Who wants to be a millionaire by the end of this year? This question can sure bring a chorus answer of “Me” anywhere. And of course, why not, everybody wants to be a millionaire.
The trading industry has been always considered to be a rich people’s domain. But when it comes down to the bitcoin investment, you can consider it as a new way to earn a fortune in a short span of time.
If you turn back a few pages of the bitcoin history, you will see that even the fraction of the bitcoin has made people millionaire. Provided, if you have the right methods and ideas to execute bitcoin trading.
For instance, let’s take Kristoffer Koch for example. He was one of the early traders who have invested in the bitcoin in 2009. The capital investment that Koch made was just over $26. By the end of 2016, he already had more than 5000 bitcoins at his disposal. The total value of the bitcoin was estimated at more than $4,800,000. If you are looking to trade in the bitcoins then you can visit the login page.
So, what were the strategies that Koch made that help him to become a millionaire within 7 years of his investment?
Two Golden Rules of Bitcoin Investment
Every investment follows certain rules and regulations so that you can most out of the deals. Here are the two rules that you must follow while investing the bitcoin.
1. Hold on to you Bitcoins
The very first rule of every investment is that you need to keep your assets to yourself for a longer period of time. This rule applies for any kind of investment you are making, the longer you can keep your asset to yourself, the more chances you will have to gain high marginal profit.
If we think the assets to be the bitcoins, then it is very important to have long term investment in the bitcoin. The history has shown us that even if being one of the most volatile assets, the value of the bit coming keeps on increasing on a yearly basis. So, if you are doing a long-term investment in the bitcoin, you are bound to gain profit.
Even Kristoffer Koch has left the bitcoins untouched for more than 6 years. This long-term investment has made Koch what is he now. You can take this real-life example to understand why long-term bitcoin investment is the key to success.
2. Keep them very safe
Bitcoin are digital-based currency. So, their security needs to be prioritized. While handling transactions, and investment in the form of bitcoins, you need to make sure that they are not exposed to any kind of external threat.
You also need to make sure that your wealth is not lying around in the exchange wallet for a longer period of time. It is advisable to keep all your bitcoin coins in the private wallet which is controlled by the keys you have.
In addition, you need to have a trustworthy person who has access to your bitcoin. So that when you are not there, your heir can be benefited from your bitcoins.
With all that being said, the final question arises, how much bitcoin do you need to become a millionaire?
Well, it is a very difficult question to answer. As we all know that bitcoin investment is a volatile industry. And nobody knows what the future has in store for the bitcoins.
And the second problem with the question is how long it will take to become a millionaire. Is it 5 years, 10 years or even more?
With all that uncertainty and everchanging elements., it is hard to predict the time you can become a millionaire.