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How to Become a Millionaire with Crypto Revealed Again

How to Become a Millionaire with Crypto Revealed Again -  There is no point in denying, many of us have approached the blockchain and crypto sector in particular, hoping to become millionaires in no time.

In the case of Bitcoin (BTC), for example, which is now worth around $12,000, it only takes 100 BTC to become a millionaire.

But how to determine how many tokens to buy and at what price?

One might think that 100 tokens from any project can be enough to become a millionaire once the asset price reaches $10K, which is very difficult but not impossible. In fact, when taking the Yearn Finance (YFI) token as a reference, it came in at $15,000 in just a few weeks.

But this is a rare occurrence, which does not happen to most of the tokens in circulation, so we definitely have to change the parameters to count towards becoming a millionaire.

Things to consider for crypto

The first parameter we have to take into account is of course the initial price of the token and the number of tokens available on the market. Then, based on this data, we have to calculate how much we should invest.

Suppose a token has a cost of $0.001, then the ideal amount to invest is $1000, because if we divide the budget by the price of the token, then we can get 1 million tokens.

At this point we just have to wait for the market trend, because if it reaches the price of 1 dollar per token, then we have reached our target, with very minimal initial costs.

Obviously, this will probably never happen and it all depends on the type of project.

How long does it take to become a millionaire?

It's hard to give an answer to this question, because it really depends on the project and its solidity, but over time we've seen that on average in about 2 years some projects have gone from a few cents to a few dollars.

For example, for Chainlink (LINK), it took about 2 years – from 2017 to May 2019 – to reach and even exceed the threshold of 1 dollar per token, so it takes a lot of patience to reach that figure.

The mistake that many people make is to panic after the price drops by double digits and, to prevent their funds from losing value, they tend to sell and discard tokens, an option that may make sense but is not always correct in the long run.

The same applies after the token arrives to record some significant figures, because with a value of $ 0.1 it will be 100 thousand dollars. In such a case, one may be tempted to liquidate the position, but perhaps after a year, the tokens may rise again.

In short, there are no specific rules for getting rich with crypto and often the luckiest traders say they have invested in one project more than another, but you do need research, patience and persistence in choosing the best crypto.