The world of crypto is becoming more and more popular and that means more new people are pouring in than ever before. However, many of them soon encounter pitfalls and do not understand how the market works. That’s why a well-known crypto YouTuber, Jordan Welchasked a number of legendary investors and billionaires for tips that could give the new crypto investor a stepping stone.
Start small with crypto
Kevin O’Leary, American television investor and billionaire, gave a very important tip for beginners: Start with a small amount. It is very unwise to invest a large part of your savings in crypto without real knowledge, according to O’Leary. In the beginning, only invest money that you are willing to lose.
Mainly bitcoin (BTC) and ethereum (ETH) are excellent cryptocurrencies to start with, according to O’Leary. That’s not to say you should stop there, but these are simply the safest options. Solana (SOL) and Polygon (MATIC) are also worth considering, according to O’Leary.
Don’t be afraid to make mistakes
However you look at it, if you don’t start investing in the world of crypto, you will inevitably go wrong sooner or later. That’s part of it. According to Brian Jung, it is very important that new investors realize this and are not afraid to make mistakes.
“Many people are intimidated by investing and they see stablecoinsBitcoin, altcoins, Shiba Inu millionaires – there’s just a lot going on. But what I’m saying is, don’t be afraid to make a mistake. The best investors make mistakes.”
Learn from your mistakes
You learn the most from making mistakes. Everyone loses money in the beginning, it’s about what lessons you can learn from this so that you don’t make these mistakes in the future. Someone who initially falls into a scam and sees their money going up in smoke is unlikely to make this mistake again.
“All you have to do is make sure you’re doing this one thing right here: you want to learn from your mistakes. If you make 100 mistakes, if you don’t learn from them, you won’t get anywhere. If you make a mistake, write it down, learn from it, move on, and be a better investor.”