f I’d put a hundred bucks into bitcoin when I first heard of it and vaguely considered it, I’d be a millionaire today, ###regret###.

I have good news, which is: no you wouldn’t be. 

Here’s why: if you’d put $100 into bitcoin back in the day, you’d have sold it when it reached $1000. Maybe $10,000. And holding on to $100,000 in the hopes it’d turn into a million? Come on.

Crypto is gambling, and you should never gamble more than you can afford to lose, right? So the only people who held onto their bitcoin when it was worth $100,000 dollars were:

  • People who could afford to lose $100,000
  • People who couldn’t afford to lose it and were therefore making a very, very stupid gamble

And that’s the same at every dollar amount. Some people can’t afford to lose $1000, some people $100, but whatever level you’re at, you would have and should have sold when it hit that figure.

That means it’s literally not possible for a sensible person to make life-changing amounts of money from cryptocurrency, because the only way to do it is to bet more than you can afford to lose. Even if you only initially put a little down, every time the price goes up and you don’t sell, you’re effectively choosing to bet fresh each time at the new higher rate.