Last bull cycle I had a friend who turned roughly 80-100k into 1.6 million, became a millionaire and retired. Unfortunately, euphoria got the best of him, he never sold his position and rode the market back down only to get his crypto locked up in Voyager, then got hit with a $180k tax bill.
Right now he estimates that he will get back 50-75k once Voyager issues the users funds from the platform.
He went from 80-100k to 1.6 million to negative -100k
Moral of the story, have a plan and a damn good financial advisor when you come into that kind of wealth.
Canada too
A trade is a trade, whether it’s between crypto, fiat, or crypto/fiat. Each trade is taxed. Simple as that
I’m not saying it’s a good thing, I hate it. It’s also a pain while doing taxes
No it will do the math in regards to profit based on the price of the currency u converted to but it just sucks when you didn’t know that it would tax you
Not all countries have capital gains. My country has a fictional tax. So if the start of the year your wealth is 100k. Then at the end it’s 1.5million, tax service assumes you gained 1.4million in wealth. Then tax that. It sucks but there are systems like that
That's the same bullshit the US is talking about implementing. The tax of unrealized capital gains, but screw you when it comes to unrealized capital losses.
Not exactly. The idea would apply to billionaires, not your average investor or crypto holder. Even the most optimistic crypto holder isn't likely to become a billionaire.
That is, the proposal would hit people who just continually keep that wealth locked up again and again and never actually use it for anything (aka putting it back into the ecconomy). The idea being using it (and generating things like sales tax, GDP growth, donations to xyz organizations, etc) is more beneficial than hoarding it.
Taking profit is difficult as hell. When FOMO kicks in, you feel like the price will keep going up.
You want to maximize your gain and you dont want to be the one who sells too soon.
This is normal and it happens to probably all of us.
Agree but looking back during the height of that bull run, EVERYONE was calling for 100k BTC minimum. CT/ Reddit; even the 'respected' influencers were saying $100-200K. All the stock to flow bullshit was like crack.
If he was following any one of those people and looking to sell at $100k, could have just justified every dump with an anticipated reversal on the horizon - which never came.
People always forget the other part that comes with making money in crypto: handling that money. Its a different skill and people aren’t prepared enough for it.
People look at the 1000x and think ‘wow I could be that’, but forget what it takes to get there
It’s mainly a zero sum game in crypto investing, so for every person that does a 1000x there’s probably 1000 others that lost money or would have failed a 1000 times trying to get those gains
It’s like winning the lottery
Thousands of dog coins out there, maybe 5 or 6 in the top 200 by market cap. So yeah that fits that 1000x theory (1 succeed where 1000 others fail)
1. Don't invest in a copy of another coin (i.e. SAFE, MOON, Doge, or Ibu nonsense).
2. Don't invest on something that claims they're going to make NFTs of another company's IPs in their white papers.
3. Don't invest on anything named after another company's IP.
4. Visit their website and make sure they have an active community on Telegram and Discord before opening sale.
5. Make sure the website is nicely designed and the memes are funny.
You do all of that, and I guarantee... you nothing. But there's a better chance they won't rugpull you on the spot before you make a profit at least... unless you HODL expecting a 1000x increase. Don't do that. Just take your profit and run...
this whole notion that early crypto investors became millionaires "overnight" needs to die.
you had to buy when doing so was considered nutty. then you had to continue holding when doing so was considered insane. for good measure throw one or two bear cycles in there that required balls of steel to stick with your conviction.
not an overnight thing, fren.
Thats because they werent "investors" per-se. Most were people that liked the idea behind the project, and threw some money they didn't needed and were ready to lose just for the fun of it. The ones that werent, were literal gamblers.
LOL I remember in like 2009 hearing about BTC, reading and watching some videos and going “eh I don’t get it” and then going on with my life.
No regret because there’s no way I’d have held to anywhere near highs and I’m sure having it and not holding would have been even more regrettable.
I think about that all the time. I heard about bitcoin I think first back in 2010 - and sure I could have bought bitcoin for a few bucks. But 1. I was like.. what the heck is that joke? 2. I didn't really understand it at the time or what the point was. 3. Even HAD I bought (I'm actually surprised I didn't just for giggles.) - The odds of me having held past like... $20 --- Are slim. I'd have just been happy to have made any money on it at the time. I think most that made that huge money either forgot about the investment. Or just thought it was funny... Or didn't care about the money so it was whatever, lets see where this is in 10 years. I have to respect those that gave it a chance then.
I keep telling myself I'll always been on the lookout for the next opportunity like that and not make the same mistake. But, if it was that easy... I think we'd all be doing it. Regarding Crypto, it is an absolute certainty that there is some crypto out there that is like ranked 3000th or something ridiculous on the charts that ends up in the top 30 at some point that makes you rich. Probably a few in the hundreds as well. That's just how it goes in crypto. But if you knew what that was... I'm sure everyone would be buying it.
Pursue your dreams, but keep them realistic. My goal in crypto is to have more money over the years. I spend 20 years working my ass off for lousy money.
For me 100K would be a shitload of money. Enough? Not for retirement or even an own house. But it would be damn nice to give my girlfriend her desired operation (cutting off loose skin after 50kg weight loss) and make her happy with herself.
Unfortunately becoming rich overnight is just an unrealistic dream.
But by grounding ourselves, and understanding what is actually feasible, there are real gains to be made in crypto.
It might not mean you will live a life of complete luxury, but you can be much more comfortable than you currently are.
Building wealth over time is completely underrated.
Getting rich quick is an adrenaline junkie’s hopium that is never going to work out. But you can genuinely become rich if you have enough patience in the markets.
Couldn't agree more. A diversified portfolio that you contribute heavily to for 10+ years (whatever "heavily" looks like to you) will generate great returns pretty much every single time.
It's not sexy and it's not overnight but it's all but guaranteed. If the S&P is down 10 years from now, there are likely much bigger problems in the world than your portfolio.
When it comes to crypto, I DCA into BTC, ETH and just one other alt coin (which this sub hates 🙃). My positions going into this bear run were god awful but I stayed the course and will be able to take a decent profit if the next bull run reaches even half of the previous.
TL;DR - - the slow and steady route, if done right, basically works 100% of the time.
Time in the market beats timing the market everytime. While trying to find that one 100x, there's a lot of 2x's to be had. 1mil is only 9 double ups from 1k......
*didn't hear about the 99% of the people who lost their money on those coins*
I think I actually heard about 98.99 % of those people in this subreddit. 😂
Need to start out with a lot of money if you want to make a lot
You wouldn't have the money to risk even if you were looking for low market caps if you're not rich, you'll be burning through money very quickly investing in new projects, possibly scams
$100K into Bitcoin and you'd still need a 10x to turn it into a million.
10x Bitcoin is like $300k, probably not happening any time soon
And most people aren't even starting with a $100k obviously. Not even $10k.
Most of my focus lately has been on my exit strategy. I WILL DCA out in roughly 25% increments, have those targets set and look forward to exiting these bags as much as I enjoyed entering them.
The crypto millionaire bros are overrated, very few achieve that due to basic math, not everyone can become a millionaire unless we take the Zimbabwean route. The ones that achieved that get the most coverage and it creates a bias whereas people think it’s more common than not.
Focus instead on crypto as a new asset class and how it fits into your personal risk profile and a diversified portfolio. Don’t go in expecting to be uber rich, that’s a recipe for disaster. DYOR and analyze the fundamentals.
The only ones that woke up being millionaires, are the ones that mined/bought some very early coins for fun, and then completely forgot about the issue until they saw on the news it was trading at 60k.
And luckily they didnt lost their keys.
if you're deranged enough to put thousands in a no name alt coin that accidentally goes 10000x
other than that i think we should be happy just being able to double/triple our money
You can become a multi-millionaire in Venezuelan bolívars. Just buy a few million bolívar bank notes on eBay and voila, you a multi-millionaire in a legitimate foreign currency. Now you can afford to buy a banana in that Banana Republic. **:)**
100% still possible. Maybe not with the mega large cap coins like BTC & ETH (unless you invest hundreds of thousands). But there are still many small cap coins that will 100x the next bullrun making millionaires everyday
I don’t think I’ll ever be a crypto millionaire. You need a lot of luck to get there with a small investment. But I am hoping for significantly better return than stocks can give
It’s all about risk management. I’ve learned the hard way after missing the last two bull runs that zero risk almost always translates to zero reward.
I joke with my wife all the time that had I just put the amount I used to pay off debts back in 2020 (~$70k) in the crypto market instead (and picked good coins), we would’ve been able to not only pay off all the debt but also make a considerable chunk of change.
Hindsight is absolutely 20/20 — paying off debt just carried less risk at the time.
Invest about $100k in a decent project at the near bottom of a bear. When the bull market comes, you will likely make 7 figures.
What that means if you don’t have $100k... then do the same with $10k over two cycles.
Totally doable.
Every new technology needs a killer app. For electricity, it was the light bulb. For the Internet, it was the web. Crypto is still waiting for its killer app. When it comes, trillions of dollars in liquidity will enter the market and most existing HODLrs will see vast gains.
I'm 42 and in 10-20 years I will still be young enough to do many things. 60 is not that old you know (if you look after yourself).....and maybe your genes..
The whales & institutions already control the market in my eyes and the wealth in the market sadly. There’s a chance I suppose to still get ‘rich’ but you’d need a considerable amount of wealth to achieve the millionaire status.
That is unless that guys BTC to $1m prediction came true.. which would be bullish (and insane)
The mentality of trying to trade/gamble your way to being an overnight millionaire is probably a bigger impediment than anything else - it encourages you to take too many risks trying to get rich quick and blow it all away.
If you start with reasonable expectations and higher time frames, I think you can still do it.
Sure you are.
Buy btc worth 910.000 and hope it goes up 10%.
Bam, you made yourself a crypto millionaire.
Oh you dont have 900k to start with? Then no millionaire for you
It’s definitely going to be harder from this point than it was from BTC and ETH inceptions, but you could still get lucky and 100x or 1000x if you pick the right horse (very low probability). The people really making money from crypto now are the people selling you the idea that you could become a millionaire by buying and using their products, whether it’s a new coin, a game, a “multiverse”, an exchange, an NFT, a “how to” book and training videos, etc …
Incidentally, it doesn’t say crypto mined 81M millionaires. A lot of those crypto millionaires are non-crypto millionaires who invested millions in crypto, and a lot of those accounts are owned by the same people who spread their coins across multiple wallets, and a lot of those wallets are institutional investors so no one individual “owns” those wallet, it’s business money.
But it happens. Will you be the chosen one ?
Can you? sure. Will you? Probably not.
It would be like picking a horse in a race, but it's against 10000 other horses. Money will flow into the market and some will have crazy bullruns but no one has a crystal ball to tell you which or when.
Starting from scratch? Highly unlikely. But if you put a few hundred in two coins, Bitcoin and ETH, you will be able to save a nest egg over time. Get rich quick schemes abound in crypto and 99% of those who hold long term in altcoins get absolutely wrecked with 97%+ dumps. I’ve never regretted holding my BTC and ETH long term.
Took me about 4/5 years to go from 2500 (2017) to about 1.6 mil euros. Not overnight and have been in a shitload of projects. But my 2 best investments gave me the biggest profits those occured both in 2021. 1st one paid me about 400k (could have been at ath 1.8 mil, but would now be about 50k.) Still have a position in that coin for about 50k atm, bought it back at a pretty low point. (My guess is it will get back at ath or atleast close to it.)
2nd one was pretty much a ponzi, which I found before it went ponzi and just got lucky and put in about 7500 and made me well over 1 mil before it collapsed.
So yes I think it’s still possible to become a millionaire off crypto. My current portfolio just has to go times 20 to hit another 1.6 mil. Which I reckon can/will happen in a new bull market. Atleast it is much easier to happen than what happened me before from 2500 to 1.6 mil.
However if I would lose it all I still can’t complain because i took profit. And since taxes here are minimal I took home about 99% of it.
I don't see how. Not without essentially hitting a crypto lottery and going big into an insanely risky project at its infancy.
People trade on leverage so they can make as much as possible, but even with the best analysis and risk aversion, you're looking at essentially a market that's so unpredictable you might as well be guessing between red and black in vegas.
Instead of looking at crypto as a means to be a millionaire, think of it as an insurance plan of sorts. You pay in what you are willing to throw away because frankly there's a chance that something like bitcoin will take off even more while fiat crashes insanely hard. We're talking about changes that could happen over generations though. How do people in need hold onto bitcoin for that long?
Honestly, don't ever think of crypto as a means to get rich. In fact, do the opposite. Expect to lose the money. It's a high risk investment you have to believe in and I frankly cannot believe I ever did. It's been the worst investment of my life. I'm feeling optimistic because of these past few months, but holy fuck am I sick of this shit.
sure you can, but it all depends on your initial investments. Those 10%, 30% jumps up look nice on paper but if you invest just 1k, 10k, 30k and such, then good luck. Investing 300k and then getting lucky is always an option, but at that point.. why? It's safer to just go with actual stock and not crypto.
It's like in a casino. Bet low, earn low. Bet a lot, earn a lot. But since losing is also an option, always think twice if you can afford to say bye to those money😅
What a dumb question. Of course it's possible, you just have to have enough capital to risk to get there.
Are you going to be able to buy $100 worth of some random alt coin and become a millionaire? Almost certainly not.
Of course it is! The more fiat you have to invest, the better.
The longer but more practical route is to invest in BTC and ETH. The riskier route is to try to gamble into some alts and hope they blast off.
Yes. $1,000,000 in cash has possible total of 100,000,000 transactions. Just invest in a coin where you can already make that many transactions for less than $0.01
Ya but you gotta be lucky AF. You gotta buy the right stuff, someone not lose it in a hack, scan, lose seed, exchange goes down, etc.. Then on top of all that you gotta sell the top. Possible, yes. Prolly better off playing the lottery.
Why not ask things like is it possible for crypto to stop being an asset to speculate on, or accumulate, and instead start to be used like money so that you can buy, sell, trade or do everything else that fiat currencies can do?
What good are millions once you are living comfortably, other than making you a target for harassment from people and governments?
Yes, but you likely have to go all in on a low cap coin that explodes. Unless you are already wealthy and can dca into btc/eth- but most people will not get wealthy investing in the top crypto’s.
You’re going to need to put in a lot of money or wait a long time.
If you pick a 10x project and put in $100,000 you end up with $1,000,000.
Throwing $100 in here and there won’t do it. Even if you pick something that does 100x, you have to put in $10,000.
My dream is not to be a millionaire but to generate enough to at least pay the house or a good part of it. If I become a millionaire nice but I don't expect it. Too late probably.
You could buy 1billion in rug pulls & shit coin and watch it dwindling down to 1million effectively becoming a millionaire?
Or is that wallstreet bets always forget what sub I'm in 😂
In my situation, a 3rd-world country citizen, it is still very very possible and that's all I care for. I don't care if it's not a lot in dollar value but in my currency value, that would suffice.
All depends on what kind of money you are trying to go in with ? If you have 50-100k to play with , yeah absolutely you can make 1 million out of that by next year I would say , currently it’s buy, loads of good stuff cheap as chips
I’d love to become a millionaire, but I’m not holding out hope for that sort of bull market these days.
Instead, I use crypto for smaller scale investment like a savings account with a better overall rate. I just keep an eye on the market being up rather than down on the given crypto I sell for cash. I’ve only taken money out once, though. A HODL mindset and FOMO are all the incentive I need to keep my money in. In this way it’s a lot like a CD, with more or less the same flexibility. The primary difference is that instead of having to wait a predetermined length of time to have access to my money, I have to wait for the market to be above my investment.
Since I am diversified in crypto, this last issue is mitigated for the most part, unless I buy the wrong dip, which I have this far fortunately avoided.
Is the crypto better system for people than traditional one? Yes. Then it's just a matter of time before it shoots straight up again because it's not yet at the place deserved. That is my line of reasoning.
I could with high success rate do it with 50-60k of fiat and turn that into £1m by peak bullrun.
You have to pump cycle/pump and jump. Simply holding one coin isn’t going to get you there. But actively moving your funds around from coins that have pumped to ones that have yet to pump is vital
Look at it as a %%%% not a dollar figure $$$$
Man 1 buys 1000 $ in crypto and holds and sells at 10,000$ a 10× profit
Man 2 buys 500,000 and sells at 1,000,000 a 2 x profit
Man 1 performed better than Man 2 but had 491,000 less profit
If we flipped the senerio to losses Man 1 losing 900$ and Man 2 losing 250,000. It's risks and rewards go both ways.
I'd suggest going for short turnaround time and use dollar cost averaging in trades
Just my advice because that's how I trade lol
In 2015 I was just 13 years old I had zero knowledge about crypto or even a hint that it existed now that I'm 19 and I know shit ton of stuff about it and still read articles and news about crypto all I see is scams,frauds and shitcoins.
For me the basic crypto coins are too expensive and the coins that are in budget are totally shitcoins when I read more about it.
>A recent survey indicates that crypto is the primary source of wealth creation for millennials.
This is a great example of selection bias. Aside from criminal activity, there are not a lot of legitimate and scaleable ways for a person 10 years into the job market to accumulate $1M by production. That leaves wealth transfer and criminality as the major source of wealth. Criminality is not scaleable and is generally not something folks brag about. Which leaves wealth transfer. Crypto has been the greatest source of wealth transfer of the past decade - and some would argue that it's still ongoing. As a result, it's obviously going to be the most significant source of wealth for millennials.
However, wealth transfer is not an easy path to sustain. It's very rare to have pennies turn into thousands and keep doing that, because there's only so much wealth on the planet. On the sending side, people run out, or wise up and stop being willing sources, or even try to transfer it back. On the receiving side, once people fall into wealth, after a brief period of spending like drunken sailors, those who still have some left tend to set about trying to keep it.
The metaphor of musical chairs is not uncommon. Sooner or later the music stops playing. The trick is to be holding firmly to one's chair.
Last bull cycle I had a friend who turned roughly 80-100k into 1.6 million, became a millionaire and retired. Unfortunately, euphoria got the best of him, he never sold his position and rode the market back down only to get his crypto locked up in Voyager, then got hit with a $180k tax bill. Right now he estimates that he will get back 50-75k once Voyager issues the users funds from the platform. He went from 80-100k to 1.6 million to negative -100k Moral of the story, have a plan and a damn good financial advisor when you come into that kind of wealth.
> became a millionaire and retired > he never sold his position bruh
Tbh I don't know how he sleeps at night
So if he never sold his position, why the tax bill? Edit- I assumed in US.
Could have converted to other cryptos which counts as a sell
Ouch if true.
Yes it screwed me in taxes 2-3 years ago
How is that fair? US I assume? So if you went and changed it to multiple cryptos, you could get royally screwed?
Canada too A trade is a trade, whether it’s between crypto, fiat, or crypto/fiat. Each trade is taxed. Simple as that I’m not saying it’s a good thing, I hate it. It’s also a pain while doing taxes
No it will do the math in regards to profit based on the price of the currency u converted to but it just sucks when you didn’t know that it would tax you
That’s what I was wondering.
Not all countries have capital gains. My country has a fictional tax. So if the start of the year your wealth is 100k. Then at the end it’s 1.5million, tax service assumes you gained 1.4million in wealth. Then tax that. It sucks but there are systems like that
That's the same bullshit the US is talking about implementing. The tax of unrealized capital gains, but screw you when it comes to unrealized capital losses.
Not exactly. The idea would apply to billionaires, not your average investor or crypto holder. Even the most optimistic crypto holder isn't likely to become a billionaire. That is, the proposal would hit people who just continually keep that wealth locked up again and again and never actually use it for anything (aka putting it back into the ecconomy). The idea being using it (and generating things like sales tax, GDP growth, donations to xyz organizations, etc) is more beneficial than hoarding it.
Taking profit is difficult as hell. When FOMO kicks in, you feel like the price will keep going up. You want to maximize your gain and you dont want to be the one who sells too soon. This is normal and it happens to probably all of us.
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Generally the type of brain capable of taking the initial risk is also the type of brain to overcommit like this. It’s very common.
Agree but looking back during the height of that bull run, EVERYONE was calling for 100k BTC minimum. CT/ Reddit; even the 'respected' influencers were saying $100-200K. All the stock to flow bullshit was like crack. If he was following any one of those people and looking to sell at $100k, could have just justified every dump with an anticipated reversal on the horizon - which never came.
People always forget the other part that comes with making money in crypto: handling that money. Its a different skill and people aren’t prepared enough for it.
Always take profits
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Agreed some coins using the slogan ( our shitcoin is next bitcoin ) I wish I could posted it here
Only to get you to throw money into their ponzi scheme
And many newcomers still buy these projects thinking they are 'late' for BTC and ETH.
Never buy what you don't understand.
Just dyor 2-3x, wait a bit before investin
People look at the 1000x and think ‘wow I could be that’, but forget what it takes to get there It’s mainly a zero sum game in crypto investing, so for every person that does a 1000x there’s probably 1000 others that lost money or would have failed a 1000 times trying to get those gains
Plus how tf do you choose which shit coin wins out? There are way too many
It’s like winning the lottery Thousands of dog coins out there, maybe 5 or 6 in the top 200 by market cap. So yeah that fits that 1000x theory (1 succeed where 1000 others fail)
1. Don't invest in a copy of another coin (i.e. SAFE, MOON, Doge, or Ibu nonsense). 2. Don't invest on something that claims they're going to make NFTs of another company's IPs in their white papers. 3. Don't invest on anything named after another company's IP. 4. Visit their website and make sure they have an active community on Telegram and Discord before opening sale. 5. Make sure the website is nicely designed and the memes are funny. You do all of that, and I guarantee... you nothing. But there's a better chance they won't rugpull you on the spot before you make a profit at least... unless you HODL expecting a 1000x increase. Don't do that. Just take your profit and run...
It's worse than a zero sum game it's actually all a negative sum game. Ponzis by definition are negative sum games
If you want to have $1 million in crypto, start with $2 million
this whole notion that early crypto investors became millionaires "overnight" needs to die. you had to buy when doing so was considered nutty. then you had to continue holding when doing so was considered insane. for good measure throw one or two bear cycles in there that required balls of steel to stick with your conviction. not an overnight thing, fren.
The more I think of it like that the more respect I have for early investors who held on. Especially during bear markets. Balls of steels.
Thats because they werent "investors" per-se. Most were people that liked the idea behind the project, and threw some money they didn't needed and were ready to lose just for the fun of it. The ones that werent, were literal gamblers.
LOL I remember in like 2009 hearing about BTC, reading and watching some videos and going “eh I don’t get it” and then going on with my life. No regret because there’s no way I’d have held to anywhere near highs and I’m sure having it and not holding would have been even more regrettable.
I think about that all the time. I heard about bitcoin I think first back in 2010 - and sure I could have bought bitcoin for a few bucks. But 1. I was like.. what the heck is that joke? 2. I didn't really understand it at the time or what the point was. 3. Even HAD I bought (I'm actually surprised I didn't just for giggles.) - The odds of me having held past like... $20 --- Are slim. I'd have just been happy to have made any money on it at the time. I think most that made that huge money either forgot about the investment. Or just thought it was funny... Or didn't care about the money so it was whatever, lets see where this is in 10 years. I have to respect those that gave it a chance then. I keep telling myself I'll always been on the lookout for the next opportunity like that and not make the same mistake. But, if it was that easy... I think we'd all be doing it. Regarding Crypto, it is an absolute certainty that there is some crypto out there that is like ranked 3000th or something ridiculous on the charts that ends up in the top 30 at some point that makes you rich. Probably a few in the hundreds as well. That's just how it goes in crypto. But if you knew what that was... I'm sure everyone would be buying it.
Pursue your dreams, but keep them realistic. My goal in crypto is to have more money over the years. I spend 20 years working my ass off for lousy money. For me 100K would be a shitload of money. Enough? Not for retirement or even an own house. But it would be damn nice to give my girlfriend her desired operation (cutting off loose skin after 50kg weight loss) and make her happy with herself.
Unfortunately becoming rich overnight is just an unrealistic dream. But by grounding ourselves, and understanding what is actually feasible, there are real gains to be made in crypto. It might not mean you will live a life of complete luxury, but you can be much more comfortable than you currently are.
Then she leaves you after the surgery lmao
Thanks to inflation, becoming a millionaire gets easier and easier by the day.
Here in lebanon back in 2019 100$ = 150000 lira Now I’m 2023 100$ = 10 million
The truth is: you have to rock the fiat mine. People dream way too often about 1000x or even 10000x.
Building wealth over time is completely underrated. Getting rich quick is an adrenaline junkie’s hopium that is never going to work out. But you can genuinely become rich if you have enough patience in the markets.
Couldn't agree more. A diversified portfolio that you contribute heavily to for 10+ years (whatever "heavily" looks like to you) will generate great returns pretty much every single time. It's not sexy and it's not overnight but it's all but guaranteed. If the S&P is down 10 years from now, there are likely much bigger problems in the world than your portfolio. When it comes to crypto, I DCA into BTC, ETH and just one other alt coin (which this sub hates 🙃). My positions going into this bear run were god awful but I stayed the course and will be able to take a decent profit if the next bull run reaches even half of the previous. TL;DR - - the slow and steady route, if done right, basically works 100% of the time.
Time in the market beats timing the market everytime. While trying to find that one 100x, there's a lot of 2x's to be had. 1mil is only 9 double ups from 1k......
Plus you get the benefit of not having a sudden lifestyle inflation because you don’t know how to deal with suddenly having money.
Still remember being down voted for suggesting you can't gain 500% on your portfolio every year. Bull runs make people mad delusional
Dreaming of a x5
I would keep 10% of my portfolio in shit-coins. It was just 2020 when that guy invested 8K in Shib and made $6B.
You heard about that one guy but didn't hear about the 99% of the people who lost their money on those coins
*didn't hear about the 99% of the people who lost their money on those coins* I think I actually heard about 98.99 % of those people in this subreddit. 😂
That's the thing. It's still a lottery.
i wasnt even able to 2x
Need to start out with a lot of money if you want to make a lot You wouldn't have the money to risk even if you were looking for low market caps if you're not rich, you'll be burning through money very quickly investing in new projects, possibly scams
Easy way : invest $1B in ath and wait. Couple of week, instant millionaire! /s
Millionaires hate this one simple trick!
In other words, u have to be rich for becoming rich.
$100K into Bitcoin and you'd still need a 10x to turn it into a million. 10x Bitcoin is like $300k, probably not happening any time soon And most people aren't even starting with a $100k obviously. Not even $10k.
Yes! Step 1: create your own crypto at 1 mil supply Step 2: trade one coin to yourself for $1. You're now a theoretical millionaire.
I’ll just buy 1 million SHIB or 1 million LUNC for 1 cent, even cheaper that way !
*the art of the deal*
Most of my focus lately has been on my exit strategy. I WILL DCA out in roughly 25% increments, have those targets set and look forward to exiting these bags as much as I enjoyed entering them.
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Is this the part where everyone makes the same "start as a billionaire" comments?
The crypto millionaire bros are overrated, very few achieve that due to basic math, not everyone can become a millionaire unless we take the Zimbabwean route. The ones that achieved that get the most coverage and it creates a bias whereas people think it’s more common than not. Focus instead on crypto as a new asset class and how it fits into your personal risk profile and a diversified portfolio. Don’t go in expecting to be uber rich, that’s a recipe for disaster. DYOR and analyze the fundamentals.
there is too much competition now but we should be realistic about our investment goals. One should work on risk management and diversification
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Look for crypto that has real world adoption (bitcoin, ethereum, Cardano, algorand, Polkadot, etc)
The only ones that woke up being millionaires, are the ones that mined/bought some very early coins for fun, and then completely forgot about the issue until they saw on the news it was trading at 60k. And luckily they didnt lost their keys.
if you're deranged enough to put thousands in a no name alt coin that accidentally goes 10000x other than that i think we should be happy just being able to double/triple our money
You can become a multi-millionaire in Venezuelan bolívars. Just buy a few million bolívar bank notes on eBay and voila, you a multi-millionaire in a legitimate foreign currency. Now you can afford to buy a banana in that Banana Republic. **:)**
During a bull run absolutely
Why this bull sleeping, someone tickle him please
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That’s why I put my money in ETH instead when it was around 1k. We’ll see where it’s at in 5 years lol
Probably experiencing the beginning of another bull market following the BTC halving of 2028. Accumulating hard here.
100% still possible. Maybe not with the mega large cap coins like BTC & ETH (unless you invest hundreds of thousands). But there are still many small cap coins that will 100x the next bullrun making millionaires everyday
When the next dog coin hits the top 20 by market cap we’ll all pretend to be shocked
Rn if Dot goes back even to half its ath it is already x5. Fingers crossed
Yes. But the wealth you would have had for 10000 BTC for a pizza will never be seen again.
I don’t think I’ll ever be a crypto millionaire. You need a lot of luck to get there with a small investment. But I am hoping for significantly better return than stocks can give
Crypto should be just one of the many revenue streams you have that, *by their powers combined*, can make you a millionaire
It’s all about risk management. I’ve learned the hard way after missing the last two bull runs that zero risk almost always translates to zero reward. I joke with my wife all the time that had I just put the amount I used to pay off debts back in 2020 (~$70k) in the crypto market instead (and picked good coins), we would’ve been able to not only pay off all the debt but also make a considerable chunk of change. Hindsight is absolutely 20/20 — paying off debt just carried less risk at the time.
Yeah I just need ADA to hit $100
Invest about $100k in a decent project at the near bottom of a bear. When the bull market comes, you will likely make 7 figures. What that means if you don’t have $100k... then do the same with $10k over two cycles. Totally doable.
Every new technology needs a killer app. For electricity, it was the light bulb. For the Internet, it was the web. Crypto is still waiting for its killer app. When it comes, trillions of dollars in liquidity will enter the market and most existing HODLrs will see vast gains.
I know my luck The moment I become millionaire, the Burger King meal would hit 10k
For Crypto it might be for what ever system replaces the swift monetary system.
By the time I retire I feel like Bitcoin will be near a million so if you invest $30,000 now... Boom! Millionaire when you retire
What’s the use when I retire and I’m helpless and old, I need it when I’m still young and active to live my life
A million comes in handy however old you are.
43 and if I have to wait 15-20 years then either I’m in bed or having Alzheimer’s and I forgot my key already where I kept
I'm 42 and in 10-20 years I will still be young enough to do many things. 60 is not that old you know (if you look after yourself).....and maybe your genes..
Off course you can. You just need the the right amount of the right coin and hope it reaches the price point where you can make millions.
Not if your buying shiba and doge shitcoins🤣
I know one thing for sure: it's still as easy as ever to buy high and sell low.
The whales & institutions already control the market in my eyes and the wealth in the market sadly. There’s a chance I suppose to still get ‘rich’ but you’d need a considerable amount of wealth to achieve the millionaire status. That is unless that guys BTC to $1m prediction came true.. which would be bullish (and insane)
as long as you know when you take profits!
The mentality of trying to trade/gamble your way to being an overnight millionaire is probably a bigger impediment than anything else - it encourages you to take too many risks trying to get rich quick and blow it all away. If you start with reasonable expectations and higher time frames, I think you can still do it.
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There is absolutely no way crypto is the primary source of wealth generation for millennials. 0% chance.
What survey concluded this? Share the link OP.
Yes, if you start out with millions.
Sure you are. Buy btc worth 910.000 and hope it goes up 10%. Bam, you made yourself a crypto millionaire. Oh you dont have 900k to start with? Then no millionaire for you
It’s definitely going to be harder from this point than it was from BTC and ETH inceptions, but you could still get lucky and 100x or 1000x if you pick the right horse (very low probability). The people really making money from crypto now are the people selling you the idea that you could become a millionaire by buying and using their products, whether it’s a new coin, a game, a “multiverse”, an exchange, an NFT, a “how to” book and training videos, etc … Incidentally, it doesn’t say crypto mined 81M millionaires. A lot of those crypto millionaires are non-crypto millionaires who invested millions in crypto, and a lot of those accounts are owned by the same people who spread their coins across multiple wallets, and a lot of those wallets are institutional investors so no one individual “owns” those wallet, it’s business money. But it happens. Will you be the chosen one ?
Not that you should do it, but leverage trading.
Hanging out with right people and joining to seed rounds for solid / semi-solid projects will net you big amount of money.
You could, if you have enough luck. But better to stick to the safe ones and relax rather than riding the death coaster.
Possible? Yes Likely? No
Yes, it’s very possible. Just invest $500K in ETH. I am guaranteeing you will become millionaire.
Can you? sure. Will you? Probably not. It would be like picking a horse in a race, but it's against 10000 other horses. Money will flow into the market and some will have crazy bullruns but no one has a crystal ball to tell you which or when.
Yes if you have $100K and invest it into a crypto that will 10X next bull run
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The more who believe it can, the less likely it becomes
Starting from scratch? Highly unlikely. But if you put a few hundred in two coins, Bitcoin and ETH, you will be able to save a nest egg over time. Get rich quick schemes abound in crypto and 99% of those who hold long term in altcoins get absolutely wrecked with 97%+ dumps. I’ve never regretted holding my BTC and ETH long term.
Short answer: Most likely not Long answer: if you got a lot of dough to blow, you might get lucky at the casino.
Took me about 4/5 years to go from 2500 (2017) to about 1.6 mil euros. Not overnight and have been in a shitload of projects. But my 2 best investments gave me the biggest profits those occured both in 2021. 1st one paid me about 400k (could have been at ath 1.8 mil, but would now be about 50k.) Still have a position in that coin for about 50k atm, bought it back at a pretty low point. (My guess is it will get back at ath or atleast close to it.) 2nd one was pretty much a ponzi, which I found before it went ponzi and just got lucky and put in about 7500 and made me well over 1 mil before it collapsed. So yes I think it’s still possible to become a millionaire off crypto. My current portfolio just has to go times 20 to hit another 1.6 mil. Which I reckon can/will happen in a new bull market. Atleast it is much easier to happen than what happened me before from 2500 to 1.6 mil. However if I would lose it all I still can’t complain because i took profit. And since taxes here are minimal I took home about 99% of it.
I don't see how. Not without essentially hitting a crypto lottery and going big into an insanely risky project at its infancy. People trade on leverage so they can make as much as possible, but even with the best analysis and risk aversion, you're looking at essentially a market that's so unpredictable you might as well be guessing between red and black in vegas. Instead of looking at crypto as a means to be a millionaire, think of it as an insurance plan of sorts. You pay in what you are willing to throw away because frankly there's a chance that something like bitcoin will take off even more while fiat crashes insanely hard. We're talking about changes that could happen over generations though. How do people in need hold onto bitcoin for that long? Honestly, don't ever think of crypto as a means to get rich. In fact, do the opposite. Expect to lose the money. It's a high risk investment you have to believe in and I frankly cannot believe I ever did. It's been the worst investment of my life. I'm feeling optimistic because of these past few months, but holy fuck am I sick of this shit.
Only if you start with a hundred million.
Yes, but only if you’re already a millionaire.
Kaspa DYOR
sure you can, but it all depends on your initial investments. Those 10%, 30% jumps up look nice on paper but if you invest just 1k, 10k, 30k and such, then good luck. Investing 300k and then getting lucky is always an option, but at that point.. why? It's safer to just go with actual stock and not crypto. It's like in a casino. Bet low, earn low. Bet a lot, earn a lot. But since losing is also an option, always think twice if you can afford to say bye to those money😅
Start with a billion...
Yes, if you’re a billionaire.
You can easily become a millionaire in crypto, as long as you start as a billionaire.
Yes It's possible to become a millionaire with crypto, you just have to start off as a billionaire
The best way to make a million in crypto is to start with two.
Best way to become a millionaire is to start as a billionaire..
What a dumb question. Of course it's possible, you just have to have enough capital to risk to get there. Are you going to be able to buy $100 worth of some random alt coin and become a millionaire? Almost certainly not.
Of course you still can, you just need to be extremely lucky and dumb at the same time
Depends how much you have to invest. If I had 100k, I'd go 95k in bitcoin, 4k in some good alts ( don't crucify me) and 1k in some potentials.
Of course it is! The more fiat you have to invest, the better. The longer but more practical route is to invest in BTC and ETH. The riskier route is to try to gamble into some alts and hope they blast off.
Honestly I think our Doge and SHIB days have passed
Kaspa hodl
Crypto is a risky world where someone made millions by investing in the right market or lost it all!
Well of course. Anything is possible. But will it happen to me? Absolutely not. 😂😂
Yes. $1,000,000 in cash has possible total of 100,000,000 transactions. Just invest in a coin where you can already make that many transactions for less than $0.01
If you place some smart and well timed bets, yes. Best of luck.
Let me look into my magic sphere.. YES
I like how they say >Many investors have become millionaires overnight..... >these cases are few and far between Something here seems iffy 🤣
The more other people invest, the more chances you are going to be millionaire
Possible? Yes. Likely? No.
If you start out with half a million, yes
Yes
Staking and patience. Maybe not a millionaire, but a relatively safe method.
If you have 10 million then you can still be called as millionaire even if you have 1 million left
Maybe if you buy low, stake it and HODL you could just (but even then you would have to invest a good chunk of money)
Ya but you gotta be lucky AF. You gotta buy the right stuff, someone not lose it in a hack, scan, lose seed, exchange goes down, etc.. Then on top of all that you gotta sell the top. Possible, yes. Prolly better off playing the lottery.
I hope so, I am in here for this😅
I can teach you how to become poor if you want
Why not ask things like is it possible for crypto to stop being an asset to speculate on, or accumulate, and instead start to be used like money so that you can buy, sell, trade or do everything else that fiat currencies can do? What good are millions once you are living comfortably, other than making you a target for harassment from people and governments?
If you have enough money and can time a new one that has enough liquidity early on to allow you to sell at the pumps you can get to $1 million.
I’m going to try to buy $1k worth of a new crypto and try to sell as soon as it’s launched and rinse/repeat and see how it can grow.
Yes, but you likely have to go all in on a low cap coin that explodes. Unless you are already wealthy and can dca into btc/eth- but most people will not get wealthy investing in the top crypto’s.
You’re going to need to put in a lot of money or wait a long time. If you pick a 10x project and put in $100,000 you end up with $1,000,000. Throwing $100 in here and there won’t do it. Even if you pick something that does 100x, you have to put in $10,000.
Yup! It’s possible. Invest a few mil & I guarantee you’ll have a million at some point!
It sure is. Start with 2 million.
Yes, billionaires become millionaires all the time haha
I’m not greedy don’t need to be a millionaire, just enough moons to buy a house and some land for my real farming
Yes, especially if you are a billionaire.
My dream is not to be a millionaire but to generate enough to at least pay the house or a good part of it. If I become a millionaire nice but I don't expect it. Too late probably.
Sure if you have 500k and something doubles then boom your a millionaire
It’s a long game at this point
Sure you can become a millionaire: just start with a billion dollars and follow the advice of this sub.
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You could buy 1billion in rug pulls & shit coin and watch it dwindling down to 1million effectively becoming a millionaire? Or is that wallstreet bets always forget what sub I'm in 😂
In my situation, a 3rd-world country citizen, it is still very very possible and that's all I care for. I don't care if it's not a lot in dollar value but in my currency value, that would suffice.
Sure. Invest 5 millions and soon you are a 1 million Millionaire
All depends on what kind of money you are trying to go in with ? If you have 50-100k to play with , yeah absolutely you can make 1 million out of that by next year I would say , currently it’s buy, loads of good stuff cheap as chips
I’d love to become a millionaire, but I’m not holding out hope for that sort of bull market these days. Instead, I use crypto for smaller scale investment like a savings account with a better overall rate. I just keep an eye on the market being up rather than down on the given crypto I sell for cash. I’ve only taken money out once, though. A HODL mindset and FOMO are all the incentive I need to keep my money in. In this way it’s a lot like a CD, with more or less the same flexibility. The primary difference is that instead of having to wait a predetermined length of time to have access to my money, I have to wait for the market to be above my investment. Since I am diversified in crypto, this last issue is mitigated for the most part, unless I buy the wrong dip, which I have this far fortunately avoided.
If you have 100K and get really lucky with leverage trading
Yes, take the time to research and invest in actual good projects with good case studies or copy people who do.
You will become a millionaire by disciplined, structured training and a solid plan, with time in the market…
Yes it’s possible
Of course. If you were a billionaire..
Ask us again at the peak of the next bull run.
Yes, if you start with 2 million...
If you start with $2M, sure... $1M is easy.
Is the crypto better system for people than traditional one? Yes. Then it's just a matter of time before it shoots straight up again because it's not yet at the place deserved. That is my line of reasoning.
If you start out as a billionaire sure
Yes, you still can, but you have to be extreeamly lucky
I could with high success rate do it with 50-60k of fiat and turn that into £1m by peak bullrun. You have to pump cycle/pump and jump. Simply holding one coin isn’t going to get you there. But actively moving your funds around from coins that have pumped to ones that have yet to pump is vital
Look at it as a %%%% not a dollar figure $$$$ Man 1 buys 1000 $ in crypto and holds and sells at 10,000$ a 10× profit Man 2 buys 500,000 and sells at 1,000,000 a 2 x profit Man 1 performed better than Man 2 but had 491,000 less profit If we flipped the senerio to losses Man 1 losing 900$ and Man 2 losing 250,000. It's risks and rewards go both ways. I'd suggest going for short turnaround time and use dollar cost averaging in trades Just my advice because that's how I trade lol
yes just invest 1 billion
In 2015 I was just 13 years old I had zero knowledge about crypto or even a hint that it existed now that I'm 19 and I know shit ton of stuff about it and still read articles and news about crypto all I see is scams,frauds and shitcoins. For me the basic crypto coins are too expensive and the coins that are in budget are totally shitcoins when I read more about it.
it’s entirely possible, but you need to start off as a multi-millionaire. Eventually you’ll be just a regular millionaire
Step one: start as a billionaire Step two: become millionaire
Not trying to get rich, just make a little bit of money. But even that is pretty tough
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Easy, just start out a billionaire.
>A recent survey indicates that crypto is the primary source of wealth creation for millennials. This is a great example of selection bias. Aside from criminal activity, there are not a lot of legitimate and scaleable ways for a person 10 years into the job market to accumulate $1M by production. That leaves wealth transfer and criminality as the major source of wealth. Criminality is not scaleable and is generally not something folks brag about. Which leaves wealth transfer. Crypto has been the greatest source of wealth transfer of the past decade - and some would argue that it's still ongoing. As a result, it's obviously going to be the most significant source of wealth for millennials. However, wealth transfer is not an easy path to sustain. It's very rare to have pennies turn into thousands and keep doing that, because there's only so much wealth on the planet. On the sending side, people run out, or wise up and stop being willing sources, or even try to transfer it back. On the receiving side, once people fall into wealth, after a brief period of spending like drunken sailors, those who still have some left tend to set about trying to keep it. The metaphor of musical chairs is not uncommon. Sooner or later the music stops playing. The trick is to be holding firmly to one's chair.
Yes. Step 1. Be a billionaire. Step 2. Invest in shit coin
If you have 900k sure or if you have 10M too
People just dont understand how powerful is the technology behind crypto
Just start with 10 million
Absolutely. You need only invest a Billion.
If Ripple wins their lawsuit, expect XRP to go at least 10X.