You can listen to Bitcoin maxis and place everything on Bitcoin. Don’t get me wrong. It is always good to accumulate Bitcoin but don’t think you can get rich just by HODLing Bitcoin. This may have worked in the past but today it won’t work anymore.
If you want to see a nice 100x in your crypto bag then you need to hold some altcoins. Here is why.
Getting Rich With Bitcoin?
If you bought $1 in Bitcoin in 2013 then it would be worth $30.000.000 today. This sounds crazy and it is.
The bad news for you is that these times are over once and for all. Bitcoin is not worth a few bucks anymore but $25.000!
If you invest $1.000 in Bitcoin today and Bitcoin reaches $100.000 then you made a 4x on your investment. That’s far away from a 100x and you won’t be rich with a return of $3.000
Even if Bitcoin reaches a valuation of one million dollars then you would have turned your investment into $40.000 by a 40x.
What I don’t expect is a 100x in Bitcoin’s price any time soon and you shouldn’t either. Bitcoin will not reach a value of $2.5 million. The times that you could invest a few bucks into Bitcoin to wake up as a millionaire a few years later are over once and for all.
Altcoins pump the hardest
If you want to see a 100x in your crypto portfolio then it only works with altcoins.
Altcoins pump the hardest but they also dump the hardest. This price volatility is the price that you have to pay for the chance to get rich. Volatility is something you have to accept in general when you are in crypto, even as a hardcore Bitcoin Maxi.
There may be also a hell lot of shitcoins but altcoins are not the problem but a chance for you to get rich.
All altcoins that you can accumulate now in the end phase of this bear market will pump massively in the next bull market.
The challenge is to buy and SELL the altcoins at the right time. The mistakes that investors are making are always the same but it is not the fault of the altcoin. It is the fault of bad investment decisions:
- Buying without Doing Own Research (DYOR)
- FOMOing at the top of the bear market
- Panic selling in the bear market
- HODLing Forever and not taking profits
These are the typical altcoin investment mistakes that you have to avoid making but not altcoins in general.
They All Can Go To Zero
Investing in cryptocurrency is risky, no matter if you are investing in Bitcoin only or also in altcoins. In both cases, you have to deal not only with volatility but also with scammers, fraudsters, and other unpleasant symptoms of the crypto space.
An altcoin investment can go to zero. I don’t believe that Bitcoin will ever go to zero valuation but this doesn’t mean that it can not disappear.
Everyone who held Bitcoin on Celsius, BlockFi, Hodlnaut, FTX, or simply got scammed by a fake Elon Musk on Twitter would agree with that.
Bitcoin may not go to $0 but it is also not safe haven.
Cryptocurrencies, no matter if Bitcoins or altcoins, are risky and you have to accept and manage that risk.
My Final Conclusion
The events from the bear market 2022 from Terra Luna to FTX have probably produced a hell lot of Bitcoin Maxis which is understandable.
However, if you think that all altcoins are evil then you are wrong. Altcoins were not made to steal your Bitcoins. It is the other way around.
I have made a lot of Bitcoins with altcoins and you can do it too!
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