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RE: How to keep your sanity in this crazy crypto market
I enjoyed your post. Trying to work my way to 1BTC with about $50...is it possible?
I enjoyed your post. Trying to work my way to 1BTC with about $50...is it possible?
Hey, thanks for reading and for your comment. As for your question, you're basically asking whether you can turn $50 into $10,500 (the current value of 1 Bitcoin). That is a 210-fold increase and would require you to double your money 8 times over. Unless you're Michael J. Fox in Back to the Future, or you have a way to go back to 2010 and put $50 into Bitcoin, it's impossible for a person to get there by trading. (Anyone can correct me if my numbers are wrong.)
In my opinion, you're only chance of achieving that is by locking your $50 into a currency such as Bitcoin, and hope that it's value increases by 210x. However, that would require a target Bitcoin value of $2.2 million per coin! And since absolutely no one speculates that Bitcoin would ever get that high, the simple answer is no. The most wild speculations have valued Bitcoin at $1 million per coin within 5-10 years. That would get your value up to about $5,250 (which is currently about 0.5 BTC), and is still very improbable (and counts on your ability to wait 10 years without being tempted to cash out).
BTW I like the username ;)