How To Become A Millionaire With Cryptocurrency?

How to become a millionaire through cryptocurrency? In short, you cannot. Of course not unless you are willing to bet big on it. And by saying ‘bet’, I mean yes, nobody can predict the prices of Bitcoin (BTC) tomorrow much less the day after. A lot of the ‘gurus’ out there will convince you otherwise, claiming that they have the best system, trading system, AI trading so on and so forth. In this article, I just want to share with you my humble opinion and little journey dabbling in cryptocurrency for the past 1 year.

1. Never put in more than you can afford to lose

Someone once told me before, the first rule of money, is never to lose any money. I started off with USD $2,500. Just to try it out you know. Because I have heard so many rags to riches stories, people going from broke to millionaires by trading BTC. Get the drift? Like I said previously, not unless you are willing to wager big time on it. Even if the BTC price was USD $20,000 (I am not talking about the early traders), how can an average person on the street own 10 BTCs without selling off his house and car?

And like I said, I dare say even Elon Musk himself does not know what will happen next (though he has a massive influence over it, you can click here). The next thing you know, if the Chinese government decides to come out with new restrictions, prices will crash again.

As of today, my portfolio is worth a grand total of USD $4,899.71 if I liquidate everything as of this instance. Fantastic? Probably. But another wise friend once told me, all the self-proclaimed gurus (investments of any kind), never told you about their losses. They only show you their wins. So be wise.

2. Money is the root of all evil

NO. Greed is. Since I started fiddling around with cryptocurrency, mainly BTC and Ethereum (ETH). Right before the crash in May 2021, I sold some, made a profit and I bought in at an all-time high price once more thinking that it will go higher. And you know the story. So refer back to point number 1. Making lesser profits is better than losses. Yes, you can always say that just hold on to it and wait for the rebound. But there is always something called opportunity costs, especially if your stakes on it is much higher than mine.

3. Keep track of what you do

On the advice of a close friend of mine, you should always keep a spreadsheet of your gains and losses. Buy price, sell price, for easy reference. Most people will say it is common sense to do so, but most don’t. So if you are serious about it and want to make money out of it, I suggest you do so.

4. Other people’s opinion

Well along the journey you will hear tons of advice, albeit some are well-meaning, some are just plain silly (I am being nice here). Some will tell you why trade? Just buy and leave it there and never look at them again and let your descendants discover that they are actually billionaires 20 years later.

What I wish to tell you is that it is all up to you. I cannot emphasise this enough. Why should you let others tell you what you should do with the money or profits? Even though you read this, you will still let other people’s opinions influence you. I am not saying be stubborn and unreasonable or irresponsible and treat it as a gamble, but I am just saying whether you choose to take their advice or not, whether they turn out to be correct or wrong, you should not blame anyone except yourself.

You call the shots yourself. It is your account. Your own money. Blaming someone else for a decision you make with your own money is anything but foolish.

Conclusion

To further prove my point in number 4, compare the headlines of this article and the other one. Yes, there is a lot of driving factors behind every bull or bear run. But ultimately it is just market sentiments overall. When the market is feeling optimistic, cryptocurrency, in general, will experience a bull run.

No doubt pushing towards the adoption of digital coins can mean a huge deal for cryptocurrency in future but until then, I dare say that most retail investors are just putting in some money and hoping to make some money out of it that fund our next vacation. So be careful of what the media is always saying. Their business is to get more subscribers, the typical doomsday ‘newsflash’ tactics. They can tell you about cryptocurrency as much as I can tell you about the number of white hair on Joe Biden’s head.

One thing is for sure, if it is really not something worth looking at, the Singapore government would not want to be running it themselves, you can read more here.

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