Making Your First Million in Crypto. The Hard Truth

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30 Jan 2024

The cryptocurrency market is a place where all of your dreams can come true and your life will be changed financially forever. However, it can just as easily be destroyed. In the last free market, your fate is entirely up to you and the decisions that you make.
What will your fate in this market be?
Nearly everyone who enters this market shares a common goal. They are trying to make as much money as possible. Perhaps their end goal is to pay off all of their debt, maybe finally escape the stress of living paycheck to paycheck, purchase a house, or have enough money to make retiring a real possibility. Whichever goal you have, we are all in the same battle.
One goal that we would all be thrilled with is the crypto market making us millionaires.
Becoming a millionaire in crypto is very possible, but the hard truth is that not everyone is going to make it. As I mentioned before, everything depends on your actions, decisions, and perspective.
This is how to get your first million dollars in crypto.
The harsh reality is that most people new to Bitcoin and crypto don’t come from means of a lot money. The world has seemed rigged against them, and debt keeps piling up. Wall Street, the government, and the rich have always had the upper hand. As time goes by, it seems to get even worse. That is what attracted so many to crypto. It was our chance to finally be the front-runner. A place where the playing field was level. We couldn’t imagine just how powerful this market would become.

It Takes Money to Make Money

Many people come to crypto expecting it to be their lottery ticket to financial freedom, and it can be. However, we have to accept that we will not become rich in this market by only investing a few hundred dollars.
The famous phrase, “It takes money to make money” directly applies to the crypto market as well.
With that in mind, you first need to maximize your financial situation so that you can invest more in crypto. Earn as much as you possibly can from your job, and explore ways to increase your salary. Making a budget and sticking to it. These are things that will be mandatory in order to reach your goal.

“DO”

When I first considered buying crypto, my financial situation was a disaster. I had large credit card debt, my work salary was low, and I had no cash savings or assets. The thought of being able to retire had already become impossible in my mind.
But after going down the rabbit hole of Bitcoin and crypto, I changed my mentality as well. I adopted a new word to live by that would change everything.
Do.
My ultimate goal was to somehow achieve financial freedom and this meant that I needed to do everything necessary to make that happen. Failure and laziness weren’t an option. The only option and outcome that was available was to “do.”
Remember that everything you were doing before wasn’t working, and now it is time to make a change.
First, we need to make more money. Working a second job is a great way to make that happen. Another way is to sell everything that you don’t need or use. Selling games, clothes, and other valuables. If you can’t remember the last time you’ve used it, then sell it.
Now we need to sacrifice.

Sacrifice

Becoming a millionaire is no easy task and few will make it to the finish line. One of the biggest hurdles for people is the sacrifices that they will need to make.
During my journey I cut nearly everything out of my budget, living such a frugal life that some people began to pity me.
You don’t need that expensive car. All that matters is getting from point A to point B. The lower the car payment, the better. All of the streaming and subscription options such as Netflix, Disney+, Xbox, Playstation, and others must be eliminated. YouTube is a great free option. We no longer will be eating out at restaurants. Instead planning out our entire meal calendar to maximize our money.
Going out with friends to bars also needs to be cut. Meeting at the house can be just as fun.
While others are relaxing, we will be grinding and building a side hustle. Perhaps that could be writing about crypto or even making a YouTube channel. There are endless ways to make money on the internet.
The key point is that for months, and even years our life will not be “exciting.” Instead, we will be working as much as we possibly can to invest in crypto. The more money we make, the better chance we will have.

You’re First Ultimate Goal Should be $100k

Surprisingly, your first goal shouldn’t be reaching a crypto portfolio of $1 million. Instead, our goal is to reach $100,000.
To go from a portfolio of $1 to $100,000 is nearly impossible for most people. That is a 100,000x. Once you reach $100k, it is only 10x to reach one million.
Once again the first advice of “it takes money to make money” applies directly here. Once you start investing a significant amount of money, it becomes much easier to increase your earnings.
With this in mind, we once again need to “do” anything to reach that goal. The road becomes much easier after that point.

Crypto Blue Chips

The cryptocurrency market is still the Wild West and danger is all around you. While it is entirely possible to get rich overnight by buying an unheard-of altcoin that goes parabolic. However, for 99.999% of people that will never happen.
That is why we will stick to buying the blue-chip projects in crypto. Projects such as Bitcoin, Ethereum, Solana, and then taking a few risks beyond that. The gains of these projects will be less than other altcoins, but you will be much safer. There are still gains of 10x, 20x, or even more that these projects can provide. Which is plenty for us to reach our goal of becoming a crypto millionaire.

Airdrops

There is free money in crypto, you just need to put in the effort and know where to look. You can do this by qualifying for free crypto airdrops.
Projects in the past such as Arbitrum, Optimism, Uniswap, Jito, and several others have given thousands of dollars worth of crypto to qualified recipients.
For most people receiving a crypto airdrop for several thousands of dollars is something that would completely transform their portfolio. Helping to increase their odds of becoming a millionaire in the bull cycle when anything is possible.
A few airdrops that I have been fervently farming are Zksync, Layerzero, Scroll, MarginFi, Wormhole, Linea, and several others.

Extreme Patience

Finally, we have arrived at the last step needed to get your first million in crypto. Having extreme patience.
The cryptocurrency market is a place that will test you mentally like you have never been tested before. One day you will feel like you’re the king of the world. Then the bottom will fall out and you will feel like an incredible fool. This process repeats constantly for years.
Starting from $1 you will not become a millionaire in your first year and you need to expect that.
There is a famous phrase about how long it takes to become wealthy in this market.
You can make great gains in your 1st cycle. During your 2nd cycle, you can become rich. And during your 3rd cycle, you can build generational wealth.
This will be a six to twelve-year process. You need to be ready to live through the highs of the bull markets, and the despair of the bear markets and continue accumulating constantly.
Most of all, you need to remember that it’s possible and that you can do it.
There will be days when it seems hopeless and you want to give up. Those are the times you need to remember why you got into this market, maintain your conviction, and keep going.
Always remember our new mentality, “Do.”