 supernodes at the cost of the one before. We didn’t, but it could have made us millionaires by any bull market that follows.
Of course, buying during a crash is much easier said than done since you do not know the depth to which a crash can take you. A coin you love might fall 90%, but after buying it, it may slide another 90 percent. While some coins recover, some do not. If you follow this route can turn you into a millionaire.
Already have a lot of money
If you put in 1 million dollars into crypto, you’re winning! Cash-out immediately. This is the best method for social media stars who want to boast about their investments.
To become a millionaire with crypto Most paths demand that you don’t make any profits. If you put $50,000 into the crypto market in a small-cap and you see it triple or double in value, the best option is to take the investment out of risk and remove your initial cost base. In the end, taking out anything can sabotage your chances of earning.