The bitcoin market is always an exciting place to be, but this week it has become much, much more exciting. Tesla, headed by CEO Elon Musk has bought $1.5 billion worth of bitcoin. If you thought last year when PayPal introduced the ability to buy bitcoin and other cryptocurrencies caused an extreme amount of momentum for the industry; you haven't seen anything yet. This is a move that will send shockwaves throughout the business world. While up until this point it could have been considered risky for a large company or institution to invest its reserves into bitcoin, but that has all changed. It now has become risky not to be in this market. There will be a stampede for companies to buy bitcoin, and the price is going to soar quickly.
But do you have enough?
As I just mentioned that the price of BTC has gone up to a point that is making it much more difficult to accumulate significant amounts like we could just a few months ago. But the important thing is that if the price goes very further up, it will became that much more difficult to accumulate.
In the cryptocurrency market there is a famous phrase that you have most likely already heard many times. That a certain coin is going to the moon. Bitcoin is going to the moon, or ethereum is going to the moon. etc. What this means is that the price will be soaring up to unprecedented levels; thus making the holder of the coin rich.
But how much do you actually need to actually rich the moon and become rich? This question has many variables; such as which coin you own, or even what your definition of rich is, or where you live.
For example in the USA, you will not become rich by owning just 1 full ethereum in the future. Although it could become a very nice amount of money for your portfolio. For bitcoin, you will not become rich in the short-term by owning 0.01 BTC. In the long-term who knows what is possible, but during this bull market that won't be possible. It's important to have realistic expectation, rather than dreaming for something that will never happen.
But always remember this fact; it almost always takes money to make money. Except for the extremely small minority who got into bitcoin and ethereum at its earliest point. Anyone who has got into the market the last few years will have dollar cost average, take advantage of all earning opportunities, and really go hard when there are price dip chances.
So what do you need to reach the moon during this bull run?
Well first let me explain my personal definition of what the moon is for me. This would be to have enough money where I could retire, be set for life and still maintain my life-style or even improve upon it. Also being able to travel several times on a yearly basis would be nice as well.
Just Entering The Rocket
During this stage you are perhaps just entering the cryptocurrency market, learning about it and beginning to build your portfolio. Perhaps you have a few percent of a bitcoin, but not a full coin; or a few handful of ethereum. While you won't earn enough to reach the moon during this stage; you are setting a great foundation that will amount to something significant in the future. While it might feel that the prices are too high and it is difficult to accumulate; always remember that the price increase helps what you have already stacked already too. Never give up and keep dollar-cost-averaging.
Lift-Off
In this category you have accumulated a significant amount of bitcoin, or ethereum and have already seen some really amazing profits. But it won't be enough to do the things that are required in order to reach the moon. At this level perhaps you are lucky enough to own 1 full bitcoin, or you have accumulated 32 ethereum. It will be a great cornerstone in your hopes to retire in the future, but unfortunately during this bull run it won't be enough to reach that goal yet. But if you hold on to what you have, perhaps lend it out or stake to increase your holdings and continue to buy you will be able to reach the moon in the future. Don't stop buying.
Leaving Earth's Atmosphere
In this category your rocket is off to a fantastic start and you will become very close to reaching the moon, but fall just a little short. You need just a little more rocket fuel to catapult you the rest of the way there. At this stage perhaps you own 2 full bitcoin or own 64 ethereum. Already a fantastic looking portfolio. While it isn't enough to retire yet and live a life full of luxury into your elder years, it has become a significant amount of money. You are very close to reaching your goal, so don't give up yet. Continue buying on a regular basic and also try lending out and staking your coins. This will put you on a fast-track journey to the moon in no time! You're very close!
The Moon
You have finally reached the moon! The goal that we are all striving towards in this space. At this stage you have might have 4 full bitcoins, or more than 120 ethereum. This seems like an insane amount of cryptocurrency, but it's what is required to retire at my age, (low 30's) and have enough to cover everything. At this stage you will find that it is very easy to multiply your portfolio value, by lending, staking and even borrowing against it where there is a great price drop. You can finally relax. You have reached your final destination and you have earned it.
If you are somehow lucky enough to already be in one of the last 3 categories I talked about, I fully believe that someday you will be rich from your cryptocurrency portfolio. But It might just not be during this current bull run. (except for the moon stage.) If you are in the entering the rocket stage, don't give up. We have all been in that position when we began. For anyone who is passionate cryptocurrency and heavily invests into it; I fully believe you will have a bright future.
So which category do you fit into!? And what are you doing to ensure you reach the moon!?
As always, thank you for reading!
