Crypto Is The Only Way I Can Become A Millionaire in dollars! — LeoFinance
Those words above came directly from the mouth of one of my crypto friends as we were talking a few days ago.
As you can see from the use of words in that sentence, it is clear that I am not a US citizen!! The words that summarize that I am not a US citizen are “ Can Become A Millionaire in dollars!”
A few days ago I was talking with a few crypto friends who I have been with in the space for the last 3 years or so and we were discussing ways of how to make use of opportunities in crypto to better our lives.
We were actually 3 friends and we have been hustling in the crypto space with no serious tangible results hehe.
I realized that during our convo, one friend uttered the title of this post and that statement blew light bulbs in our minds and it made us broaden the discussion.
We have been friends for over a decade and been hustling together, I have been with these friends in some(3) Network Marketing companies before and things did not work out in our favour!!
In Network Marketing industry, there’s always hope of making it to the million-dollar mark and there are a few people I have read of(here) who have made it after 4–5 years of dedicated work.
We of course joined MLM so that we make it and enjoy the rest of our lives hehe, though things did not work out.
It is not easy anywhere in the world to achieve the million-dollar status especially if you are in the employment sector.
I am a Ugandan and our currency is Uganda shillings(UGX) and here people rarely dream of achieving millionaire status in US dollars because it is an outrageous figure when converted to our UGX.
Let me drop an image from a google search and you see what I am trying to say.
$1M =3.65B UGX!!
We now see it really possible to achieve this million-dollar feat after reading stories of people who have made it and also through our personal experience in these past years in the space.
One of the ways to achieve this is through trading and another could be through just hodling!!!!
In this post, I will concentrate on the easiest ways among the two and that is hodling.
In fact, the other three alternative post titles I had for this post are/were;
- Can Hodling Turn an Ordinary African into a millionaire?
- Do you think Hodling can turn an Ordinary African into a millionaire?
- Can You Become a millionaire in 5 years by just hodling some crypto?
It was really hard for me to choose the best title and I decided to go with the one above.
You can see that my alternative titles all have the word “hodling” in them!
We discussed further how mere hodling can make us millionaires in the next 5–10 years!!
Now you might say, 5 years is a long time for me to hodl on a token!! You are right for saying that, but remember that the 5 years will pass!!
I remember once reading or listening to Brian Tracy when he said that it takes on average 7 years for a person to become a professional in any given field.
As I was still imagining how long 7 years is/was, he added that the 7 years will pass and you will either be a professional or not…
Just for context, it is now more than 7 years ever since I read that Brian Tracy quote and you guessed right..I am not a professional….
Anyway, the 5 or 10 years will pass and you will be a millionaire or not, we decided as friends to not let the next 5 years just pass us by.
So Can Hodling Turn an Ordinary African into a millionaire? Let us discuss below with examples.
Now, I am writing from the perspective of an ordinary African, guess why because I am one!!
This same strategies can work for anyone in the world though, I just like to personalize stuff especially for my fellow Africans who see crypto as magic internet money for some lucky few folks.
It has always been difficult for Africans to make insane sums of money because it always takes longer for emerging technologies to be adopted here.
The closest example I can give is the widespread adoption of the internet.
I guess most people here in Uganda embraced the internet widely these last 5 years or so, but remember the internet broke out in the early 2000s!!
I am glad that crypto or blockchain tech seems to be breaking into Africa at a faster rate than the internet did, all thanks to of course the internet hehe.
Now we all know that Bitcoin is over a decade old and the price has moved from a mere $0.0008 which seems the earliest recorded price of it.
In July 2010, bitcoin began trading at a value of US$0.0008, climbing to US$0.08 by month’s end. The cryptocurrency performed relatively flatly until spiking to US$250 in April 2013.
As you can see the price moved from $0.0008 to where it is now at the time of this writing $59K!!
So if we do simple mathematics, it means Bitcoin has moved 73750000 times since inception considering that you have not sold.
Now we know it is hard to not have sold with the last price hikes, but we also know that there are addresses that haven’t sold their bitcoin yet like the one purported to be for satoshi!!
I will now give an example that is close to me, I joined the space in mid 2017 around July-August.
I just checked coingecko and the price of Bitcoin was hovering around $2600–2700 area
Now if I had invested some money in Bitcoin that time and maybe just bought 1 Bitcoin at 2700, I would now have 59000.
So Bitcoin has moved roughly 22 times(59000/2700)!!!
Let me make a rough calculation to see how much was needed by then to make me a millionaire now if I had bought at 2700
So it means if I had invested $45454 in Bitcoin in July-August at 2700 by buying 16 bitcoins, I would be a millionaire now!!!
I actually got to know or heard about bitcoin in early 2017 through some kind of scam and guess what the price was at hovering around $700-$1000
I have to make it clear that I did not know much about Bitcoin in those early days and hence could not invest!!
We also know that BNB came out around 2017, the time I joined the space and its all-time low was around that time at $$0.03981770 according to coingecko.
If you look at that image above, that would be a percentage increase of 740198.5% which is an increase of 7401.985 times(7401985.5/100) at the current price this screenshot was taken of $295.81
Again let us calculate how much I would have needed to invest in BNB back in 2017 to be a millionaire now.
Holy fuck, I needed only $135 invested in BNB in October 2017 to be a fucking millionaire now!!
I know some of you might not understand the mathematics involved here, let me break it down again for you so that you understand very well.
According to the pic from coingecko above, 1 bnb was 0.03981770 in October 19 2017 and is an increase of 7401.985
I am going to calculate it on a piece of paper and upload it below.
Do not mind my handwriting hehehe, I just realized that I even signed the calculation on top to certify that it is really mine hahaha.
Let me hope you followed through the calculation.
Do you guys see some other coins that are in the $0.04 range that can do what BNB did ???
I have also brought up this example of BNB because one of these friends I was with once had over 40 BNB in 2018 0r 2019 and guess what, he sold all of them!!
Now 40 BNB is small to make us millionaires now according to these calculations, but maybe in the next years.
This same friend also had over 10 ETH when the price was around 120s range and again he sold them!!
If he had held onto those coins he would be a multiple millionaire in UGX now hehehe, because it is only $273 to be millionaire here
So if he still had his 40 BNB, he would be over 40M UGX now, jut by hodling!!!!
I also remember around late 2019 and early 2020 I had over 20 BNB which I also sold, that would now be over 20M UGX!!!
There was also a time I remember I had some plentiful number of Sora when it was trading around the $50–70 dollar mark.
I used to swing trade it to earn some profits.
I just checked on Coingecko now that Sora is at $566, so that is 10 times from the time I swing traded it.
You cannot actually believe that its all time low was just 11 months ago at $0.0858!!!
It has grown by 649869% from its lowest price ever, that is 6498.69 times.
Again how much invested in Sora 11 months ago would make us a millionaire now??
So it means that only $153 invested in Sora at its lowest price ever 11 months ago(May 11 2020) would make us a millionaire now! Holy fuck
Do you folks see the power of hodling???
I have given two examples above because these are tokens I personally held at a certain time t ie BNB and Sora and all of them would have given insane profits had I just held!!
I have just seen this image below that shows the performance of Altcoins for the last 90 days and the figures are phenomenal, check out.
The image above has cake leading at 3030%, Luna at 2838%,Hot at 2793%, CHZ at 2304% and many other coins.
I will leave you to do the calculations as I have previously done above.
Imagine these figures above are for just three months and you are good to go.
So Can You Become a millionaire in 5 years by just hodling some crypto?
My answer is YES and I guess you will/have to believed it!!
So we decided with my friends to begin stacking some crypos that are under a dollar, one friend said he will stack over 20 cryptos.
He will do his research on longterm projects and invest some small money from $20-$100 into each of the 20 cryptos.
My other friend also said he will stack over 100 of them altcoins for the longterm.
I personally will stuck around 20–25 atlcoins for the future and see how the next 5 years turn out.
The other conclusion we came to was to transfer these crypto gems to a wallet which we do not have access daily!!
Let me explain further, we fucked up on the 40 BNB we had because it was on Binance exchange!
We realized that having the 40 BNB and 5 Eth on the Binance exchnage tempted us to trade it for something else, hence us losing it!!
We have therefore decided to buy these 20 something tokens from whichever exchange and send them to an external wallet!!
Folks pray for us to achieve our millionaire status in the next 5 years hehehe.
Who else is with me on this incredible journey so that we can move together?
I would really be happy to reference this post 3,4 or 5 years from now showing the day I decided to make things happen.
I guess I will keep updating you guys along the way of some of the coins I am stacking.
You can also give recommendations below.
Damn Ijust realized that this post is over 1900 words, holy fuck!!
Let me summarize in the next few lines below.
As the title of this post says, crypto is the only way I can become a millionaire in US Dollars.
We have decided with friends to research for some crypto gems and hold them until we attain the $1M status.
This decision was made after reading similar stories and also from the collective painful personal experiences of the 3 of us.
We were tempted to sell some gems that would have lifted us close to the million dollar mark!
We have learned our lesson the hard way and now were are going to hold for at least 5 years no matter the temptation!!!
So folks if we all try hodling for a longterm period we can all achieve this million dollar legendary status that few people in the world hold.
If you are new to crypto or do not know anything about it but want to join this incredible journey with me, I would advice you to open up an Binance Exchange account and buy your first crypto.
You can also alternatively contact me directly through Twitter
My other contacts
Also if you are in crypto I have some good news for you, did you know that you can earn by writing a post like this??
Yes you can earn some crypto(I guess you can you can see some $ attached on this post).
Your post does not necessarily have to be this long for you to earn hehe. I just like to write lots of stuff because in real life I am some quite guy,so I release all my thoughts when I am on the keyboard hahaha.
Anyway if you want to earn from writing about crypto, click on signup on this same website and choose your sign up method.
If you get stuck do not hesitate to contact me .
So folks if you liked this post please upvote and reblog and also share on your different social media.
Posted Using LeoFinance Beta
Originally published at https://leofinance.io on March 30, 2021.