It’s rewarding to get an early start in the world of cryptocurrencies.
For example, an investment of $900 in Ethereum in 2014 when it was first launched, would be worth $3 Million dollars today. I asked my co-author Vinai what he would be doing right now if he had made that investment…he said, “Helping write this blog from a yacht in the Bahamas, sipping leisurely on pina colada”. Not a bad way to spend $3 million dollars, but for me, a bull market is the time to double down and invest in projects that have the potential to be the next big thing.
Let’s look at some past history:
In 2017, Bitcoin gained over 1290%, and other cryptocurrencies had a wide variety of gains ranging from 3000% to Ripple having a 36,000% gain.
A few days back, Bitcoin hit a new all-time high of $63,729.5 and Ether, which is globally the second highest valued digital coin after Bitcoin, saw an all-time new high of $2,317.
So where to from here?
You aren’t going to turn $900 into $3 million by investing into Bitcoin and Ether…that ship sailed long ago. You need to identify ones that have recently launched or about to launch.
New cryptocurrencies have spawned and have taken center stage in the last year. A number of Celebrities have launched their own cryptocurrencies.
Take for example Akon, Senegalese-American multi-platinum artist, songwriter, producer and philanthropist launched his Cryptocurrency “Akoin”, which is currently being used in the Mwale Medical Smart City in Kenya. Akon has also confirmed many times that Akoin will be the principal currency for his $6 billion Smart City that’s currently under construction in Senegal.
The 3 things to look for in a new Cryptocurrency
Team/Founders, Use Case and Users. Akoin recently launched on Bittrex Global at 15 cents and it traded in a very short range for months. Once the Mwale project kicked off and people saw that it had a Use Case and Users, the value of Akoin started to rise. The Akoin Team continues to forge new partnerships and partnerships and create more Use Cases for Akoin. One can logically assume that this is a big reason why the price of Akoin has gone from 15 cents to 35 cents.
Another example of a new Cryptocurrency that has both a strong Team, Use Case and Users is “MeleCoin”. (https://melecoinltd.com)
The MeleCoin team has a deep focus in the banking, investment and e-commerce sectors.
Their goal is to make MeleCoin the best way to exchange real goods and services with the highest level of safety and returning Peer-To-Peer Transactions “To The Gold Standard”.
Their Team is made up of industry professionals with decades of experience that understand how to introduce the MeleCoin to their network and generate significant value. They came to Future Tech needing some help on the technical side before launching their private presale and in less than a week, we were able to build them a new website from scratch and customize our CoinFactory TokenSale Platform for them. I mention this not to brag on our quick turnaround…MeleCoin’s Team is the only reason we were able to hit that deadline. In sharp contrast, I have worked on projects that should have taken two days but dragged on for weeks because of the incompetence of the Team/Founders we were working with.
For me, the first thing I do when I get a White Paper is scroll down to the Team/Founders section. If they are lacking, so is the project, regardless of how amazing the idea is.
How amazing would it be if there was some sort of water divining rod for the Crypto space? Anything that could help point us in the right direction to the next Cryptocurrency so we can turn $900 into $3 million. In absence of that, looking for companies that have a strong Team, are launching a Cryptocurrency that has a legitimate Use Case, and Users that are willing to buy and use it, is what I recommend when considering your next investment.