Welcome to BitBoy Crypto!
My name is Ben.
Today, we're talking about the top three things you need to know
in a millionaire mindset
to be able to become a millionaire in crypto.
I'm, of course, on the Royal Caribbean Independence of the Seas.
We're getting ready to go on the BitBoy-Pluto Alliance cruise here
in just a little bit.
We are here, you know.
This is not the Bahamas.
This is Port Canaveral.
We're really excited about that.
And I want to talk to you guys about what it takes to be a millionaire in crypto.
Now, trust me.
I know how to do it.
How do I know?
Because I've made well over a million dollars in crypto.
Now, is that a flex?
Now, I'll tell you what my bigger flex is.
My bigger flex is that I actually lost all my money twice in crypto.
Two times.
It took me nine years to become a millionaire in crypto.
All of you think you're going to just start today and tomorrow you're going to be rich.
Guys, it's not how it works.
It's a slow grind.
And that's what we preach to you on this channel,
is be relentless,
grind,
make it happen.
It's not going to be quick.
Let me tell you something that I know about people that make money overnight in crypto,
that become millionaires overnight in crypto.
They lose it all.
Go look at your Dogecoin millionaire guy.
Your guy on Georgie loved the person that interviews with this guy.
Gets down to about nothing.
Okay? Now, he might be going back up a little bit.
But the fact is,
the guy was an idiot.
I'm sorry. He just was.
I've been an idiot too.
I'm not trying to judge him.
I'm saying I certainly made a bunch of money in crypto
and held it all the way to the bottom too before.
But we didn't do that this time.
Why?
Because the No. 1 thing you have to do in crypto
to be successful, to become a millionaire,
from somebody who is on my second decade in crypto,
this is my 11th year in crypto,
is take freaking profits.
Take your profits when you get them.
And I know it's a little hard to understand, right?
I mean, we're talking about Bitcoin going up to $120,000,
whatever it might go to.
Some people are saying much higher than that.
And you see Bitcoin pump from $15K to $30K,
and you say, "Well, what's going on here?"
Like, "Should I take these profits?
Or should I be happy with this 2X or should I hold to the top?"
Guys, crypto is never a straight line.
It's never up only.
It's always a stair step. Okay?
So what you have to do is you have to figure out
how to take these profits.
Now, let me tell you in my opinion the best way to take profits
as you're heading into a bull run, okay?
Which I believe we are heading into the next two years.
I don't think we're going to $100K this year or anything like that.
I think it's probably going to be end of next year before we hit $70K.
But it certainly could happen faster than that.
Those are just my personal opinions.
Not financial advice, of course.
Now, this is financial advice.
Why?
Because I don't know. I don't like giving financial advice.
Maybe legally, I can't.
I don't even know.
I'm not sure what the law is.
But here's the thing.
The best way to handle this is,
when you're invested in, let's say, an altcoin especially,
and the price goes up,
let's say it goes up 20%, 30%, 40%, 50%,
maybe even 100%,
take your freaking profits.
Don't take all of it out.
My friend CryptoWendyO,
you know, we have our Forever Frenemies podcast coming out soon,
she always likes to say, "Get yourself a moon bag."
So, what does that mean?
Well, it means if you put $5,000 into a coin, or $500, whatever it might be,
put $5,000 in a coin, it 2X's,
and now you got 10X--
or, excuse me, now, you have $10,000,
take $5,000 out.
Put it to the side.
Now, you're only playing with house money in that coin.
And I would suggest
you don't even have to leave that whole $5,000 in, right?
I mean, you certainly could leave in a smaller amount and take more profits.
Now, what do you do with those profits?
That's the question.
Well, if you have something--
if you have a goal, you have something you need money for,
then take it out.
But if you're looking to stay at the market over the long term,
what you have to do is you have to sell your profits on a coin when it's in the green
and then go find a coin that's been struggling,
but it's a major coin.
You might take Algorand for instance.
I don't know what Algorand's doing recently.
But what I do know is Algorand, at one point, was down 95% in this bear market.
It was down massively.
You look at some other coins.
They haven't gotten down nearly that far.
You know, Bitcoin and Ethereum I think both fell about 70% or 75%,
somewhere around there, for instance.
So they're already making big moves.
Take those profits from a coin that pumps
and put it into something that's struggling
that you know has long-term potential or at least potential over the bull run.
I'm not talking about take your profits and put it in a memecoin
or put it in coin 742 on CoinMarketCap.
No, no.
You take your profits from a good coin.
You put them into a coin that's struggling.
And so what you're doing is you're protecting yourself
because as your coin is in the green,
there's no doubt it's going to retrace.
Now, especially you should be listening to this
if the coins that you like,
if the coins that you like are pumping when nothing else is,
you need to pull that money out immediately.
Okay?
No. 2 thing, okay?
Now, this is going to sound a little interesting here.
Okay?
Set limits.
Set up borders for yourself.
Set guardrails for yourself.
And stick with them.
This is something that so many people struggle with.
Okay?
Now, first and foremost, thank you to our sponsor Stake, right?
Set limits. Make sure you set limits when you go pay on Stake.
You play recreational.
Play recreationally.
You want to get to a place where you make so much money.
If you like to gamble--
I like to gamble on a budget.
I like to gamble, okay?
If you do, then you should do it for fun.
I'm here on the casino-- or the cruise.
I'm going to go play some casino games tonight because I like to do it. It's fun.
That's one thing I enjoy.
I don't drink.
I don't smoke.
I don't do drugs.
I don't do any of that stuff.
So what do I like to do?
I like to gamble.
I'm sorry. It's just my thing.
So thank you to Stake for, you know, sponsoring the channel.
You guys can sign up.
We got some links on Twitter if you go to twitter.com.
It's the best place to find a tweet.
You can check out @Bitboy_Crypto there and sign up.
As you guys know, all my insults and burns now sponsored by Stake.
Okay. So point is,
speaking of gambling,
it's the same principle.
You've got to set limits for yourself.
Now, if you have Bitcoin,
and you say, "Oh, well, I'm going to take profits on Bitcoin when it hits $50K,"
when it hits $50K, you actually take the profits.
This is the No. 1 thing that cost me money early on in my crypto career,
was not doing this, right?
Set goals for yourself.
So when I started my crypto channel, okay?
This was the end of my second bull run in crypto,
just getting ready to lose all that money again
at this point in early 2018,
and, you know, I decided to go full time in crypto in August of that year.
And I told my wife, I said, "Look, here's what I want to do.
I want to buy a house with cash. I'm tired of living with a mortgage.
I'm tired of living paycheck to paycheck.
I'm going to buy a house with cash and we won't have a mortgage.
It's going to be amazing."
Okay?
Year and a half in,
she thinks I'm crazy.
She thinks it's not going to happen.
And I told her, I convinced her that it's still going to.
And you know what happens?
Bull run starts,
DeFi summer starts 2020,
and before you know it,
I crushed it.
We bought a house.
It was $300,000,
which is a decent sized house where I live in the Atlanta area. Okay?
I know if you live in San Francisco, you're thinking, "You bought a shack."
"You bought a spot on the sidewalk next to that kidder.com."
No, no, no, no, no. Okay?
This is a nice house.
It's like 3,000 square feet.
And you guys realize, to buy that house,
I had to take out most of my crypto.
I'd cash out most of my crypto at that point.
Most of my crypto.
Now, granted the rest of that year was crazy.
And by December 31 that year,
in 2020, I hit a million dollars for the first time ever.
So it paid off, but it was a big gamble for me.
It was a big risk
to actually have that goal and then actually pull the money out to a separate thing.
Now, if I would have left the money in there, what would have happened?
It would have went up a lot.
It would have made a lot more money than I did.
But here's the principle.
I set a goal.
I settled-- I said something I wanted to do.
And when I had the money to do it,
I did it. Okay?
And was it the greatest financial decision?
Probably not.
However, was it a better financial decision than sitting on to all the crypto
and watching it go to zero in the next bear market,
which I might have done?
Absolutely.
You have some--
you have some skin in the game.
And then you've got something to show for your time and effort. Okay?
So set goals, set limits, whatever it is, whatever amount of money you want.
When you get there,
don't get greedy.
That's the key.
Okay? Don't get greedy.
No. 3,
the last thing I want to tell you guys is,
don't buy hype.
Like, this is a big problem in the world of crypto.
And certainly, you go back to the last market, I'm certainly guilty of falling into this thing
where coins are hyped to me and I'm thinking,
"Oh, man, this is getting so hyped right now."
Like, "Man, I need to tell my audience about it. They need to buy it."
Guys, when the hype is at a fever pitch for any coin or any industry,
that's not the time to buy.
Let's take AI for instance.
AI was at a fever pitch about a month and a half ago.
And then you know what happened?
It retraced.
And then it provided a good opportunity.
So when you're looking at these hyped coins,
what you should be looking for are good opportunities
that come with retracements from coins that have hype.
Now, you've got to learn the difference between a retracement and a falling knife.
Falling knife is something that really has no value,
and it's just going to go down very significantly,
and you're going to try to catch it on dips,
it's just going to keep falling.
If you stick to investing in what is legit, what is good, what has value,
what has use case, what has utility,
then you're probably going to be okay.
Alright, guys. That's all I got.
Thank you so much for watching.
Be blessed.
I'll be back next week.
BitBoy out.