Why You’re Always Broke – 7 Myths Ruining Your Crypto Portfolio

Why You’re Always Broke – 7 Myths Ruining Your Crypto Portfolio

so you have decided that you want to get
into crypto to make lifechanging
money where’s the money at why you still
feeling broke well you’re in the right
place but just maybe you misunderstood
how things work around here just maybe
you doing something that is wrecking
your portfolio and your chances of
actually getting rich now according to
the 2023 Henley and partners inaugural
crypto wealth report there are
approximately
88,200 crypto millionaires worldwide
with more than 40,000 of them holding
Bitcoin now with the Advent of the Bull
Run exciting times I know it’s been a
bit challenging recently but the numbers
probably higher than they were last year
88,200 is a big number though but there
are estimated to be
425 million crypto users worldwide which
means only a small percentage of those
people actually made life-changing money
so what gives well this is probably
because a lot of investors still have
false beliefs and I want to bust some of
these myths in this video stay with me
until the end because one of them just
might be holding you back from actually
making the millions of dollars that
other people can make and you can make
too one of the founding fathers Benjamin
Franklin be frank what what’s up man
once he said that an investment in
knowledge pays the best interest and of
course great wise advice this quote
given to us a couple hundred years ago
still Rings true today we often here D
yo R let’s do your own research before
investing your hard-earned money into
crypto but do we follow it n just ape
right what could go wrong well a couple
years ago the mly fool a financial and
investment advice company based in the
USA conducted a quiz and found out that
the average American lacks even basic
investment knowledge the average person
in the USA only got 48% of the questions
that they asking correctly now the
questions do not even tackle crypto
stuff which is arguably of course even
harder once again since it’s a
completely new asset class with new
technical aspects and rules and all this
kind of stuff
right sometimes there’s a dozen updates
happen every single day in crypto is
wild so yeah if you have decided to
enter into this Niche you better damn be
prepared to study hard to do your
homework you can’t expect just to throw
money into some new coin and hope that
it’s going to just triple your portfolio
over not you might get lucky but you’re
probably not going to be the exception
you’re probably going to be the rule of
people who get their asses handed to
them while there is a possibility of
winning it big the higher possibility
you lose everything if you don’t do your
homework right so you have to put in the
work I know it’s not sexy but it’s
important the second example is a bit
controversial especially with the
Bitcoin maximals out there but somebody
needs to say it anyway look Bitcoin is
the OG I love me some Bitcoin but it’s
not the only game in town far from it
yes it is the safest crypto currency
since it has the largest market cap and
big financial institutions like Black
Rock and Fidelity they’ve given it the
stifling Embrace that they do but other
projects can also be considered to be
blue chips and relatively quote unquote
safe play for crypto personally I think
Bitcoin is the gold standard however
that does not stop me from investing in
other projects like ethereum Avalanche
polka dot chain link right I also don’t
shy away from those smaller market cap
coins Jupiter beam Aerodrome for example
full portfolio disclosures in the
description and the pin comom the next
but you’ll say but Lark why risk it well
Bitcoin will go to Millions after 2030
so why not just go all in and wait I
know it’s cliche to say that we are here
for the technology and the financial
Revolution which we are it’s what makes
this asset class so exciting but we also
need to be honest that we’re here to
make as much kaching kaching as we can
all right stuff as many of these bad
boys in your pocket as he can let’s go
now Bitcoin gives us one of two 35x this
cycle great but lesser known projects
have potential to give us 10 or even
100x gains for 2024 alone Bitcoin grew
68.8% when it reached its 73k all-time
high that’s impressive but according to
coin Geo’s research other narratives
like real world assets AI they grew by
more than 200% as in all the coins
combined just in the first quarter of
2024 and let us not forget mem coins
gave us those mindball 1,300% Returns on
average a lot of them of course spend to
zero but still big numbers right now let
me ask you a question how much of your
asset do you keep on a decentralized
exchange this is the next thing we need
to bust if you keep the majority of all
your crypto Assets in exchanges then let
remind you of this line not your keys
not your coins very simple let me also
remind you of the 2022 FTX collapse he
once very popular crypto exchange failed
due to news of course that the company
was misusing and embezzling customer
money so dumb all they had to do was not
steal people’s money and they would have
been so rich anyway according to reports
customers of the exchange lost8 billion
this is a reminder that centralized
exchanges are not Banks I’m not saying
the banks are better either Banks also
pretty problematic these days since
money left in the bank does lose its
purchasing power assuming the bank
doesn’t collapse Bank collapses they
seeming to happen more and more all the
time if there is any consolation at
least Banks do have FDIC Insurance up to
$250,000 I’m probably going to get a
government bailout anyway now if you
have to use exchanges just transfer what
you need to trade or learn how to trade
on chain through your own wallet that
you control the keys of also pretty cool
I know trading on chain especially in
the ethereum network can feel like
highway robbery but go use Layer Two go
trade on Bas go trade on arbitrum go
trade on salana it cost like a penny in
fees instead of paying an arm and leg on
eth use that layer to solution or
another blockchain and after trading you
might want to keep your crypto of course
in a self custody wallet now look I’ve
made videos about Jupiter and crypto
wallets and all that kind of stuff I’ll
leave some links below to that if you
want to know more but before we get into
the next myth that we’re going to bust
that could be holding you back and
keeping you broke let me interupt the
flow real quick to let you know about
something that will hopefully help put
you on the right side the equation which
is my newsletter wealth Mastery every
week we bring you the latest and best
moneymaking insights on airdrops altcoin
news deep Dives on altcoins nfts
technical analysis all kinds of
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now the fourth myth is that crypto is
for short-term plays only well if I’m
going be honest here there is some truth
to this we have seen of course several
Traders out there making millions of
dollars in a very short period of time
by trading and flipping some meme coin
they put in 500 bucks and they cashed
out for a million we also have some
active traders who can make a lot of
money using High leverage at the right
time
right but this is not the norm for most
people in the market most of the time
you need to hold that bag for at least a
little while before you can cash out a
lot of people want to get rich overnight
if you can have a little bit more
patience than that you’re already ahead
of most of the market now there’s this
old chart that suggests that if you want
a sure 100% profit then you need to hold
your Bitcoin for around 3.65 years which
also correlates to the 4year cycle
period yes that is long but you can
double your money in four years if you
leave it in a bank no you can’t okay
obviously Bitcoin doubles in value
faster than gold faster than the S&P 500
it’s the fastest moving horse of the
asset classes and that’s not all
historical data also shows us that
buying during the bare Market can more
than double our money once the bull
market comes of course those bare Market
purchases are going to seem pretty good
now the next one of
course myth to bust is a bit of source
debate for crypto investors it’s either
you love it or you hate it and that’s
meme coins some people call them stupid
other people call them tokenized culture
it wasn’t made to be the next form of
money or to change the world it was
originally made as a joke with no
utility Dogecoin right however we cannot
deny the amount of money that is being
made with mem coins right now and it
feels stupid to me to fade that to Mid
curve that the first quarter of 2024
meme coins like dog with hat and Brett
and all these things gained many
thousands of percent gains this Niche
was 4.6 times more profitable than the
next best narrative which was real world
Assets Now what is causing these price
surges all this craziness to happen well
we cannot dis count price expectation
after all again most
people are here for
this but most successful mcoin projects
have a dedicated Community supporting
them which means that they have a lot of
excited people who are going to talk
about their bags and hold on to their
bags Do Not Fade Away these tokenized
conos seur you can see mean coins is
representation of crypto and of Internet
culture more broadly now the sixth thing
I want to talk about is the belief that
everything will just keep going going up
forever it’s not how it works if you’re
thinking of holding for the next 5 or 10
years then yeah it’s just going to keep
going up right longer term but this only
applies to established coins your brand
name your Bitcoin your ethereum or
salana blindly buying a random altcoin
will not guarantee you profit even if
you wait a decade data suggests that
over 50% of crypto projects have died
since 2014 and if you expand that out
the vast majority of the other 50% are
zombie
you also have to remember that even in a
bull market a 10 to 30% correction is we
expect for Bitcoin 30 to 70% Corrections
for altcoin so keep this in mind
especially when you’re using leverage
the last one personal favorite
influencers are always right ah but are
they no of course not obviously not look
a lot of influencers content creators
we’re going to call them can help you to
navigate the infusing world of crypto
with tutorials explainer videos opinion
all that kind of stuff and you can get
ideas from them but you still need to
dyr back to point number one according
according to the research paper called
crypto influencers following the advice
of influencers can often generate
negative returns because we’re just
people too depending of course on the
holding period but still the more expert
the influencers claim to be the steeper
the loss can be so you have to be aware
that the people making videos on YouTube
or Tik Tok or wherever else they’re just
investors like you okay they might
promise and say this is definitely going
to happen this is what’s going to blah
blah blah blah chances are they don’t
know what’s going happen or maybe
they’re bullshitting you they don’t what
to talking about whatever look at the
end of the day no one has a crystal ball
not your hedge funds not your
influencers no one I certainly don’t and
I’m frequently wrong okay I get wrong
stuff wrong all the time I just get
enough stuff right that I make money I
really feel the line from Socrates all I
know is that I know nothing anyway just
remember you don’t have to be a rocket
scientist to be profitable in this
market you just need to have patience
and the willingness to learn and to put
in the work and if you do that then
you’re ahead of 90% of people in this
market and it might sound simple but it
works thanks for watching

7 myths preventing you from earning a lot of money from crypto
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00:00 Intro
01:29 Just Buy without DYOR
02:45 Bitcoin is the only crypto
04:36 Central Exchanges are like Banks
06:52 Crypto is for short-term plays only
08:12 Meme coins are stupid
09:25 Everything will just go up
10:10 Influencers Are Always Right

#bitcoin #crypto #investing
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Disclaimer
Everything expressed here is my opinion and not official investment advice – please do your own research before risking your own money. Lark Davis (The Crypto Lark and affiliated brand Wealth Mastery) is not providing you individually tailored investment advice. Nor is Lark Davis registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Lark Davis is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.