These people who dream of becoming millionaires with cryptocurrencies

These people who dream of becoming millionaires with cryptocurrencies

Among the myths surrounding cryptocurrencies is that of becoming a millionaire one day through trading. The topic was discussed this Friday during a roundtable discussion at Surfin’ Bitcoin.

The tone is set. “Why do newcomers think of making a fortune immediately in cryptocurrencies?” asks Grégory Raymond, co-founder of the media the big whale, at the beginning of the round table entitled “The Trap of Trading and the 1000% Fantasy”. The conference, which brought together four experts in the field, was held this Friday morning at Surfin’ Bitcoin which brings together 1,800 participants from Thursday to Saturday in Biarritz.

If you look at the cryptocurrency market, its high volatility, rising (bull market) or falling (bear market, as we saw with the two recent crypto-crashes), can attract more than one. The facts are there: according to data from Coinmarketcap, some cryptocurrencies have seen their prices explode in a short period of time or even in the long term.

For example, it is certain that those who bought bitcoin as soon as it hit the market -when it was worth only a few dollars- and who still keep it today, were able to earn a lot of money, others have even managed to become millionaires. . At the time of writing, the price of Bitcoin is trading around $21,000, although it hit an all-time high of $69,000 last November.

“Easy money does not exist”

“Yes, there is the famous ‘ah, I know someone who has won a lot.’ However, in my opinion, easy money does not exist. In addition, we are entering a difficult period, there is no forecast for the future. and that is why there are people who try their luck in something else. We were in lockdown during the lockdowns and had time to discover the whole ecosystem,” said Owen Simonin, head of Just Mining, also known as “Hasheur.”

The cryptocurrency ecosystem is of increasing interest to the French. According to a recent study by the association for the development of digital assets (ADAN), 8% of French people have invested in cryptocurrencies in 2021 and 30% plan to invest in these assets in 2022. Some traders hope to increase their chances of making money with certain processes, in particular with leverage.

“We have had waves of new products with significant returns for 20 years. But one thing is certain, it is riskier to trade cryptocurrencies than other products. The more risk you take, the higher potential return you have,” explains Nicolas Chéron. , market strategist at ZoneBorse.

The speakers recalled that in the cryptocurrency market you should only invest a part of your capital (10 to 15%) and diversify your portfolio. As a reminder, it is advisable to only invest what you are willing to lose. Therefore, the leverage effect in cryptocurrencies should be taken with caution.

“I was screwed with leverage”

“Avoiding leverage, it’s really a trap. It takes a lot of experience. I’ve been cheated with leverage,” admits trader Dark emi, who doing a show of hands showed that many other people in the room have lost money with this. . process.

Because there is a big difference between traders in traditional finance and the crypto ecosystem.

“People who go into cryptocurrency trading are much less educated than in traditional financial trading, but education is an essential part of this ecosystem,” says Owen Simonin.

99% loss

Pour ceux qui s’intéressent au trading, les faits sont là: que ce soit dans la bourse ou sur le marché des cryptomonnaies, il ya beaucoup plus de perdants que de gagnants même si les réseaux sociaux peuvent mettre davantage en avant les succès face al Chess.

“People who are new to crypto will win a little bit, then after the waves of the bull or bear market, the 99% will lose in the end and the 1% will win,” says Rogzy, CEO of Discover Bitcoin.

This trend is not only illustrated in the cryptocurrency market, it is also the case in the traditional stock market.

“I am a stock analyst, I talk to many clients and I must know only about ten or even twenty traders who make a living trading,” admits Nicolás Chéron.

So if there is still so much loss in the trade, why is this area still so attractive? Many factors can be mentioned: the financial freedom that cryptocurrencies allow, the (psychological) sensations that traders can experience when buying or selling their assets. But one topic was unanimous: that of learning both the functioning of the financial system and the cryptographic ecosystem.

“Even the best have lost money, even the banks have lost money. The deeper I get into the trader job, the more I tell myself it’s a full-time job. You have to take the time to get it right, but it takes a huge learning curve,” concludes Owen Simonin.

#people #dream #millionaires #cryptocurrencies

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