Okay, so we've all heard the stories about how someone bought Bitcoin for $10, forgot about it and found it years later when Bitcoin was worth $20,000 per coin. Are those kinds of gains in the crypto space gone? Is it still possible to see life changing money off of pocket change or even say a couple hundred or couple thousand bucks?
Now before we even discuss this let me first say that I was watching Bitcoin back at under $600 and something I think a lot of people don't understand is Bitcoin wasn't as well known, as adopted or as mainstream as it is today. Today you see Bitcoin and say oh its hit 70k, Paypal and Robinhood are accepting it, there's Bitcoin ATMs at my gas station, my local brew pub takes it. One thing people have to realize is back when Bitcoin was $600 it was a much less sure thing, it was much less speculative, etc. If you think some people still say Bitcoin is fake computer money today, that was an even stronger idea back then. I think buying Bitcoin back then was like say buying Pibble (PIB) today, what is PIB you ask? I don't know I just picked out a 876 ranked coin but that's essentially what Bitcoin was like back in say 2011.
In some ways it seems like the stock market has gotten wilder and more volatile while much of crypto has kind of stabilized. We used to say the stock market was boring because who wants a boring 7% yearly gain while crypto does 50% in a day. But many even mainstream stocks these days have wild swings while crypto or at least top coins have somewhat stabilized for the most part and the market isn't subject to wild 50% swings based on a rumor of one news story that may or may not even be true. Heck back in 2017 there would be rumors about China doing something and markets would swing 30%-50%.
I had made a post last week that got some traction asking how many people are relying on crypto to "make it" or for financial stability and obviously a lot of people are so I guess this has me asking how realistic is it to expect to get rich off DCA'ing $20 a week into crypto or even putting say $500 or $1,000 into crypto
I'm kind of expecting most people to say your not gonna get rich off top 50 or top 100 ranked coins so I guess my next question is how deep do you think you have to go into the charts to find a big payday ie 200-300 ranked coins, 300-400 ranked coins, 500 plus?
Curious to hear your thoughts.
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