Are crypto millionaires just lucky?

BRan...Wd2i
21 Mar 2024
11

The internet is full of stories of how someone bought Bitcoin about 10 years ago for pennies and became a millionaire 5-10 years later.
It seems that these people just got lucky. They did nothing and just became rich. But is this the case?
Luck certainly affects success. But there are other qualities that successful investors possess:
The ability to control emotions:
"Just buy BTC and wait for the price to rise." This strategy sounds very simple, but in practice almost no one can make money on it. High volatility and news throw people off track and make them buy and sell on emotion.
Learning new technologies before the hype:
The average person doesn't give a shit about any digital money or blockchains. People are used to having a bank do everything for them and have no incentive to learn about new money or question the current system. It works and that's fine.
- Most people learned about Bitcoin in 2017 or 2020, when the rise of cryptocurrencies was talked about at every turn.
- Early Bitcoin investors heard about BTC much earlier because they were interested in technology, understood the flaws in the current monetary system, and saw promise in decentralized money.
Willingness to go the hard way to make the investment pay off in 5-10 years:
Most people don't want to take a risk for some phantom profit after many years. It is easier to look for various schemes that will bring profit here and now with minimal risks, but such strategies simply do not exist or they have very low winrate.
For example, famous billionaire Tim Draper bought about 30,000 Bitcoins at an auction in 2014. At the time, BTC was worth $600, and in 2016 it collapsed more than 3 times. Despite this, he didn't lose confidence in BTC and sold the coins. Since then, they have grown more than 30 times.
Conclusion:
That's not all that influences success in investing. Most Bitcoin millionaires have worked hard to get where they are today.
- They know how to take risks, but at the same time, they don't buy and sell on emotion.
- They are willing to question the current system and are on the lookout for something new.
- And they have the patience needed to build capital over the long term.

Write & Read to Earn with BULB

Learn More

Enjoy this blog? Subscribe to thanhnhimmo

3 Comments

B
No comments yet.
Most relevant comments are displayed, so some may have been filtered out.