September 7, 2021

Hitting 8 digits on my crypto portfolio

Today, at 25 years old, I'm a Filipino crypto millionaire that holds PHP 10,000,000.

That is, if I decide to cash out. I'm sure there's some room to earn 100M or even a billion at some point, like if I actually hold on to my bags for a very long time.

It's totally amazing that my bets on $BTC, $AXS, and $SOL over the past year netted me this much profit. In hindsight, all of my trading mistakes and experiences led up to this. Like that one point where I lost 500K worth of gains over some shitty meme coin like $DOGE — because I wouldn't sell. Or that moment when my investment was totally down 3-4x for months.

With regards to what to do with the money, I'm not sure yet. As a single person living with his family, I don't think buying a house is smart. I'll be sticking around the crypto space, doing some travel, investing in NFTs + companies + people, and enjoying the guilt-free experience of buying legit typefaces. I might venture into new side projects that require bigger capital too.

I'm going to reinvest the money for my own education, like I have always done with complete confidence.

On choosing tokens

I think my investing strategy is simple. I have to personally believe in the token I'm investing in — to trust the product and community around it. To believe in a future where the token exists, and can provide a ton of utility for people. Perhaps, my experience as a product designer contributes to the insighting around placing the right bets.

The technical analysis comes second. You can outsource analysis to a handful of trustworthy Twitter accounts. I mean, who the hell knows about Fibonacci retracement levels for real? Crypto is so volatile, and I don't have time to do trading full time. So signals from other people matter.

What's interesting over this 10-month crypto journey is that I've become more confident in my own bets. If I know that I have a good entry point, I'm not going to fold (paper hands lol). I've made the mistake of selling too early before, and I'm not going to do that again.

Fuck the banks

Crypto is extremely high risk and high reward — I personally bet all of my life savings on this.

I know I'm pretty privileged for the access and opportunity, but hot damn this has been a powerful way to make money, no matter how you look at it.

I trust the decentralized finance world more than any bank. Like, they're practically stealing from you if you choose to store your money in a bank account. Counting inflation in, those time deposits don't mean anything. But – I do use credit card debt for leverage, especially during periods when the market is down.

NFTs

The world of non-fungible tokens is exciting too. I've been learning about minting, bidding on pieces, and determining whether certain collections are even worth my time. I don't have a strong opinion on this yet, since I have yet to be successful in this arena, but I'm pretty hopeful!

What I do know is that demand matters, and how big a community is determines the success of a project. Having a good roadmap for the NFT which benefits holders looks great too. I might look into launching my own collection in the future, but not now.

Not financial advice

If you want to get in on the action, just get into it. Buy low and sell high. And don't do the opposite! Join the right communities and avoid the scammers. Get embedded into the whole ecosystem.

Web 3.0 is here, and it's going to change everything. Will you come along with me?

Other Ramblings