With all the volatility in the market I think it’s a good time to review the past year. When in doubt, zoom out. I’d like to share how I more than 10xed my wealth in the past year with cryptocurrency and some insights on this journey.
While I did more like 15x for my overall wealth, I settled on 10x+ when taking into consideration my continued investing and earning of cryptocurrency without giving my exact numbers. In the video, I share my Blockfolio/FTX portfolio tracking my growth crypto portfolio over the past year. The idea is to show you that while there be many drops and times of volatility, understanding where crypto is going and having high conviction in my investments is how I’ve weathered the dips.
As I point out, I’m sure many people will contest this with what I could have done instead, but cryptocurrency is already extremely risky, so my method has become play the game as safe as possible. I’ve mostly just invested in BTC & ETH and I think that was the right choice. We will see how things play out over the next month, but the beauty of these amazing cryptocurrencies is that I have high conviction they will still be the top 2 for many years to come.
El Salvador accepting Bitcoin as legal tender and everyone gearing up to buy $30 of Bitcoin was supposed to be good news, but then we saw a sell off which is okay. Again, this is a long term play and when we have volatility on the downside we also can see major volatility on the upside and that’s what you sign up for when you get into crypto from the beginning.
Whether you’re investing in cryptocurrency or investing in any asset, just make sure you apply the same good investing principles and go for the long term by dollar cost averaging in. Many people just throw in like $100 or even $1000 which is great, but you can’t make money without putting money in. If you turn $1000 into $5000 and then buy a new car, that’s nice, but you want to aim to build wealth for the long term, not buy a fancy toy.
I cover my rules for investing here: https://odysee.com/@ScottCBusiness:4/Investing:d
Here is the breakdown for my investing and budgeting templates: https://odysee.com/@ScottCBusiness:4/If-You-Want-To-Save-Money:7
Investing Spreadsheet Template Link: https://file.io/2Vh22e2tADMk
Income Tracking Spreadsheet Template Link: https://file.io/RlQtav15CYNH
Budgeting Spreadsheet Template Link: https://file.io/ZA6W9dbHFCNS
How’s your crypto portfolio doing? Are you bullish or bearish on crypto? What’s your Bitcoin prediction by the end of 2021? Let me know what you think about this in the comments below and don’t forget to subscribe!
*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*