The Bible tells us to invest in 8 streams of income, because we never know what may fall upon the land.
You’ve probably heard of Bitcoin, and possibly Ethereum. In fact, it’s estimated that 40% of Americans own crypto. And, 70% are men.
Crypto can be intimidating, because there’s a high amount of risk and it takes a lot of steps to get a crypto wallet and actually trade crypto.
But, it doesn’t have to be.
Here’s what I’ve learned after seriously trading crypto for the past 4 years:
- Bitcoin is generally the safest to invest in, because it’s predictable. In 2023, I was asked if Bitcoin would recover back to its all-time-high. I immediately said, “Definitely.” This is because Bitcoin has cycles. Every four years, there is a “halving” event which reduces the block reward by 50%. This lowers the supply of new bitcoins entering the market, thereby making them more valuable. This has historically made the price go up in the following months.
- Ethereum is the second most popular cryptocurrency in the world. However, I believe Ethereum will eventually be replaced. This is because the Ethereum chain has high “gas” fees to complete a transaction. It’s also slow and can easily get congested.
- Memecoins are high risk. They’re purely a gamble to make money. Anyone can launch any memecoin at any time. Most go to zero.
- New coins that explode are driven by a network of Twitter/X influencers who coordinate buying and selling. 99% of them dump on their followers. You can’t trust any of them, even the “good guys.”
- Most people in the crypto space are ruthless. They will launch coins and “rugpull” them by removing the liquidity (money available for trading). This can happen in less than one second.
- If you get into a new coin early enough, you can turn a few hundred dollars into thousands very quickly (within hours). However, you can lose it even faster (within seconds).
- When Bitcoin goes up, the rest of the crypto market eventually follows. But, the same happens when it goes down.
- Never invest more than you can afford to lose.
- Never share your seed phrase with anyone. If someone has access to it, they can get your crypto.
- Always download crypto wallets from official websites. Don’t Google them, because there are ads with fake links to phishing sites that look real. An acquaintance of mine searched for “Metamask” and didn’t check the URL. He input his password to the phishing site and lost his life savings in an instant.
- Never leave your money on an exchange like CoinBase or Gemini. Hackers are elaborate and can gain access to your account without you doing anything at all.
- SIM swaps happen when a hacker calls your phone company pretending to be you, and they switch your phone number to a phone they have. When that happens, they can get into your email and any accounts you have. This is common on Coinbase. So common they even have a warning about it. So again, don’t ever leave your money on an exchange… even if it isn’t that much.
- The good news is that every transaction is public on the blockchain. And the FBI is very responsive when it comes to crypto crimes. It’s very difficult to get away with crypto crime in the USA.
- I DO NOT recommend CoinBase because if you do get hacked, CoinBase will do nothing to recover your money (even if was their fault for verifying a hacker’s identity as your own).
Those are all the “warnings” I have for you.
Now for the positives!
- Crypto transactions can happen almost instantly. This means you can make a transfer without having to wait days, like with a bank.
- If you follow your gut and pray about it, you can make A LOT of money VERY quickly. The secret is to get into influencer Telegram groups. They usually share to their groups before they post to Twitter/X.
- Crypto can be used for good.
- There are many projects that donate to charitable causes. In fact, a colleague of mine donated over $50,000 to a trafficking charity and they saved one young girl in east Asia directly with that donation. Every time someone made a transaction on his coin, a small percentage went to a donation wallet.
- More and more establishments are accepting cryptocurrencies as forms of payment. In fact, Bitcoin is now an official currency of El Salvador, and every business is required to accept it.
I believe we are on the verge of an overhaul to our global financial systems. In that, we will move to a cashless society driven by digital currencies.
It’s better to be early to something new. And even though Bitcoin has reached $100k per coin, we’re still very early. In fact, it’s anticipated by financial strategists that Bitcoin can reach $1m per coin within the next five years.
My favorite exchange to work with is Gemini. Gemini was founded by Tyler and Cameron Winklevoss (the twins who had the original idea for Facebook). They took their settlement money and invested in Bitcoin (which exploded) and started their own crypto exchange. They seem like good people and share similar values to my own.
If you choose to sign up for Gemini, you can use the link below and earn a free $15 in the crypto of your choice when you trade at least $100 in your first 30 days.
https://www.gemini.com/share/ev7a6lpue
(Please keep in mind this is not financial advice nor an invitation to invest money. Investing in securities and cryptocurrencies involves risk, including possible total loss of investments within a matter of seconds/minutes. Invest at your own risk. See our full Disclaimer for more.)
