How to become a millionaire? Be a former crypto billionaire!

Do you know the joke?

How to become a millionaire?

Being a billionaire in the stock market… Or in cryptocurrencies.

Note that you become a millionaire even faster in cryptocurrencies than in the stock market, because the decline was so rapid.

On Friday, May 20, Vitalik Buterin tweeted that he is no longer a cryptocurrency billionaire, but where did his fortune go?

– Vitalik Buterin admitted, responding to a tweet about other billionaires – Elon Musk and Jeff Bezos, who top the list of the richest people on the planet.

Vitalik and several other developers, including Charles Hoskinson (founder of Cardano) and Joseph Lubin, created the Ethereum platform in 2014. Vitalik has a digital wallet whose ETH content was worth about $1.5 billion last November.

However, since then, the price of the second largest cryptocurrency has fallen by about 55%, effectively making Vitalik a “non-billionaire”.

Other crypto billionaires who have lost most of their wealth include Binance CEO Changpeng Zhao (aka CZ). According to the Bloomberg Billionaires Rankings, his fortune has fallen by more than $80 billion (84% of his fortune).

But aside from the humor, it’s not too bad for the Vitalik in question, who still has some money left.

Where this becomes problematic is for all the “little ones” who are now broke and in debt.

And evidence of speculators ruined by the crypto is multiplying.

Like Anthony, who lost 30,000 euros. “This is an annual salary. I saw my equity drop 99% during the lockdown. I couldn’t manage my funds,” he explains. I don’t blame myself for investing, because that’s part of the risk, I believed in the project. On the other hand, I blame myself for not receiving a share of my profits when my capital was at its peak. »

The young man also blames himself for reinvesting 10,000 euros from his own pocket at the height of the storm. Then Luna is worth $15 and he bets her up, which will never happen. “I did it out of pure greed,” he later regrets. At three in the morning I bet 10,000 euros. When I wake up, they are barely worth 1500.”

Many mistook my dislike and warnings about cryptocurrencies for what they were not. Yes, technology is great and will allow us to do a lot, but we are in an immature market and a purely speculative bubble and believe we can get rich with nothing and doing nothing, all generations experience this at all and empapaout profusely.

You have, in fact, proof that you should always measure your investments and be wary of the profit lure, because obviously we all do the same thing.

Let’s start small.

Then the soup is good.

We put the bucket back.

Then the soup is always good.

We put another bucket back.

Then another, then another, and in the end it seems that it pays off so much that you put all your savings into it … And go broke.

It’s as old as the world and tulip bulbs.

Charles SANNAT

“This article is for the press, that is, free from reproduction in whole or in part, provided that this paragraph is reproduced after it. Insolentiae.com is a site where Charles Sannat speaks his mind daily and provides brash and uncompromising analysis of economic news. Thank you for visiting my site. You can subscribe to the daily newsletter free of charge at www.insolentiae.com. »

Actucrypto.info source here