Mistakes While Trying To Get Rich In Crypto

What crypto investment advise do you give a crypto Newbie who wants to invest on bitcoin to be rich? My advice is always, you missed the chance to be extremely wealthy by buying bitcoin when it was below $1000. This is because, bitcoin has gotten to a point where it’s used as a store of value rather than as a money making coin. You know why?

Market Capitalization
So the market cap of bitcoin is $881 Billion, almost $1 Trillion. At $50k the value of bitcoin’s market cap will be $1 Trillion, so if you are investing on bitcoin right now hoping to get 2X of your investment, then the market cap of bitcoin has to be doubled. How long will that take? I honestly don’t know. So this means that if you invest $1,000 on bitcoin today, Bitcoin’s market cap has to be about $1.6 Trillion or $2 Trillion before you can confidently say you have made 100% of your investment.

Now we have people who have invested in bitcoin hoping that bitcoin will get to $1 Million per coin. This is possible, but when is this possible? I don’t know, bitcoin at $1 million means that the market cap of bitcoin will be $20 Trillion, I think that will make bitcoin the most valued asset in the world. So if you invest on bitcoin waiting for the value of bitcoin to be $1 Million before you become rich, except you are buying 1 whole bitcoin, but if you are buying Satoshis, then I think you are wasting your time. That amount can easily be invested on other altcoins and you will achieve that faster than when you invested in bitcoin.

Let’s use Hive as a perfect example for this. The market cap of Hive is below $1 Billion, as a matter of fact it’s just over $300 Million. I hope you know that it’s possible and easier for Hive’s Market Cap to be valued $3 Billion before the year ends faster it is for bitcoin to be valued $8 Trillion. So I have better chance of making 10X my investment in Hive faster than in bitcoin.

My point is, if you invest $10,000 on bitcoin hoping it will turn to $100,000, before 2 years, it will happen but not in 2 years, but it’s easier for me to invest $10,000 in Hive today and before 2 years I will have $100,000 and more.

Some of these Bitcoin Maximalist are focused on being right more than making money. You need to see the shock on my face when I found the Leofinance community members writing about other crypto projects on Leofinance. I was confused at first because before Hive/Leofinance, I understood loyalty In crypto investment. When I say loyalty, I meant believing that the crypto you are hodling is the best better than other cryptos. This is where you can have it all wrong. Most maximalist prefer to be right over making money. For instance, you watched a YouTube video from a YouTuber who successfully convinced you a coin will go 10X, you did your research and you fell for the coin. You bought the coin but unfortunately the coin started dropping, but you want to be right so bad, may be you have told all your friends about it and given them confidence about the coin. Well, the coin will dip to a point that we all know that bailing out is the only way right because deep down we were wrong, but being right is more important than making money.

After losing so much, who do we blame? We blame our source which is usually the YouTube influencer. Forgetting we had the opportunity of pulling but refused to do that because we wanted to be right so bad.