If I invest 10,000 in the crypto market now, will I become a millionaire in ten years?

A veteran from 2017 shares their thoughts.

In the crypto digital currency market, the effect of choice outweighs effort, especially evident.

If you bought Bitcoin and Ethereum ten years ago, you would certainly have seen a hundredfold increase.

The darkest time of the last bear market was on March 12, when Bitcoin's price was 3,800 and Ethereum was 88. The peak of the bull market reached 69,000 for Bitcoin and 4,800 for Ethereum. If your math isn't good, please calculate: Ethereum increased 60 times.

If you choose altcoins, there's a high probability that your principal will shrink by over ten times, continuously failing to make money while suffering significant losses. Most importantly, you will miss the time for dividends, and then when you think about making money, you can only wait for the next cycle.

Since I entered the market, there have been at least tens of thousands of cryptocurrencies, especially projects launched in 2018-2019, many of which no longer exist. During that time, there were basically many new projects every day, but after three months, most had disappeared. Many project teams would launch one project and then switch to the next, continuing to take advantage of investors. Therefore, there's a high chance that altcoins will be in this year, but the next cycle may not include them.

In a bear market, altcoins are hardly worth investing in. For newcomers, it's advisable to prioritize holding Bitcoin and Ethereum. If these two don’t rise, which altcoins dare to rally? Bitcoin and Ethereum have weathered multiple bull and bear markets, but many altcoins reach their peak upon debut, then decline continuously and never return to their former prices. They might not even exist in the next cycle.

Dollar-cost averaging Bitcoin in a bear market is undoubtedly the safest strategy because, in the early stages of a bull market, Bitcoin will lead the market forward. After a while, altcoins will gradually start to take off. Of course, dollar-cost averaging shouldn't be done casually; invest a fixed amount each month or buy 20% during significant dips. It's hard to say for other coins, but Bitcoin will definitely rise. Hold on until the next halving cycle, and I believe the returns will be considerable.

For us retail investors, without funding advantages or information advantages, the only thing we can decide is patience. Before the market is determined, patiently waiting for opportunities is the safest approach. If you want to make money in the financial market, patiently waiting for opportunities is much more prudent than blindly operating.

If you lack patience and want to make money, you can only rely on luck.