MAKING MISTAKES WHILE TRYING TO MAKE MONEY WITH CRYPTOCURRENCY
What recommendations for cryptocurrency investments would you make to a novice hoping to profit from a bitcoin investment? I usually say the same thing: if you bought bitcoin when it was under $2,000, you missed the chance to become extremely wealthy. This is due to the fact that bitcoin has developed into a currency that is used more as a means of value storage than an exchange medium. What makes you believe that is?
Consequently, bitcoin has a market value of $795 billion, or around $1 trillion. If you invest in bitcoin today and want to get a 2X return, the market value of bitcoin needs to double because it will be $1 trillion at $50k. How long do you anticipate it taking? Sincerely, I have no idea. Therefore, before you can firmly say you have doubled your money if you invest $1,000 in bitcoin today, the market value of bitcoin needs to increase to approximately $1.7 trillion or $2 trillion.
Bitcoin is now being invested in with the goal of seeing each coin reach $1 million. It's conceivable, but when will it actually happen? I'm not sure, but at $1 million, the market value of bitcoin will be $20 trillion, making it, in my opinion, the most valuable asset on earth. Therefore, unless you are purchasing 1 entire bitcoin, I think it is a waste of time to invest in bitcoin and wait for it to reach $1 million before becoming wealthy. I also think it is a waste of time to purchase Satoshis. You may use that money more wisely on other cryptocurrencies and get X2 faster than if you invested it in bitcoin.
As an example, consider the cryptocurrency Steem. The market value of Steem is slightly over $131 million, or less than $1 billion. I hope you are aware that Steem's Market Cap is expected to exceed $2 billion before the end of the year, growing considerably more quickly than bitcoin, which is expected to reach $10 trillion. Because of this, I stand a higher chance of profiting ten times as much from Hive than I do from bitcoin. My point is that if you invest $1000 in bitcoin with the expectation that it would increase to $10,000 in two years, it will happen, but not in two years; nevertheless, it is simpler for me to invest $1000 in Steem today with the expectation that I will have $10,000 or more in two years.
Most of these Bitcoin Maximalists care more about accuracy than financial gain. I recognized loyalty in cryptocurrency investing. I assumed when I mentioned loyalty that you believed the cryptocurrency you were holding was superior to others. Things might go horribly wrong at this point. The majority of maximalists prefer accuracy before financial gain.
For instance, you might have watched a YouTube video from a user who successfully convinced you that a coin will increase in value by 10X, performed your due diligence, and chosen to believe the coin. Even though you bought the coin, its value started to decline, you were so determined to be right that you might have told all of your friends about it and inspired their confidence in the money. The coin will ultimately skew to the point where everyone will recognize that leaving is the only way to be right since we were all fundamentally mistaken, but being right is far more significant than getting money.
Who is to blame for all that we have lost? The culprit is the source, who is frequently a YouTube influencer. Ignoring the fact that we had the choice to pull, but chose not to do so because we were so adamant about being correct.
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