Can Crypto Turn $100 into $1 Million?

Posted 2 mins ago | by Catoshi Nakamoto

Making Money in financial markets is a lot like poker, because you gotta make the best of the cards you’re dealt, and if you know the game well enough you can still win even if you start out with a weak hand. But the crypto markets are about as high stakes as you can get, so you gotta know when to fold ‘em, know when the hold ‘em and know when to RUN. It’s not impossible to get a hot hand and win a big pot or to sit back and let your stack of chips get bigger while you play conservatively. Just watch the flop. But if you sit down at the dealers table… can you turn $100 into A Million?

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Let’s get it.

Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button.

Can Crypto Help You Turn $100 Into A Million Dollars?

In this video, We’re going to see what it takes to turn a small stack into a BIG stack. Can you turn $100 into a Million?

A million dollars. It’s not as much as it used to be…but it’s enough to buy at 2 Lamboghini Aventadors and still have money for a penthouse at the Mirage. 100 USD can’t even buy the Lego Technic Lambo Sian. Sad. Everyone in crypto thinks that their approach is best, and maybe they do have a system that works best for them, but what works for one person might not work for everyone else.

We all come from different backgrounds and have different financial circumstances, we also have different goals. Some of us like to play it safe, while others are willing to take bigger risks to make bigger gains. None of these strategies are necessarily right or wrong, it’s up to you to decide which one will work best for your portfolio.

Most of you watching this channel are probably starting out like I did, with just a few thousand, or even a few hundred dollars to invest. If you are trying to reach a million dollars with that hand, you are probably more willing to take risks and have a more short-term investment strategy. I hate to say it, but when you’re in this position, going full degen into memecoins, NFTs and low marketcap assets outside of the top 100 are going to be your best bet. However, if you go in blind and just start buying up whatever is trending in the news you are not gonna run out of money pretty fast. Everyone needs an edge to get ahead in these markets, so if you don’t have deep pockets, you’re going to need to use your brain and determination to gain an advantage. Don’t put in what you can’t afford to lose. Period. If you are struggling to pay rent or are behind on bills: Crypto…or any investment for that matter, is not a game you should be playing. Get on a firm foundation first. That IS financial advice.

So if you’ve got a little side cash and want to get in the trenches the only way to do this is to eat, sleep and breathe crypto. You need to stay up to date with the latest trends and “seasons” in crypto, and find ALPHA wherever you can. This basically means seeking out any kind of information you can about the projects you’re interested in, and that doesn’t mean just reading news articles. You want to get this information before it hits the news so you can be ready for the pump, that’s why they call it “alpha.”

Regularly check the Reddit pages for these projects, and spend some time in their discord channels, this is where you’ll be able to see developers and community members discuss important details about their projects long before it hits the news. You would be surprised at how far you can make it in these markets by just embedding yourself in these communities and learning everything you can about this industry. Of course, with so many projects coming out every day this is more than a full-time job, so it helps to have other people to talk crypto with, to share ideas and tips. Whether it’s a local meet up or an online community of strangers, finding a network of people who are all dedicated to researching this technology can put you far ahead of the pack as well. Kind of like in Big Brother where the people who form the alliances end up having a major edge. Watching profits is the key to a win in crypto at this first level. Don’t get cute with your gains. Set a level and then get out. Some projects will moon after you take profits, but that’s just life. Once you’ve bagged some gains, set them aside and you can start taking risks with the “house money” you are playing with. This applies to any level of crypto investing.

If you have a couple thousand dollars to invest in crypto, you are probably going to want to stay away from the meme coins and the illiquid NFTs. While some bluechip NFTs are safe investments, the Cryptopunks, Cyberkongz, and Bored Apes are probably out of your price range right now, and the cheaper derivative projects are extremely risky.

Memecoins are risky too, they have huge pumps and people can make a lot of money, but these prices always end up dumping at some point, so if you don’t cash out at the right time you could end up taking major losses. If you think that your portfolio requires a strategy that is less risky, you should stick to the top 100 crypto assets, (stablecoins not included) and keep up with the news and announcements as much as you can about the projects you’re invested in just to be sure that they’re delivering on their promises. Moving assets back and forth during volatility can be a way to make up some ground, but that requires paying A LOT of attention to the market. But buying dips is never a bad strategy for top 100 coins. At this level you’ll also want to dollar cost average the top 5 coins, making adjustments as you go along, but always growing those stacks. Speaking of always growing. The Bitsquad is growing by leaps and bounds and you can join in just by smashing that like and subscribe button.

If you have six figures to invest, chances are you will only want to stick with the top ten crypto assets by market cap because you don’t really need a moonshot right now, the risk/reward ratio just isn’t in your favor when you’re making risky plays with that much money. The top ten assets have proven themselves as serious contenders and long-term fixtures in the industry. The projects at the top of the list are sure to explode in a bull market, probably not as much as some of those further out on the risk curve, but definitely much better than any gains you would see in the traditional stonk market. They will also hold up much better than a bear market as well. Once a project spends some time in the top ten, it is usually hard to push them out, and even if they do lose some market share to newer projects, they still have created enough of a network effect to keep their prices above water. Stablecoins staking is something you want to be taking advantage of as well. Click the link in the description to get a Bitboy sign up bonus for Celsius.

If you have already made it to a million dollars, crypto is still a great place to put your money to work, but you are going to be extremely careful and selective, with a more long term investment strategy, where they can just set it and forget it, and not have to think about it. If you’re in this situation, you’re probably only looking at Bitcoin and Ethereum. If you’re playing around in NFTs it’s probably just for fun or bragging rights, and you most likely only buying the blue chip projects that have long term staying power, not the newest farm animal of the week. For someone in your position, earning yield on stable coins can be extremely attractive.

Without the volatility risk that you find in most crypto assets, you can earn a respectable yield on your savings just by keeping your stable coins on a lending platform. You can use a non-custodial option like Compound or AAVE or you can try more centralized options like BlockFi or Celsius. You might not have to worry about volatility with this strategy, but these platforms all come with certain risks. The non-custodial services can always be hacked, and you could lose your funds without having any central authority to complain to. Luckily, industry leaders like Compound or AAVE haven’t had any major issues like this yet, and they have very good reputations among their customers, but the same can’t be said for every single lending platform on the blockchain. When it comes to the centralized lending platforms, they are usually insured, but you are still dealing with a central point of failure, and these platforms have been facing extreme regulatory pressure recently because they are threatening the banks and the bond markets.

No matter what strategy you choose, you’re going to need to keep your composure and not let your emotions get the best of you. Keep that poker face on.

But that’s all I got. Be Blessed. Bit Boy Out.

Source: https://thebittimes.com/can-crypto-turn-100-into-1-million-tbt3618.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

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