How to become a Bitcoin millionaire: Top 5 secrets of making money on cryptocurrency

With Bitcoin breaking $40.000 in what seems like the most bullish market conditions in the last 3 years, many people buy Bitcoin to participate. But there are many questions as well. Is it still a good idea to buy Bitcoin at these price levels? How much should I invest to become a millionaire in the future? More importantly, what do experienced investors know that we don’t?

In this article we will discuss the top 5 secrets that, if applied, can help you become a Bitcoin millionaire in the next few years. Let’s get started.

Secret #1: Ask the right questions
Knowing what information to digest and which to avoid is the secret between unrealistic expectations and successful investments. Of course, for this to happen you will need to rapidly grow your understanding of Bitcoin, blockchain, and the cryptocurrency markets. Most of the real experts out there are seasoned financial professionals with years of experience and exposure in Bitcoin.

All this leads to the ability to cut through the fluff and understand what you should be focusing on. In other words, asking the right questions. Maybe checking for another long-term price prediction is not the best way to go if you are considering a large allocation of money. Maybe what is more important is understanding how “losing all your money” is not an option unless you sell. This brings us to the second point.

Secret #2: Twitter and Podcasts
Twitter may be somewhat “outdated” as a social media channel, but it is the hotspot for financial analysts, crypto bugs and Bitcoin enthusiasts. There is no other channel or resource that will help you build a list with people who provide invaluable knowledge that you can later apply to increase your wealth. This is true for traders as well.

Podcasts, on the other hand, are more of a deep dive into the minds of the people who have already achieved the goal you are pursuing. They have already become millionaires through their ability to predict the directions of financial markets. Therefore, some are certainly worth a look (start from The Pomp Podcast).

Secret #3: HODL
I’m sure you heard that one before. Holding onto your coins may seem like an easy task but it’s not. The emotional rollercoaster you have to go through every single day can quickly put a strain on you. Therefore, make sure you follow Secret 1 and 2 throughout the whole duration of this journey. People who only look at price targets will eventually sell at the first pump.

HODL is the simplest way you can follow to eventually become a millionaire through Bitcoin.

Here is why this is important: Bitcoin is just getting started. The economic uncertainty we are currently undergoing does not only prove the importance of a decentralized store of value but hints at its future potential. Check what Michael Saylor, owner of publicly-traded company MicroStrategy has to say about this:

Secret #4: Give some away
This may sound counterintuitive. Why would you even wanna part from your Bitcoin? Well, giving a small amount of Bitcoin to friends and relatives plays an important role in both the adoption of Bitcoin and the distribution among the public. At the moment, there are only a handful of people (figuratively speaking) that hold the majority of Bitcoin. If these people would distribute their wealth among others, there would be fewer points of failure.

Keep in mind that redistribution of Bitcoin holdings will eventually occur once people start to pump the price higher, causing whales to sell their coins for a profit. Over time, it is nearly inevitable for the userbase of the alternative monetary system to grow exponentially.

Secret #5: Rebalance your portfolio
Most people that choose to invest in Bitcoin have at least some experience when it comes to investing. The grand majority has more trust in gold at the moment since their understanding of Bitcoin is rather limited. However, they will eventually catch up to the reasons why Bitcoin outperforms gold in all possible ways, and that will reflect in the coin’s price.

Knowing this right now offers an unprecedented opportunity – the opportunity to decrease your exposure to gold and increase your exposure to Bitcoin. Since most people are still hesitant and scared to shift towards BTC, you can do so ahead of the mainstream, which in turn will help you catch the next price wave upwards.

The Bitcoin current price does NOT reflect its real value, which is much higher!

Of course, don’t expect to see results instantly. There are still many stubborn investors with not much of a technological understanding. However, in the next few years, we can expect to see Bitcoin flip gold’s market cap, making it the most trustworthy store of value – one run solely by code.

The post How to become a Bitcoin millionaire: Top 5 secrets of making money on cryptocurrency appeared first on Fuzzy.One.

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