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

An experienced investor shares some hard truths.

In the cryptocurrency industry, choice is more important than effort; I realized this when I entered in 2017. If I had gone all in on Bitcoin and Ethereum six years ago, I would have made a fortune by now—hundredfold returns would be the baseline!

Let’s do the math: the worst moment in the last bear market was March 12, 2020, when Bitcoin dropped to $3,800 and Ethereum fell to $88. By the time the bull market peaked, Bitcoin skyrocketed to $69,000, and Ethereum surged to $4,800. Just doing the math, Ethereum increased by 60 times!

But if you had blindly invested in altcoins back then, you would likely have lost everything. Altcoins are like this: they benefit from the bull market but reveal their true selves in a bear market. The worst part is missing the golden window; by the time the next cycle comes, the opportunity is long gone.

Over the years, I watched the crypto space grow wildly, with tens of thousands of coins emerging from 2018 to 2019. New projects launched every day, and in less than three months, 99% of them had vanished. After draining the investors, project teams would change their identities and start anew—this year’s coin would become next year’s disguise for continued harvesting. To put it bluntly, it’s normal for altcoins to not survive a full cycle.

Take my advice: don’t touch altcoins in a bear market! Newcomers should honestly accumulate Bitcoin and Ethereum. If these two giants don’t take off, which altcoin dares to jump? Bitcoin and Ethereum have survived many bull and bear cycles; there are plenty of examples of altcoins that peaked upon debut only to never recover.

Investing in Bitcoin during a bear market is the right path! In the early stages of a bull market, Bitcoin will lead the charge, and only after a while will altcoins follow suit. However, dollar-cost averaging also requires strategy; don’t just mindlessly invest the same amount every month. Either buy in batches, picking up 20% of your position during significant dips, or just lie low and wait until the next halving cycle; the returns will surely wake you up with a smile.

As retail investors, we lack insider information and financial advantages; all we can rely on is patience. Before the market becomes clear, it’s best to remain still; fidgeting around will only make you a victim. In the financial market, patience is a hundred times more important than skill. If you lack patience but want to make a lot of money? Then you really have to see if luck is on your side.