Want to become a Bitcoin Millionaire? Here's how:
Ever heard of Wences Casares?
No? Me neither, but apparently he is going to tell us how to do just that.
Here is a little blurb about him in case you haven't hear of him:
"Wences Casares is a technology entrepreneur with global business experience specializing in technology and financial ventures. He is an advocate of Bitcoin and he has said that he believes that Bitcoin will be bigger than the Internet."
He thinks Bitcoin will eventually be bigger than the Internet...
Keep that in mind when you are taking his advice into consideration.
His secret?
Las night, at a dinner organized by the cryptocurrency policy group Coin Center in New York, Casares was the keynote speaker and he gave the same advice he has been giving to people for a while now regarding Bitcoin.
The secret you may ask?
According to Casares, take 1% (or less) of everything you own and buy Bitcoin with it. Then forget about it for the next 5-10 years.
After those 5-10 years you will either have lost 1% of your net worth or you will make millions.
Most people can stand to lose 1% of their net worth without it really hurting them too badly.
According to Casares, the odds of Bitcoin failing and his investment thesis falling apart, where Bitcoin goes to zero, is only about 20% at this point. If the coin fails, it will be worthless he says, you will lose your entire investment.
However, if the coin succeeds, in 5-10 years a single Bitcoin will be worth more than a million dollars. The chances of that happening? Well, Casares puts those odds at better than 50%.
People have been trying to trade in and out of Bitcoin on their way to profits only to be left behind on the recent parabolic move.
According to Casares, the ones who are truly outperforming are the buy and hold investors. A trend that he sees continuing in a major way if Bitcoin "succeeds".
What the world would look like with a million dollar Bitcoin
In order to achieve that price, Bitcoin would be considered the world's reserve currency. It's "meta currency", a global standard of settlement.
Gold had been the global standard of settlement for thousands of years. There was a standard measure of wealth between competing countries.
"If a person wanted to compare how much it cost Cleopatra to put together an army or how much it cost a Chinese Emperor, it was relatively straight forward."
That isn't the case today.
The difference between then and now is that Bitcoin is much easier to settle. Whereas large ships had to transport the metal across vast distances, Bitcoin transactions can be completed in a matter of minutes (or hours in some cases) with relatively little storage capacity needed.
It's applications are endless.
Casares then went on to state that, "if Bitcoin succeeds, it will be the biggest leap forward in the democratization of money we have ever seen."
So there you have it.
If you want to be a Bitcoin millionaire, all you have to do is buy a Bitcoin and hold it for the next decade or so. You have a 20% chance of failure and a better than 50% chance of success, according to Casares.
Remember to keep in mind that this guy is one of the biggest bulls out there on Bitcoin. But, if you got some spare change laying around, it might be worth the risk to see if his prediction comes true.
On the next dip, I may try exactly that.
If Bitcoin is trading for a million dollars a coin? I wonder what price that would put Steem at?! ;)
Stay patient my friends!
Sources:
https://en.wikipedia.org/wiki/Wences_Casares
https://qz.com/990088/how-to-become-a-bitcoin-millionaire-according-to-wences-casares-of-xapo/
Image Sources:
https://qz.com/990088/how-to-become-a-bitcoin-millionaire-according-to-wences-casares-of-xapo/
Follow me: @jrcornel
I'll buy and put it in a separate wallet and call it "In honor of Wences Casares"
Good idea. I think I will do the same.
Then donate 1% of that to him as a thanks. ;)
JK
If everyone did that, we could call it the "Wences Casares Fund" and see how much money was put in as a result of his theory. Then, if it does hit $1M, everyone in the "fund" should agree to donate 10% to a charity of their choice so that the whole world benefits.
If it tanks, then Wences will be the newest Bartman, and (Bartman) can finally come out of hiding! Win, Win, Win.
mucho casares!
Its worth a punt! But I would argue that you should spread that 1% around a few coins, rather than put all your eggs in one basket (especially the oldest egg).
Just look at ETH recently - the tech behind the coin makes it more flexible than BTC with exciting use cases growing every week.
The same could be said of any coin with solid fundamentals.
My thinking exactly. Crypto is risky enough as it is; I like to stay diversified among a number of coins although overall my portfolio is very heavily slanted towards Ethereum. I always keep a stash of BTC in reserve. It's kind of my base currency: I take profits in BTC and then re-invest them into various ICOs as they come along.
I agree. I think BTC will be similar to a gold standard. Ethereum seems to have a high potential.
I literally just wrote what you said on my post. Great minds.
Agreed. This guy is a bitcoin enthusiast. But yes I think most of his reasoning would also work for any virtual coin, not just bitcoin.
A 100% annual return year on year would turn one thousand dollars into one million dollars in about one decade. Perhaps Bitcoin does have the potential to achieve this. Bitcoin also has the potential to go to zero and this is why you should never invest more than you are willing to lose.
Yep, that is exactly what he is saying. Nicely put!
yes, in fact, i have heard of him
i use Xapo for a wallet :)
Well there you go! :)
Right now, I'd rather aim for STEEM and have much less to worry about! ;) Namaste :)
Haha well that is an option as well. If bitcoin is trading for a million bucks I would image steem would be significantly higher as well :)
this is a great post my friend thanks for sharing, a good read and exciting
I thought so too! Glad you enjoyed it!
Want to become a Bitcoin Millionaire?
Get a Wayback Machine :)
That would certainly guarantee it ;)
your time machine is now, it is far from over
Can't argue with that solid logic. TLDR take 1% of your shit and invest in BTC.
A million seems ridiculous, but who knows.
If you consider Bitcoin will be used as lubricant between the other alt coins. Steem, ether, etc.... All have to go back to BTC in a small enough amount to make BTC a very expensive commodity.
100$ Bitcoin seemed lonny in 2011
ya i like BTC, so different but looks like it can make a lot of cash from it
Shared on twitter. Stephen
On my site, I write often about the "BRED" portfolio - Bitcoin, Ripple, Ethereum, and Dash.
We have a mock portfolio - http://metacoin.com - where we have $2500 invested in each on January 1. Right now, that portfolio is worth more than $200K.
Underscores the need for diversification, and also the insane bull market we are in. (BTC is the worst-performing of the four, up only 131% YTD.)
Happy Trading!