Common mistakes made my crypto newbies
What advice would you give to a beginner looking to earn money on a bitcoin investment about cryptocurrency investments? I always say the same thing: you missed the potential to become tremendously wealthy if you didn't buy bitcoin when it was under $2,000 at the time. This is because bitcoin has evolved into a currency that is used more as a way to store wealth than as a medium of exchange. Why do you think that is?
MARKET CAP OF BITCOIN
As a result, bitcoin is currently worth $795 billion, or around $1 trillion. The market value of bitcoin must double in order for an investment in it today to yield a 2X return because it will be worth $1 trillion at $50,000. How long do you think it will take? Honestly, I don't know. So, the market value of bitcoin needs to rise to around $1.7 trillion or $2 trillion before you can confidently conclude that investing $1,000 in it today has doubled your money.
The aim of current Bitcoin investments is to see each coin reach $1 million. Although it is possible, when will it truly occur? I'm not sure, but I believe that at $1 million, bitcoin's market value will be $20 trillion, making it the most valuable asset in the world. So, I believe that investing in bitcoin and waiting for it to hit $1 million is a waste of time unless you are buying 1 complete bitcoin. I also believe that buying Satoshis is a waste of time. As opposed to investing it in bitcoin, you might spend that money more intelligently on other cryptocurrencies and obtain X2 more quickly.