Becoming A Crypto Millionaire #106
Market Meditations | February 25, 2021
? Coinbase, Ethereum and NFTs
Dear Meditators
Our newsletters earlier in the week were dedicated to helping you navigate bear markets ?
Today, we look further ahead, for light at the tunnel ? Although, instead of light, we see a range of bullish fundamentals: a successful coinbase IPO, significant ethereum developments and a roaring NFT scene ? All important events for traders and investors to understand.
We assist you even more on your journey to building wealth, through exploring trading education and how to get on the Millionaire Fastlane ?
Read, enjoy and share with your network. Let’s all grow richer together.
MARKET BRIEFING
Delighted to say this article is brought to you by FTX?, you can use my link to get a discount. We also have a comprehensive ? FTX tutorial ? which includes: a step by step on how to open an account, deposit and withdraw funds, place a buy or sell order and stop loss. We even let you in on why this is one of our preferred platforms.
MARKET MEDITATION
Donald Trump-Themed NFT Sells for $6.6m – Bullish for Ethereum?
This week, a Donald Trump-themed NFT, created by digital artist Beeple sold for a staggering $6.6m ? This, along with other developments, can be considered a testament to the strength of the NFT market.
NFTs are here to stay. We’ve seen backing from investors such as Gary Veynerchuck and Mark Cuban, real money is moving into the space and serious infrastructure is being built ✅
The total amount of NFT’s transacted has now reached $342m. These are done on the Ethereum network ? which could result in a source of buying pressure that increases ETH price, bullish news for Ethereum.
The other side ? Let’s not forget that these are absurdly high prices to pay for ownership of digital art. As with all exciting new technology, investors often overestimate the speed of adoption but underestimate the magnitude of long term growth ? This means short term volatility but exponential long term growth.
? I personally plan to pay close attention to and invest heavily in the NFT space with a long term horizon ? If you want to learn more about NFT’s, check out our ? Introduction to NFTs from Monday’s Newsletter.
Next, lets change gears and take a look at how to make sure your on the Millionaire Fastlane ?
TRADING EDUCATION
The Millionaire Fastlane
In The Millionaire Fastlane, MJ Demarco explains how people do not choose the fastlane, in their journey to millionaire status ? Rather, they are on the slowlane, prolonging their journey. Let’s get all Market Mediators on a Formula 1 car today, destination: millionaire status ?
1️⃣Being On the Fastlane
To be on the fastlane, there are a few things you must understand: 1. Your primary source of income should be from business and investments (not a salary) 2. Live below your financial means with intent to expand them 3. Time is scarce and your most valuable asset ⏰ 4. Create a goal of earning passive income 5. Pursue your dreams no matter what. Our beliefs form our actions, so it’s time you start thinking like you’re on the fastlane.
2️⃣Compound Interest
Fastlaners love compound interest ✅ They look beyond salary and toward market investments that generate what Albert Einstein called the 8th wonder. Market investments = invested sum*(1+yield)^time. To apply the formula to a simple example, if you deposit £1,000 into an account earning 10% yield, after 10 years, you will have £1,000*(1.1)^10 = £2,593.74. This is where the real money comes from, rather than a high paid salary.
3️⃣Fastlane Commandments
Starting your own business is a great way to increase wealth. The business you start should fulfil some commandments. 1. Control -> make sure you are in control of your business (if it is based purely on a social media platform, chances are they control it more than you. As we have said in the past, a business built purely on Twitter ? resembles a castle made of sand) 2. Entry -> if your lane is crowded you will be stuck in traffic, ideally there is a barrier to entry in your business 3. Need -> people don’t care about what you love ? they want their problems solved (let that be the focus of your business: offer the world more value). 4. Time -> you need a business system that can survive without input from yourself (people have got it all wrong. It is not cash that is king. Rather, time is king. Make sure at some point that you can step away and the business generates you passive income).
4️⃣The Law of Effection
Magnitude or scale in your business can make you a millionaire. Magnitude is how much value you provide per person. Scale is how many you affect. If you don’t have either, you are not on the fastlane. If you manage to combine both, well, you might now be on the billionaire fastlane ?
If you don’t think you are on the Millionaire Fastlane, consider a mindset shift. And if passive income does not mean too much to you at the moment, check out our ? guide ?
Now, we wouldn’t want to miss out on an opportunity to guide you through one of the hottest developments in crypto. You’ve probably seen it all over your favourite social media feeds. Yes, that’s right, enter coinbase ?
? Want to stay on the Millionaire Fastlane? Consider joining our community and gaining access to the full range of insights and analysis ?
CRYPTO NEWS & ANALYSIS
Coinbase On The NASDAQ?
For traders and investors alike, we want to be active in markets that are showing signs of growth and innovation ✅ Needless to say, the recent ? results issued by Coinbase were bullish for the crypto industry as a whole.
For those who are unaware: Coinbase is a digital currency exchange headquartered in San Francisco, California that brokers exchanges of several cryptocurrencies including Bitcoin, Ethereum, and a variety of altcoins ??
Coinbase is a hot topic today because it filed a form to become a public company and revealed that its revenue more than doubled last year. If you don’t fancy reading through the whole article, allow us to draw some highlights:
$90 billion AUM
$1.2 billion revenue (up from $483 million the previous year)
43 million verified users, 2.8 million of which are active
7,000 institutional customers
Now whilst the markets might have been unforgiving this week, the fact that Coinbase continues to grow substantially in revenue, bring on more verified users in the form of retail and institutions, and continue to grow its AUM is a sign that the crypto industry is on the rise. This could be perceived as bullish for the industry as a whole.
? If you are looking for an exchange to trade Bitcoin, Ethereum, and other altcoins check out ? FTX and ? FTX.US for those based in the U.S.
Let’s move on to DeFi, to see whether it also appears to be on the rise… ?
DEFI NEWS & ANALYSIS
Andreessen Horowitz Invests $25M in Ethereum Scaling Solution
To take advantage of the crypto bull market, finding the coins with narratives behind them can be very profitable. Today, we need not look further than ethereum.
On 24 February, one of the most prestigious private American venture capital firms, Andressen Horowitz, announced that they are investing $25M into “Optimism,” a team of developers that are working on an Ethereum scaling solution.
Andressen Horowitz cites, “Optimism’s exceptional team, carefully designed developer experience, major scaling benefits, years of research and testing, and full composability made it the obvious choice” as the reason for its investment. Optimism will use the investment to launch its mainnet in March and has already hired seven new members to its team.
News like this impacts not only Ethereum, but other coins that launch with the narrative of being “Ethereum Killers.”
If you want to see how I find the best coins to trade using the concept of “narrative investing” check out my YouTube video ? here ?
We’ve given you content to read, NFT art to view and now, we invite you to listen to our podcast ?
PODCAST
How to Prepare for a Bear Market with Peter Saddington
Today’s guest is Peter Saddington, a 3x founder, angel investor, author, certified scrum trainer, founder of the agile community, holder of 3 master’s degrees, and overall amazing person.
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Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision.
