"I heard Old Wang next door made enough in crypto to buy a villa?"
"My classmate traded crypto for three months and bought a Tesla outright!"
Such stories spread like a virus at dinner parties and in social circles, tugging at the nerves of every ordinary person. But I must pour cold water on it: making 10 million in the crypto world is not like buying a lottery ticket, nor is it gambling. It’s more like a practice that requires wisdom, courage, and discipline, and the vast majority of people can't even pass the first level.
1. Don't be brainwashed by 'get-rich-quick myths'; surviving is the way.
In 2017, when Bitcoin surged to 20,000 USD, I personally witnessed even the office cleaning lady secretly opening an account. She put all her retirement money in, only to cry and cut losses during the bear market of 2018. Such stories happen every day, just with different faces.
The first rule of survival in the crypto world: never invest life-saving money.
This is not an ATM, it's a meat grinder. I've seen too many people throw their house money, children's tuition, and even high-interest loans into it, only to end up losing everything. The ones who really make money are playing with spare cash — the kind that won't affect their life even if they lose it all.
The second rule: don't confuse luck with skill.
In 2021, when Dogecoin surged 300 times, someone turned 500 USD into 1.5 million. But such lucky ones are like winning the lottery; you only see them eating meat, not the ten times they lost their principal before. I know a trader who made 2 million from Litecoin in 2013, only to face a leverage liquidation in 2014, ending up in debt. Now he is still delivering food to pay off the debt.
The third rule: cognition determines how much you can earn.
There is a cruel truth in the crypto world: every penny you earn is a realization of your understanding of this world. When you follow the crowd to buy shitcoins in the group, the market maker is drooling over your principal. Want to make money? Spend time researching project fundamentals, understanding candlestick charts, and grasping macroeconomic cycles.
2. Three paths from 10,000 to 10 million (with blood and tears lessons)
Path 1: Value investing (suitable for 90% of ordinary people)
In 2019, my friend Xiao Li started dollar-cost averaging into Bitcoin when it was 6,000 USD, automatically buying 30% of his salary every month. He experienced the 312 crash and the 519 massacre, but he never stopped. By the peak of the bull market in 2021, his holdings had turned into over 2 million. He is still dollar-cost averaging, but now his goal has changed from 'making money' to 'leaving an education fund for his daughter'.
Key points:
Choose the right targets: Bitcoin, Ethereum, and other time-tested assets
Long-term holding: at least cross one complete bull and bear cycle (3-5 years)
Regular investments: use time to smooth out fluctuations, avoiding a one-time all-in.
Path 2: Swing trading (suitable for disciplined tough guys)
My cousin is a professional trader. His computer screen always has 10 windows open: candlestick charts, trading volume, capital flow, news feeds... In March 2020, when Bitcoin dropped to 3,800 USD, he went all-in, then sold at 10,000 USD. He made 1.5 million from that wave.
But this way of playing is extremely risky:
Need to monitor the market for over 12 hours a day
Strict stop-loss must be set (never exceeding 5% of the principal)
Psychological quality should be like a special forces soldier (watching the account fluctuate by 200,000 in a day without getting shaky)
Path 3: Primary market IPOs (suitable for well-connected veterans)
In 2021, I participated in an IEO (Initial Exchange Offering) of a certain exchange, using 1 Ethereum (about 20,000 RMB at that time) to subscribe to a new coin. On the day it was listed, it skyrocketed 20 times, and I directly cashed out 400,000. But such opportunities are becoming rarer, and now good projects require:
Hold at least 10 Ethereum as a 'ticket'
Participate in at least 3 well-known project investments
Accept a lock-up period of 3-6 months
Blood and tears lessons:
My colleague invested in a celebrity project in 2022, but the team ran away, and 1 million went down the drain. Now he only invests in projects he understands, and never exceeds 20% of his total funds.
3. After making 10 million, the real test begins
Assuming you accidentally made 10 million in the crypto world, congratulations, but the bigger challenge is just beginning:
1. Tax compliance
The money made in the crypto world is now being closely scrutinized by tax authorities. I know a big player who didn't report taxes after cashing out in 2021, and as a result, he was chased for 4 million in taxes and penalties this year. Now he finds an accountant every month to do the books; although it’s a hassle, at least he can sleep at night.
2. Asset allocation
Never leave all your money in the crypto world! My mentor's advice is:
50% buy stable assets (government bonds, blue-chip stocks)
30% continue to dollar-cost average into cryptocurrencies
20% kept as liquidity
3. Mindset management
The most dangerous thing is not the loss, but the inflation after suddenly getting rich. A friend made 8 million in 2017, quit his job, divorced, and bought a luxury car, only to lose all his principal in the bear market of 2018 and now delivers food.
4. Genuine advice for ordinary people
Use 'spare money + dollar-cost averaging' to reduce risk: invest 10% of your salary in Bitcoin every month for 5 years, and you will likely thank yourself.
Improving cognition is more important than chasing trends: instead of staring at the market every day, spend time studying blockchain technology, macroeconomics, and human psychology.
Build your own trading system: even a simple 'buy more if it drops 10%, sell if it rises 20%' is 100 times better than random trading.
Be prepared for zero: treat investing as a game, happy to win, and losing won't affect your life.
The crypto world is like a mirror, reflecting human greed and fear. Those who truly make 10 million are often not the smartest, but the ones who understand the market's respect and control their desires. Remember: in the crypto world, slow is fast, less is more, and living longer is the way.
Keep an eye on: $$$BTC
I’m a veteran in the crypto world, having been in it for many years. Follow me, check my profile, and I share my years of experience and daily market updates.