Is It Too Late To Get Rich With Bitcoin?!

Is It Too Late To Get Rich With Bitcoin?!

By johnwege | johnwege | 19 Feb 2021


This is a question I always see across the internet and I have been asked this countless times as well. It is even something that I think about myself as well.  Everyone is hoping their investment in bitcoin will someday make them richer than they could have ever imagined, and then they will finally be able to achieve the financial freedom that they have always dreamed about.

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Well I do have some bad news for you.  Bitcoin has reached over $50,000 per coin and that means that you are no longer extremely early to bitcoin, but you're not too late either. If you have been paying attention to the bitcoin news recently; you will surely know that corporations have begun to enter the bitcoin market.  They have looked at their cash balances and become quite worried about how the upcoming inflation could hurt their balances. They have sought out ways to protect their wealth and have decided upon bitcoin.

But the key word to remember is that they have "begun" to invest into bitcoin.  Bitcoin has risen to a price of over $50,000 with the likes of Microstrategy, Tesla and a few other companies buying into bitcoin.  Which means that if this trend does continue, the price will continue going up at a record pace. 

But we need to go back to the current price of approximately $51,000.  If you are an average person just trying to begin investing, or perhaps begin to improve your life.  Accumulating one full bitcoin may already be out of your grasp. This is often what will push people into buying altcoins.  Their ego feels inadequate to not only a full coin and would much rather purchase a cryptocurrency where they could buy many of that coin; such as XRP or Dogecoin. And I can relate.  When I first got into bitcoin, I was also discouraged by how much one full bitcoin was.  I was quite poor at the time, and I thought it would be a miracle to actually be able to achieve a full bitcoin. 

But the great thing is that when you fully understand bitcoin is the moment when you will realize that you don't need to own a full coin.  The world is much different than it was just a year ago.  The corona virus made the bitcoin proposal a much more understandable idea, and much more desirable. The game has changed.  For example, before last year; PlanB had made a price prediction of $288,000 per bitcoin by the end of 2021.  At the time people mocked him and thought he was crazy.  But time has passed, the pandemic has happened as well and the bitcoin price has soared.  All of a sudden those large price predictions from PlanB are looking a lot less crazy. Even respectable places such as Citibank; have made higher predictions. 

So back to the idea of it being too late to get rich with bitcoin.  Well, you may not make the insane gains that the people had who were some of the original adopters and that is totally okay. But there is still a chance to get rich.  We may not see another 1000x from bitcoin, but we don't need to see it as well.  But it isn't radical to expect a 5x for bitcoin from here, and it could possibly even do a 10x.  If the adoption continues to speed up we could have a super cycle and prices could get out of hand.  

The point is that you need to get off zero. Invest some money into bitcoin, learn more about it, and then keep investing even more.  The key is to keep dollar-cost-averaging no matter what the price is. A lot of people stopping buying  bitcoin as it approached new all-time highs near $20,000.  They thought the price would go down and they would take advantage of the dip. But that dip never came and bitcoin became even more expensive.  My goal during this bull run was to never take my foot off the pedal and keep accumulating as much as possible. And so far that has paid of very well for me.

Remember that in all aspects of investing it takes money to make money.  You're not going to become rich by just investing $100.  You need to keep adding to your pile and eventually it will become something much bigger.  Also take advantage of other sources to earn even more; such as lending services like BlockFi and Celsius.

Always remember that you don't need to own a full bitcoin to make great gains.  In fact, owning just 0.28 BTC could someday be enough to make a person rich; especially if bitcoin would someday become a world reserve currency. And at the end of the day, even if it doesn't make you rich, it could become a nice cornerstone in your portfolio.

So what do you think? Is it too late to get rich with bitcoin?! How much BTC should each person have?!

 

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johnwege
johnwege

Hello I'm John Follow me on Twitter! https://twitter.com/johnwege


johnwege
johnwege

Living day by day, stacking sats and trying to retire early. Check out my substack blog https://johnwege.substack.com/ Follow me on Twitter twitter.com/johnwege

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