How much ICP do you need to make $1 million?
I believe there's a 0% chance of ICP breaking its previous all-time high next bull run,
but that doesn't mean it won't take its holders from bags to riches.
We're going to explain what that means and why we still think it's a big pick.
Let's get it!
Welcome to BitBoy Crypto!
My name is Ben.
In this video, I'm going to do the moon math
to find out how much ICP you need to accumulate
to become a millionaire in the next bull run.
According to CoinMarketCap,
ICP's all-time high was $428.
Some exchanges even had it listed as high as $700.
Token launched on May 10, 2021
during a perfect storm of downward price action.
Elon was posting Bitcoin breakup tweets,
China banned Bitcoin again,
and all this was happening while FTX was shorting ICP to death
after artificially inflating its price.
The good news is, fast forward two years from then to now,
and the dust of this catastrophic launch has settled,
leaving the price ripe and ready for future millionaires to accumulate.
That's why I'm doing the moon math
on exactly how much ICP it's going to take to make millionaires out of its holders.
But I'm not going to use its all-time high price at all.
In fact, I don't even think ICP is going to hit this price again for a very long time,
if ever.
Now, I'm basing this on a conversation I have with the project founder Dominic Williams,
who told me the exact price the team expected ICP to reach at its peak.
And let me tell you,
it makes becoming an ICP millionaire very doable.
Before we get into it, though,
you need to know that I'm bullish on this project
and I do hold ICP in my portfolio.
I've never accepted any money from the project or founders
and everything I'm saying in this video are my own thoughts and what I believe in.
This is me putting my money where my mouth is.
Now, I believe it's possible for ICP to reach a minimum of $50 next bull run.
And here's why.
Right now, the market cap of ICP is $2.5 billion.
That's after the launch about as insane as the Insane Clown Posse.
You all know my ICP jokes by now, right?
Where are my juggalos at?
Fortunately, I never went through the Juggalo stage,
one of the few stages I never went through.
Also, I was never emo.
When ICP launched, though,
its price dropped like a stone within days along with the rest of the crypto market
after the first top of the last Bitcoin bull market.
Within about 40 days, the price of ICP went from a parabolic $428
all the way down to $34,
right as the overall crypto market cap took a 50% nosedive
from $2.5 trillion to $1.5 trillion.
Before this happened, though,
FTX launched ICP perpetual futures four days prior to its launch on Coinbase.
These synthetic assets pumped the price to unsustainable levels
when it was finally time for its spot listing.
Inflating the price then shorting it on leverage did exactly what Alameda thought it would do.
It decimated the price, of a competitor at that.
And, by now, we know that this is just how FTX did business.
Now, the dust has settled and we picked through the rubble.
We found ICP still has a ton of potential because of one key factor.
ICP's project founders have not stopped building the project out.
Whole idea behind ICP when it was founded in 2015 was to reinvent the internet.
They wanted to take power away from big tech and give it back to the people
via decentralized web.
It has a lot of backing for partners that are still committed to it today
with the DFINITY Foundation.
The tech built into ICP is what's going to drive price action
when people see how broken our internet really is,
the way we're always being monitored, stolen from and controlled.
But ICP has invented chain-key technology
that gives users an internet identity they can own that's safer than 2FA
and exists on a decentralized internet server.
On top of that, ICP is wicked fast, has tons of data storage,
and its smart contract canisters are even being integrated
with Satoshi's brainchild, to bring DeFi to Bitcoin.
Now, make sure to take a minute and smash that like button
and subscribe to the channel to get more of this crypto news and research.
But how much ICP is it going to take to make ICP millionaires next bull run?
If the price of ICP smashed through $50 like the team believed it would in 2021,
the market cap would be $24.4 billion,
which is about 10X from its current market cap of $2.46 billion.
The overall crypto market cap increased by over twice that
between the beginning of 2019 and the end of 2021
when the bull market was in full swing,
so it's reasonable to assume ICP can at least pump at least 10X.
Ethereum rose just under 1,000% over the same timeframe last bull cycle.
So we know that kind of price volatility is possible and even likely
when money starts flowing into crypto.
Cardano rose 7,000% in those same two years,
which tells us that even higher price estimates are possible.
But even though I'm doing moon math,
I'm keeping price projections here on earth to be a little more conservative
than we were probably the last bull run.
So if the price of ICP reach $50 next bull run, then 20,000 ICP would equal $1 million.
At ICP's current price of $5.70,
accumulating 20k ICP will require around $115,000 in initial capital.
If the price of ICP went higher than the founders thought it would
and threaten the market cap of BNB's current bear market value,
then we will be looking at a $117 ICP.
We could turn 8,550 ICP into $1 million.
At today's ICP price, this will cost just under $50K
and assumes a price increase of 20X or 2,000%.
I don't know if this project will go that high or not.
It's really too early to tell.
What I do know is that stacking ICP in the bear markets is going to build equity
and even 1,000 ICP with a capital investment of $5,700
is going to add up to $50K if ICP hits $50.
And that's still an insane return and a whole pot of money.
So even if you're not going to invest tens of thousands in ICP,
you're shaping up to be profitable, especially if you combine your holdings
with the power of staking.
Current staking rewards for ICP is around 8% annually.
And if you stake $5,700 for one year, that equals 7.4 ICP per month,
which isn't much now, but if those ICP are worth $50 or more,
that becomes $350.
If you go hard on ICP accumulation, are able to amass that 20k ICP
you will net 150 ICP in rewards per month,
which comes out to $7,500 per month if the price hits $50
and $15,000 a month if the price blows past $100.
So, to be conservative, I'm leaning closer to a $50 price prediction,
but I'll be honest with you,
my heart tells me it's probably going to go closer to $100.
But I'll leave insane price action open, though, as a possibility for all you juggalos out there.
After all, this is crypto, so anything can happen,
and what matters most and the point I'm trying to drive home here
is the importance of setting up a portfolio now for big gains in the future.
Decide what you're going to need to bring home the big bucks this crypto bull market
and make it happen.
That's all I got.
Be blessed.
BitBoy out.