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.
BLAMIMG INFLUENCERS
These Bitcoin maximalists are generally more concerned with correctness than with financial gain. With investing in cryptocurrencies, I noticed loyalty. When I emphasized loyalty, I figured you thought your coin was better than others. At this point, things may go horribly wrong. Most maximalists prioritize truth over financial benefit.
For instance, you might have viewed a YouTube video from a user who was successful in persuading you that a coin will appreciate by a factor of ten, done your research, and decided to believe the coin. While you purchased the coin, its value began to decrease, but you were so adamant that you were correct that you may have informed all of your friends about it and bolstered their faith in the currency. The coin will eventually tilt to the point where we all realize that the only way to be right is to leave since we were all fundamentally wrong, but being right is far more important than making money.
Who is responsible for what we have lost? The source, who is typically a YouTube personality, is to blame. We elected not to pull even though we had the option to do so because we were so adamant about being right.