How to become a millionaire? Be a former crypto billionaire!

You know the joke?

How to become a millionaire?

By having been a billionaire on the stock market… Or in cryptocurrencies.

Note that you become a millionaire even faster in cryptos than on the stock market as the fall has been rapid.

In a tweet on Friday, May 20, Vitalik Buterin wrote that he is no longer a cryptocurrency billionaire, but where did his fortune go?

Vitalik Buterin admitted while replying to a tweet about other billionaires – Elon Musk and Jeff Bezos, who top the list of the richest people on the planet.

Vitalik and several other developers, including Charles Hoskinson (founder of Cardano) and Joseph Lubin, created the Ethereum platform in 2014. Vitalik has a digital wallet whose ETH content was worth around $1.5 billion last November.

Since then, however, the price of the second-largest cryptocurrency has fallen by around 55%, effectively making Vitalik a “non-billionaire” now.

Other crypto billionaires who have lost a large chunk of their fortunes include Binance CEO Changpeng Zhao (aka CZ). According to Bloomberg’s Billionaire Ranking, his fortune has plummeted by more than $80 billion (84% of his fortune).

But beyond the humor, it’s not too bad for the Vitalik in question who still has a little money left.

Where it becomes problematic is for all the “little ones” who are now broke and in debt.

And the testimonies of speculators ruined by cryptos are multiplying.

Like Anthony who lost 30,000 euros. “That represents a year’s salary. I saw my capital drop by 99% while being blocked. I could not dispose of my funds, he explains. I don’t blame myself for having invested because that’s part of the risk, I believed in the project. Where I blame myself, on the other hand, is not having taken part of my profits when my capital was at its highest. »

The young man also blames himself for having reinvested 10,000 euros from his pocket in the midst of a storm. The Luna is then worth 15 dollars, and he is betting on a rise in it, which will never happen. “I did it out of pure greed,” he regrets afterwards. At three o’clock in the morning, I place 10,000 euros. When I wake up they are barely worth 1,500.”

Many have taken my dislike and warnings about cryptos for what they were not. Yes the technology is superb and will allow us to do many things, but we are in an immature market and a purely speculative bubble and believe that we can become rich with nothing and without doing anything, all generations generally experience it and empapaout copiously.

You have, by the facts, the proof that one must always measure his investments and be wary of the lure of profit, because obviously we all do the same thing.

We start with a little.

Then the soup is good.

We put a ladle back.

Then the soup is always good.

We put another ladle back.

Then again, then again, and in the end it seems to pay off so much that you put all your savings into it… And you get ruined.

It’s as old as the world and tulip bulbs.

Charles SANNAT

“This is a ‘presslib’ article, that is to say free of reproduction in whole or in part provided that this paragraph is reproduced following it. is the site on which Charles Sannat expresses himself daily and delivers an impertinent and uncompromising analysis of economic news. Thank you for visiting my site. You can subscribe to the daily newsletter free of charge at »

Source here

Leave a Comment