HOW TO BE RICH WITH CRYPTOCURRANCY
HOW TO BE RICH WITH CRYPTOCURRANCY
Understand the risks of crypto investing, and how much to invest in crypto based on your financial goals.
Much like cash, property, shares, and other assets, when utilised correctly cryptocurrency can make up a valuable part of your investment strategy. Contact Liston Newton Advisory today to discuss your financial planning startegy.
So, how much money should I invest in crypto?
Much like any other form of investment, it all depends on your financial goals, your timing window, and your risk appetite. To gain an idea of these, ask yourself:
How much money are you comfortable with investing?
Do you have the stomach to watch the crypto market rise and fall, sometimes as much as 30% in a day?
Can I get rich by investing in cryptocurrency today?
Investing in cryptocurrency has become a popular topic of conversation in recent years. However, as cryptocurrencies like Bitcoin and Ethereum have skyrocketed, many people wonder if it’s possible to get rich by investing in cryptocurrency today.
While there have been some people who have made significant profits from investing in cryptocurrency, there have also been many others who have lost money.
We will explore the answer to this question and provide some insights and tips for investing in cryptocurrency.
How to Become a Crypto Millionaire in 5 Years
Bitcoin and Ether are the top two cryptocurrencies. There are other additional cryptos available, but for the time being, we will concentrate on only these two.
Bitcoin price projections vary greatly, but we’ll suppose the price rises by $45k per year, giving us a $275k Bitcoin in 5 years.
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Interest Earnings
If you merely put that money in the bank, you’d only have $295k in 5 years, thus achieving $1 million with this investment is already quite remarkable.
how to be rich with crypto?
Do Your Research
Diversify Your Portfolio
Invest What You Can Afford to Lose
Use Dollar-Cost Averaging
Consider Long-Term Investing
What is a good allocation across my investments?
For most people, cryptocurrency is still somewhat of an unknown. So unless you’re doing your research, and tracking the market, you may not have the requisite knowledge that makes investing a larger portion of your capital worth your while.
While 1% - 5% invested in crypto may not seem like a lot, it has the potential to build over time. Just imagine what you could be sitting on if you’d allocated 3% into Bitcoin when it first came out.
A small percentage like this is advantageous, as it allows you to gauge your risk appetite, but also likely isn’t enough to neutralise the value of other investments, if this goes awry.
How risky is cryptocurrency?
Crypto is a high-risk investment, and is notoriously volatile. After all, it’s new. It’s unknown. And it’s in high demand.
However, price fluctuations like this aren’t uncommon in the cryptocurrency world. So, like any investment, it’s prudent to ride the waves, and hold out for the future.
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How long does it take to become a crypto trader
There is no specific time frame that can be given for it. Every single trader is unique and possesses their own distinct set of learning capabilities. So it depends. There is no one correct response that can be given to this question. Having said that, it is preferable to acquire as much knowledge as possible. Because an individual's level of knowledge and expertise is the primary factor that determines the amount of money they make in trading in the market.
Turning crypto trading into a full-time profession
Being a full-time trader is a dream profession for many. What’s better than waking up in your pajamas, making more money in two hours than you make in a week at your day job and being able to afford Rolex’s and Lamborghini’s?
Understanding trading
Most people will go from step 1 to step 3 and lose the game before it’s even started.
How to be a full time trader and the risks involved
After consistently outperforming the income from my day job and frequently making more money trading while still there, I decided it was time to quit and become a full-time trader. It was a hard decision.
Trading takes planning and strategy
Becoming a full time trader is a challenging journey of endurance. There are easy aspects like the enjoyment of being your own boss and not having to commute, but there are many difficult aspects as well like learning to hyper-manage your own money, being strictly disciplined, and understanding that full time trading is a long-term game of survival.
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Key Facts About Some of the Richest Crypto Investors
Fifty-five percent of these ultra-rich crypto investors are from the U.S., yet only 27% of all billionaires are from the U.S.3 American entrepreneurs seem to be especially good at making money from crypto as opposed to other industries.
The average age of these crypto investors is 44. Ethereum founder Vitalik Buterin, age 28, is the only known member of the list who is under 30. It appears that getting super rich from crypto requires time and patience.
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