There are many people that invest in bitcoin and other cryptocurrencies for the technology and potential it has to change the world. But then there are people who are investing in the bitcoin and crypto space just for the financial gains that it can possibly bring. Hoping to make enough to change their lives and possibly help them to retire; I fall into the later camp. But how much of each coin do you need? And what should your goals be?
Let's talk about this more!
Well first and foremost I would like to stress that everyone's situation is different and what might be a somewhat minor investment for one person, could be considered an amazing achievement for a different person. We all have different situations and circumstances.
I originally heard about bitcoin from my brother while I was a college student. At that time I had no interest yet in investing, finances, or anything of the sort. My focus was on my studies and spending my money on things I didn't need. Eventually I finally opened my eyes and ears to the world of bitcoin and other cryptocurrencies, and that is when my love of investing, earning a passive income and striving towards an early retirement began.
I will be honest, this march towards an early retirement of mine has reached a point where on a daily basis it is sometimes all that I think about. Everyday I am brainstorming how I can move even closer to my goal. And this brainstorming has had me thinking a lot about my cryptocurrency portfolio as well. I will often look at how much I have, and dream about what are my goal numbers to reach for each crypto that I plan to hold a long time, that can set me up for the rest of my life.
The interesting thing is that for many of the coins I own, I have already reached my original goal and have since moved the goal posts out even further, making even higher goals for myself.
So the following are my long-term hold coins, my original goal, and my updated goal as well. Please keep in mind these are my own goals only, and what works for me, may not be right for you as well.
Original Goal = 50 BNB New Goal = 200 BNB
BNB, the Binance coin is actually a very new addition to my portfolio. As far as centralized exchanges go, no one is innovating and growing at speed anywhere near as fast as Binance. That alone caught my attention. Up until recently I had viewed BNB almost as a "stock" in Binance, but it was better than a stock. There are quarterly BNB burns that decrease the circulating supply, which should increase the value of your own coins as well. But now Binance has begun their own form of "DeFi" using BNB as the main catalyst for this. Allowing you to make extraordinary interest with your assets. In the long-term I'm not sure if this will be able to compete with Ethereum's DeFi, and there probably is enough room for more than 1 option. But I immediately got in, and then decided I needed to invest even more. During the next bull market I could see the price of BNB eventually reaching over $300.
4) Chainlink (LINK
Original Goal = 200 LINK New Goal = 1,000+ LINK
I bought the majority of my Chainlink while the price was in the $1-2 range and at that time I wasn't completely sure of the potential this oracle had in terms of price potential. But I really was a believer in the tech it could bring to the crypto and DeFi space, and so I continued to buy and reached my original goal. But this year when the DeFi boom was occurring, I began to understand even better how important Chainlink actually was. But the thing that motivated me to increase my initial goal was how many partnerships Chainlink does have. No other coin in the oracle space can come close in comparison. Before falling, Chainlink had reached a new all-time high price of around $20, and during the next bull run I could see Chainlink easily reach over $100.
Original Goal = 1,000 DOT New Goal = 3,000+ DOT
Polkadot is another rather new addition to my portfolio, having bought it when it launched on exchanges just over a month ago. But I have been a fan of the project and think it has incredible potential. Polkadot has the ability to work in tandem with Ethereum, or also take over if it has enough adoption. So this is my backup plan of sorts in-case Ethereum would eventually fail or lose favor with people. Then taking into account that you can earn 12% interest with staking; I knew I wanted to collect as much as possible to receive that nice, passive income. My original goal was to have 1,000 DOT, but I have really liked what I've been seeing with the project and decided to up my goal to over 3,000+. During the next bull run I could see Polkadot's price easily reach $40-50.
2) Ethereum (ETH)
Original Goal = 32 ETH New Goal = 120+ ETH
And of course there is Ethereum, a must-have crypto for everyone I believe. The potential that Ethereum has is really mind boggling, and could really change the world. This is of course, if Ethereum can ever be upgraded to 2.0 and above. My original goal was to reach 32 ETH, as I wanted to be able to stake ETH by myself and make that passive income for years to come. But as time goes further, I wanted to have even more and may never reach that large goal. But it gives me something to strive towards. Many people believe that if you are able to reach just 32 ETH, it could be enough to set you up for life. And years into the future after the price of ETH has increased significantly, just staking 32 or more ETH could give you enough of an income to be your full time job. That is something to dream about.
1) Bitcoin (BTC)
Original Goal = 1 BTC New Goal = 10+ BTC
Naturally bitcoin is of course on the list as well. The number we often hear people saying we should reach is owning 1 Full Bitcoin, as this is a number many people will never be able to reach. With the limited supply, 21 million with several million potentially being lost forever, deflationary halvings, whales owning incredible amounts, and finally with other rich people or companies/ retirement funds finally getting into the scene, Bitcoin is already becoming very scarce. I had reached my originally goal after a lengthy time of saving wherever I could to put the money into investing. But the interesting thing with investing is that the more you begin to have of an investment or coin, the easier it becomes to get even more. When you have a larger amount of bitcoin you can then put a lot of it to work for you to earn even more. While I always keep a certain percentage of mine in cold storage, I also use places like BlockFi to earn even more, which has allowed me to grow my portfolio even further.
But then taking into account the whole year 2020. I have begun to see that bitcoin could be even more important than I originally imagined, and adoption could happen faster as well. This whole year has really motivated me to collect as much BTC as humanly possible. I may never reach my new goal, but it will always give me something to strive for.
If you are lucky enough to have just 1 full BTC, it could be enough to set you up and change your entire life. During the next bull market I could see Bitcoin going anywhere from $50,000-100,000.
Yes I know my goals were quite high, and may seem crazy to many people. But like I said before, once you reach your original goals, I didn't want to stop, and then made new goals.
How about you!? What coins are you holding for the long-term? And what are your goals for each of your coins!?
As always, thank you for reading!