I was going to add to what I mentioned on my previous post.
During the last bear/accumulation market of 2019-2020 and early 2021 I actually loaded up on Bcash and Litecoin, in addition to BTC and ETH. My average on LTC was around $40 and on Bcash around $200, I exited in 2021 while keeping BTC and ETH. I did quite well with those projects but minus the investments from the latter part of 2020 and early 2021 I would have done just as well or even better had I just stuck with BTC and ETH.
Both BTC and ETH have very large market caps now and the days of massive swings in one cycle period of now over. Alts are still a phenomenal opportunity to swing for easy profits, it's just buying in at the right time and not buying complete junk. Find alts that are still relevant in the space that are significantly off from their highs of the bear market and you can easily swing them for profit. With that said, most alts don't even revisit their previous all time highs, let alone make new ones.
I've discussed this idea with
@jaygreenb , but I am of the belief that the ONLY thing that you should hold long term/permanently is BTC. It's quite obvious that BTC is becoming a more mainstream part of tradfi now, it will eventually get to the point where 401ks and other managed investment accounts will allocate a percentage of funds into this asset. I also wouldn't be surprised to start seeing traditional banks getting involved in the not-too-distant future, though I'm not sure exactly what this would look like. I am of the belief that we are still fairly early with this asset class and with each halving cycle we will see it becoming increasingly more mainstream and interconnected with tradfi.
I personally believe that this ETF stuff with BTC is going to be something similar to that of what we saw with gold. Basically, the average customer can't just go and buy gold but instead they buy the ETF for it. The idea is that instead of buying BTC on an exchange, coinbase for instance, and putting it into self custody, they have to buy the BTC ETF instead through a company like Fidelity, Blackrock or any other institutional tradfi player.
There are roughly 1 million addresses that hold 1 BTC or more, it's hard to exactly quantify how many people actually own 1+ BTC but let us just take that at face value. The overwhelming majority of people in the developed world with access to the internet have less than .01 BTC or literally NONE at all. There are roughly 19 million BTC that have ever been mined, with around 2 million that will be mined over the next 100+ years. Out of this number, there is an estimated 4-6 million that have been permanently lost, so let's say there are 14 million left. However, there will be BTC that continues to get lost over time. Factor in sheer institutional demand + the coming halving and future halvings and the fact that over 70% of BTC is being held long term by investors who believe in this asset and you have a scarce asset that has become incredibly rare.
I am of the belief that if you were NOT able to buy 1 BTC, or the equivalent of it, from anywhere up until this past fall, when BTC was at 30k, you are not going to get rich in this cycle without getting lucky. Some of the posters on here talking about making massive gains on some small or even micro cap are going to be needing to buy very early with a good amount of money AND having that particular coin do well. Way too many people were chasing Solana for instance, despite the fact that the network went down not that long ago. I can't imagine throwing in 5 figures into something not even in the top 20, let alone top 50 or 100 lol, with the expectation that it would pop off lol. IF I was going to do this though, I would definitely scatter shot and throw it into a variety of coins.
With all of this out of the way, I think a lot of people are potentially missing one of the easiest boats for long and sustained profit/wealth building by overcomplicating things and chasing alts, and I know
@jaygreenb agrees with me.
