It is all over the Twitters/ X and ThemTube!
How this coin, or that crypto will make many millionaires in this bullrun.
One person asked, "How many XRP do you need to be a millionaire next year?"
And i answered, "A million XRP will probably make you a millionaire by new years, but two million XRP will definitely make you a millionaire."
Is this correct? Am i too low? Too high? Too bearish? Too bullish?
There is one big problem here. This time, it is not the same.
So, you want to be a millionaire?
A million dollars still seems to be the bar that everyone sets for being rich.
Even though a million dollars is not what it used to be. If we are talking food, we have lost a quarter of our purchasing power since last year.
A million dollars would have you set for retirement. But, only if you had already purchased a house and paid it off. Else, that million would only buy you an average house in many suburbs.
If a million isn't enough to retire, should we set our sights on multi-millionaire? Is that asking too much? Should we lower our expected lifestyle instead?
Being radical and thinking outside the box may make our million dollars go a lot further. Or maybe, what we want is not a million dollars, but the lifestyle we wish to afford.
And, if you do not want a penthouse apartment in the most expensive cities, but want a nice homestead on a rural property, than a million dollars will probably be more than enough.
(spend time working out your number)
To make millionaires, we need a lot of money flowing into crypto.
For every millionaire created, we need a million dollars to flow into crypto.
This is a weird statement, because we usually deal with market cap, and paper wealth stated as net worth.
But, truly, if you want to take a million dollars out of the market, there needs to be a million dollars come into the market.
That said, how many millions of dollars will flow into the crypto market before new years? During this bullrun?
But, this is a really hard question. We have had some huge institutional buyers buying up bitcoin like mad, but the price has barely moved. What gives? Isn't that a lot of money coming into the market?
Well, the institutional buyers have been going straight to the exchanges. Making deals that are not on the books. Even getting IOUs (if that rumor is true). Doing everything they can to buy bitcoin but not move the price.
So, will it be the little speculators that move the price? Or are we going to see a supply crunch in bitcoin? No bitcoin available at the current price. Or worse, no bitcoin available at any price (it's coming, but the dollar is still worth something to most people)
Is this time like the last time?
Last bullrun, there were so many people with million dollar portfolios, then everything crashed.
The only people that really made money were those who sold as bitcoin climbed to its peak. The only way to keep your gains, in dollar terms, is to convert to dollars. The only time to convert to dollars is when money is pouring into the market.
And, this is what you should do if this bullrun plays out like the last bullrun. Sell when close to the top, and then buy back in when close to the bottom. And, if you are a little fish in a big pond, you can do this, even after passing the top. But, if you have a sizeable amount of crypto, you HAVE TO sell on the way up. Whales move the market.
But, there is a big problem with playing this strategy. This time may be different.
- Adoption may be happening
- The dollar may truly be collapsing
Under either of these conditions, you DO NOT want to sell your cryptos for dollars. Under both of these conditions, you would be a fool to get out of cryptos.
- No one is selling their bitcoin
This is the other gotcha. All the bitcoin may be bought up by diamond hands. And bitcoin will have to go WAY up in price before anyone moves, or bitcoin is just traded for mansions, yachts and fast cars, directly. No bitcoin hodlers want to touch paper currencies.
Of course bitcoin is going to make a lot of crypto millionaires when it goes over $1,000,000.
Many of the small coins will 10x-20x-100x this bullrun.
Bitcoin will 5x-10x
There is just too much energy stored up in keeping this market down. It is going to spring up, and shatter all previous records.
Unfortunately, we are also about to see a lot of coins just disappear. If there isn't a real use case for it, and there isn't already a lot of hype around it, it is just going to cease to be. Be aware of this, and don't leave too much money in them.
Further unfortunately, we are going to see some huge crashes on the way up. In bitcoin terms, we will be going back to $30k. However, i do no believe anyone will be able to buy bitcoin then, even though coinmarketcap says that is the price.
Every year that passes the dollars' death is more assured. And so, every year it is more scary to sell out of crypto into dollars.
However, every year that passes, bitcoin's / cyrptos price goes higher, and most people will realize that they have enough. More than enough crypto to do what they want, for the rest of their lives. And, so why keep playing the game?
Just get your 1 bitcoin, and now you are a millionaire.
Good article makes me think.
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