How to get to the millionaire status in crypto?
Actually the formula is very straight forward. Assume we have a capital of $1,000 and a timeline of 12 years (corresponding to 3 Bitcoin cycles). Each cycle, one just needs to target achieving 10X on the capital.
Capital = $1,000
Cycle 1 : $1,000 x 10 = $10,000
Cycle 2 : $10,000 x 10 = $100,000
Cycle 3 : $100,000 x 10 = $1,000,000
How to get 10X? Likely Bitcoin won't get you that. It will be 2nd tier coins like Ethereum. Last cycle, Ethereum made 47.2X from bottom to top. So, targetting a 10X is quite achieveable.
In practice, one can't really buy at the bottom & sell at the top. More likely somewhere near bottom & sell somewhere near top which the reduces our 47.2X to, say, 30X.
It just takes:-
patience to wait for the bull market;
$1,000 and;
discipline, once you achieve your 10X or 15X or whatever X it is you sell. Don't try to catch the market top.
Also, don't jump in immediately after selling. Just wait for the market to correct to its low first.
That's it. That's the "secret sauce" for this dish! :)
