EASIEST Way to Make $1M In Crypto - SIMPLY EXPLAINED
Summary
TLDRIn this interview, Virtual Bacon, a popular YouTuber and crypto analyst, shares his insights on the best strategies for making money in the current crypto market. He recommends focusing on major assets like Bitcoin, Ethereum, and Solana, which have strong long-term potential despite recent market downturns. Bacon discusses key altcoin narratives, including gaming, decentralized AI, and RWAs (real-world assets). He advises avoiding overtrading, maintaining conviction in core assets, and being cautious with newer coins. Bacon emphasizes capital conservation and psychological resilience as crucial for crypto success.
Takeaways
- 📈 The best crypto strategy now is to focus on large assets like Bitcoin, Ethereum, and Solana due to their solid track records, and they are undervalued after a long bear market.
- 💡 Build conviction in major cryptocurrencies, as they have established credibility, despite losing investor interest in recent times.
- 🔄 Bitcoin is likely to outperform Ethereum due to institutional demand, though Ethereum will maintain relevance in decentralized apps and other innovations.
- 🚀 Solana is poised for growth in 2025, with potential to reach $800, thanks to growing retail adoption, improved decentralization, and key upgrades like Fire Dancer.
- 🎮 Key verticals to watch for altcoin growth are decentralized AI, gaming, and meme coins, which have shown resilience over the past year.
- ⚠️ Avoid overtrading in the current market. Instead, focus on capital conservation as we may be entering the early stages of a bull run.
- 🛠️ Solana's ecosystem is improving, with better decentralization and scalability through upgrades like zk-compression, which could help Solana maintain its market share.
- 🏦 Layer 1 blockchains with strong tokenomics and retail adoption, such as Solana and Ton, are likely to continue seeing significant growth in the coming years.
- 🧠 Managing psychological resilience is key to surviving volatile markets; don’t lose conviction or get discouraged by short-term market fluctuations.
- 🔍 Undervalued narratives to explore include decentralized AI, RWA (real-world assets), and gaming tokens like Super and decentralized AI networks like BitTensor.
Q & A
What are the recommended altcoins to focus on for someone entering the crypto market now?
-The recommended altcoins are Bitcoin, Ethereum, and Solana. The speaker suggests building conviction in these assets as they have been down significantly this year but remain strong choices.
Why does the speaker recommend Bitcoin, Ethereum, and Solana?
-These three assets have proven their value over time, and even though many have lost conviction in them this year, they remain solid investments. The speaker believes they are well-positioned for growth after the current downturn.
How does the speaker compare Bitcoin and Ethereum in terms of future growth?
-The speaker believes that Bitcoin will continue to outperform Ethereum in terms of liquidity and institutional demand. Ethereum has achieved institutional adoption, but Bitcoin still holds the majority of liquidity and demand from institutions.
What is the potential role of Solana in the crypto market going forward?
-The speaker is bullish on Solana, stating that its adoption by retail users is growing significantly. Solana has performed well in terms of technology and adoption, positioning it as a strong competitor to Ethereum.
What key improvements does the speaker highlight for Solana's future success?
-The speaker points to technological upgrades like Fire Dancer and zk-compression as key factors that will improve Solana's decentralization and performance. Additionally, the speaker highlights that Solana has improved significantly, with fewer downtimes compared to previous years.
What are the speaker’s price predictions for Solana in 2025?
-The speaker predicts that Solana could reach around $800 by the end of 2025 if it maintains its current market share and adoption curve.
Which sectors in the crypto market does the speaker believe are worth investing in?
-The speaker highlights several sectors: AI (Artificial Intelligence), gaming, meme coins, layer 1 (L1) blockchains, and RWA (Real-World Assets) coins as the most important narratives to follow.
What specific altcoins does the speaker recommend in these sectors?
-For gaming, the speaker recommends Super (SuperFarm) for its strong supply control. In decentralized AI, BitTensor (Bittensor) and ASI (Artificial Super Intelligence) are favored for their potential.
What mistakes should crypto investors avoid to become successful?
-The speaker advises against overtrading, especially during pivotal market stages like now, where capital conservation is key. Overtrading can also hurt investor psychology and lead to loss of long-term conviction in their assets.
How does the speaker suggest investors should approach long-term investments?
-The speaker recommends maintaining long-term conviction in assets like Bitcoin, Ethereum, and Solana. They argue that holding these coins through market cycles will likely lead to strong returns rather than frequently trading and losing potential gains.
Outlines
💡 Crypto Investment Strategies: Bitcoin, Ethereum, and Solana
The discussion focuses on strategies for making money in the crypto market, especially for newcomers. Virtual Bacon emphasizes that now is an opportune time to invest due to the recent downturn in the market. He suggests building a portfolio with Bitcoin, Ethereum, and Solana, as these have proven to be reliable despite recent declines. According to him, these assets offer the best potential returns, especially if one is starting from scratch. He advises finding a few promising sectors or narratives within crypto and investing in large caps within those areas for better returns. The discussion further delves into whether Bitcoin or Ethereum is a better investment, with Virtual Bacon leaning towards Bitcoin for its resilience and dominance in the market, although he acknowledges the importance of holding both assets in a diversified portfolio.
🚀 Layer 1 Blockchains and Tokenomics
Virtual Bacon talks about his bullish perspective on Solana as an alternative to Ethereum. He highlights Solana's recent success in gaining retail adoption, with more users downloading Phantom wallets instead of the more common MetaMask or Coinbase wallets. He suggests that Solana is set to be a dominant player in the layer 1 (L1) blockchain space due to its combination of strong tokenomics and user adoption. Additionally, Virtual Bacon mentions other L1 blockchains like Ton (TON) and Caspa, which have unique strengths, such as strong tokenomics or user bases. He implies that a successful L1 blockchain needs to have either a large user base or strong tokenomics to thrive, citing examples of those that currently fit these criteria.
🌟 Solana’s Future Potential and 2025 Price Predictions
The discussion shifts to the potential growth of Solana, with Virtual Bacon giving a detailed analysis of the catalysts that could drive Solana’s price to $800 by 2025. He mentions Solana’s upcoming events, such as the Breakpoint conference, where major announcements are expected, and the imminent launch of 'Fire Dancer,' a new development that will further enhance Solana’s decentralization and resilience. Virtual Bacon emphasizes that the real advantage for Solana is its progression towards complete decentralization, which could make it comparable to Ethereum in this regard. He also suggests that ETFs (Exchange-Traded Funds) related to Solana could help propel it into the top three cryptocurrencies by market cap.
🌐 Identifying Undervalued Altcoins and Crypto Narratives
Virtual Bacon discusses different crypto narratives and altcoins that he considers undervalued. He identifies five major narratives: AI, gaming, memes, Layer 1 blockchains, and Real-World Assets (RWAs). He highlights that RWA-related coins have performed surprisingly well, outperforming even AI coins in the past year. For gaming-related assets, he singles out 'Super' as a standout performer. In the AI sector, he mentions decentralized AI networks like BitTensor and ASI as promising projects. He advises investing in projects with strong fundamentals and potential for long-term growth, rather than chasing hype. This detailed analysis provides insight into how these different crypto narratives could offer lucrative investment opportunities in the near future.
🎮 Gaming, AI, and Crypto Investment Pitfalls
The conversation wraps up with Virtual Bacon’s insights on gaming and AI projects that stand out in the crypto space. He suggests that Super, BitTensor, and ASI are among the top picks due to their resilience and growth potential. He then offers practical advice for avoiding common crypto investment mistakes, emphasizing the importance of not over-trading, especially during volatile times. Virtual Bacon cautions that every dollar lost could mean significantly more missed profits during a bull run. He advises investors to maintain conviction in their chosen assets and avoid emotional trading, which often leads to poor decision-making. He emphasizes protecting one's mindset and avoiding burnout to stay consistent and successful in the crypto market.
📈 Final Thoughts and Staying Educated in the Crypto Space
In the final part of the interview, Virtual Bacon shares his experience in the crypto industry and encourages viewers to stay educated and informed. He highlights his seven years of experience and his dedication to investing and producing educational content for the crypto community. Viewers are encouraged to subscribe to his YouTube channel and follow him on Twitter for regular insights. The interview concludes with a note of appreciation for Virtual Bacon's expertise and contributions to the crypto investment community.
Mindmap
Keywords
💡Bitcoin
💡Ethereum
💡Solana
💡Layer 1 (L1) Blockchains
💡Altcoins
💡Decentralized AI
💡RWA (Real-World Assets)
💡Fire Dancer
💡Tokenomics
💡Institutional Adoption
Highlights
Start with building conviction in top assets like Bitcoin, Ethereum, and Solana, which have had significant downturns but remain foundational in the market.
Focus on larger market-cap cryptos like Bitcoin, Ethereum, and Solana rather than diving into very low-cap altcoins at this stage.
Bitcoin is likely to continue outperforming Ethereum due to increased institutional demand and liquidity flowing primarily into Bitcoin.
Ethereum has reached institutional status but may struggle to regain its all-time high ratio versus Bitcoin.
Solana is seen as a dominant player for retail adoption, with a strong ecosystem and unique adoption stories that other Layer 1s (L1s) haven't replicated.
Solana's upcoming advancements, like Fire Dancer, are expected to improve its decentralization and resilience, making it more comparable to Ethereum.
Layer 1s that have strong tokenomics or large user bases, like Solana or Ton, offer promising investment opportunities.
By the end of 2025, Solana has the potential to reach a price prediction of $800, assuming continued adoption and growth in its ecosystem.
Decentralized AI (e.g., BitTensor) and gaming assets (e.g., Super) are promising verticals to watch, especially for their sustained market performance.
Real-World Assets (RWAs) are an underrated crypto narrative, with certain tokens outperforming even AI coins in the past year.
One key strategy for maximizing crypto returns is to avoid over-trading, especially in times of market uncertainty, and to hold assets with strong long-term potential.
Protecting one’s mental state and psychological health is crucial in crypto investing; overtrading can lead to emotional fatigue and poor decisions.
For long-term success, focus on holding solid assets like Bitcoin, Ethereum, and Solana, rather than chasing newer or unproven coins.
Memecoins still have a place in the market, though careful attention is needed as these types of assets can be highly volatile and speculative.
Upcoming developments, including Solana's scalability improvements and potential ETFs, may push Solana into the top three cryptocurrencies by market cap.
Transcripts
what altcoins do you like that are
undervalued what crypto investing
mistakes should people avoid if they
want to get rich what is the best
strategy to make money in crypto today
this is the easiest way to make money in
crypto you will have a better chance of
being wealthy if you watch this
interview popular YouTuber and analyst
virtual bacon shares his top strategies
favorite altcoins if you want to make
money in crypto make sure you watch the
entire thing and make sure you subscribe
to altcoin daily for daily crypto
content just like this let's jump right
into it what is the best strategy to
make money in crypto today like people
come into this Market they want to make
money if you were giving a friend advice
what would you say is the best way for
somebody to make money in crypto I think
especially if you're coming in now it's
actually quite easy because of the time
we are in because of this long bleed
that we have had you can actually just
go back to the join board and start from
the top and allocate yourself in Bitcoin
ethereum
salana and just understand those and
build conviction in those especially
because actually a lot of people have
lost conviction in these three assets
this year which is pretty really
unfortunate time but the market just
gives nobody an easy lunch and so I
think if I were to recommend a friend of
mine to come into crypto build your
portfolio largely in Bitcoin ethereum
salana at this point they have been down
significantly since Q this year and then
after that find a few narratives and
sectors that have done well in the mini
bull run that we had in Q4 and q1 23 24
and then just allocate to M to large
caps in those categories because those
have still quite good returns from
current levels because of how how much
of chop we had this year I don't think
you need to look at very low caps at the
moment appreciate that straightforward
advice and as we're going
as my questions get you know lower and
lower down coin market cap you say that
you are still you think ethereum's story
is not over people are fading ethereum
right now but are you more bullish on
bitcoin or ethereum going forward how do
you think about
it Bitcoin versus
ethereum I I
think um I'm kind of torn I I don't
think ethereum will necessarily
outperform Bitcoin at this point it
probably will be a kind of fluctuation
if you look at the East versus BTC chart
like the
ratio it's kind of hard to argue that
that ratio will reach all-time highs
again because that's a kind of a big gap
at this point and as Bitcoin grows more
and more because ethereum is not going
to die first of all because it has
reached institutional status adoption
but we even see more recently like a lot
of these demands coming from
institutions they are heavily leaning
towards Bitcoin and some of these guys
like I think vck even made an
announcement that they don't have enough
demand for their ethereum ETF or
something so I think the status is there
ethereum is very safe in Regulators is
ETC but comparatively speaking you know
Bitcoin will just keep sucking up
majority of liquidity and then the ratio
of ethereum versus Bitcoin it's hard to
catch up so that's kind of my thoughts
on it Bitcoin versus ethereum if you
really had to pick one I'd probably pick
Bitcoin at this point uh but then again
you can't really replace ethereum
anymore so I think safe to say just have
all have both
and yeah ethereum is I I really wish it
has been been able to perform like
expected and thinking about ethereum
competitors either other l1s or even
ethereum L2 so I guess just like dap
Platforms in general what are other l1s
or l2s that you really believe in that
you're bullish on going into
2025 so I think the uh Saga of salana is
definitely not over it's one thing to
say that you know salana is very
performant but there are other chains
performant and you can manipulate price
or you know like have a narrative run up
uh you can do that to many different L
ones but the adoption number and
especially the kind of stories of new
retail coming in qana this year into
salana we have never seen before outside
of ethereum I remember like it's kind of
like a mini defi summer but just like
memec coin spring on salana and it
happened I have never heard people
actually downloading an app in crypto
and it's Phantom wallet instead of
metamask that's or coinbase so that has
happened that has never happened before
outside of ethereum so I think salana
will still be very dominant in the
retail adoption when it comes to other
layer ones my stance is like you either
have to be able to replicate some of the
success that salana has had in retail so
you need to have the user base already
or you are a L1 that has Superior
tokenomics and your token just does
superbly well even if you you don't
really have uh as many users so out of
those I think obviously people are
already on to ton Tong is the first case
having that user base already base is
very interesting obviously because of
smart wallets and how they integrate
coinbase users directly and then you
have like l1's like uh with just very
strong tokenomics Caspa everyone knows
the fair's launch with no pre-mine
having supplies just kind of go in those
two directions yeah I think those are
kind of what I'm looking at for ler ones
interesting it seems like your heart and
mind and wallet is with salana though is
that a fair statement yeah when it comes
to both sides like having the tokenomics
and the users and actually challenging
ethereum like it's
salana and yeah I saw a recent video you
put out very good it was something like
you're more bullish on salana than ever
and you gave a 2025 salana price
prediction can you kind of walk us
through like the catalysts I guess you
think is going to take salana and and to
what price you're thinking yeah so first
of all like breakpoint is just coming up
right after Singapore last week of
September and usually around breakpoint
they accumulate a year of announcements
so last year we saw salana have a runup
as well that will be a catalyst whatever
they're upgrading and and fire dancer is
right about to come and even though like
I think people kind of misread what fire
dancer is people say it's a kind of next
stage of scaling but at this point like
scaling is not an issue for Sal anymore
uh more reason like especially with DK
compression um I think Anatolia already
did the calculations you can put all the
transactions that you can make in terms
of defi Etc on every chain onto salana
as long as you do compression it's
already supported so scaling is not the
issue it's more of like running salana
completely decentralized and more
resilient and we have seen that already
turning around for salana this year like
there was only one downtime I think the
whole year like one day better than 2023
and 2023 was better than 2022 they're
clearly improving and then fire danc
will only add on top of that because
currently the only decentralization
problem on salana now is client
decentralization they only have two
clients one from sonon labs and another
from GTO but they're both based on Rust
programming language and so if rust has
a critical bug the both clients go down
and nobody can run the software so fire
dancer they're building uh using a
complete different text St complete
different programming language so then
once you have that salana really becomes
just as decentralized as ethereum the
validator account and the staking pools
the amount of Stak split across
validators is all already there yeah so
I think a lot to look forward to for
salana and coming up next year I think
once it it's able to solve this last
point of decentralization potentially
ETFs currently like those ETFs are kind
of getting a lot of push back but I
think it could come and that's kind of
the the end all to push salana to the
top three
status and let's say things in the
salana ecosystem goes right those things
uh do go well and salana continues to
onboard users and daps what is the price
prediction you're thinking I I think
around $800 that's my I don't remember
if it's optimistic or like conservative
based on the supply I think that's 600
million for total Supply by end of 2025
so it's like 4
point I can't I can't do math right now
but um but you
think yes that I think the calculation
was out of salana keeping the same total
market share of all crypto which is
around like 5% so 10 trillion based on
bitcoin hitting somewhere around 200k so
then as long as Lana keeps its current
adoption curve it's able to reach there
cool let's talk about other maybe lower
cap altcoins that you're bullish on and
I just give you an open-ended question
you can take it wherever you want you
know there's a lot of quality narratives
in the space today there's AI there's
dpin there's gaming I don't know which
verticals you're more bullish on you
said earlier that if you you know get
into some of the like the higher caps in
these verticals you think they're going
up what are the altcoins that you like
that are
undervalued yeah so I think the like for
the first time in like one year we
actually have like price differences
across these verticals you can find
truly the coins that held up well in the
past six months so the main verticals
like is honestly I think you need to go
obvious because everything is down so
just take the most obvious coins that
whenever you talk about it people
understand people like those narratives
to me those are like ai decentralized ai
is super important everyone knows gaming
with gaming Assets in game items Etc
like that's still the clearest adoption
curve and then memes they will still
have their place looking at what
happened this year and then layer one we
talked about and then the other one that
I think a lot of people are
underestimating is rwas even though
people don't use the word rwa as much
when talking about narratives when you
look at the performance of all the rwa
coins since o October November last year
most coins outperformed AI coins this is
like pretty shocking to me uh I'm not
even talking about like Ono or like
Mantra like those super high market cap
ones even the smaller ones that people
used to not care about at all I think I
had a list of like nine coins that I
looked at eight out of nine have done
like eight to 10x to the peak and then
kept like three to 5x gains since last
November that was like pretty shocking
to me so those are the five narratives
I'm positioning in and I think rwa is
kind of really uh under the radar right
now interesting and then if you were to
pull out a few uh specific altcoins and
in any one of those narratives what
would you say so I think Super obvious
one super in gaming if you look at all
the most trendy gaming coins super is
the only one that has kept more than
like three to fourx games and held up
support everything else like even the
strongest ones like Prime beam they have
done about like 2.5x since November but
they retraced a lot and I think that
comes from Supply control they're good
but they just they do a little bit too
much and too many Partnerships super
like I I talked to Elio a lot like he's
super you know focused on controlling
Supply and making sure like if you're
not contributing if you're not core
holder like we don't want to in this so
I think that's really showing over the
past 11 months that they are the only
gaming Point that's held up the the
floor in AI I I'm looking at mainly
decentralized AI networks now not so
much deepin I think that narrative is
getting saturated so decentralized AI I
think benser finally it's looking very
attractive yeah and then similar
projects there's the ASI artificial
super intelligence Alliance the the
fetch AI merger and that one's pretty
under radar because of uh majority of
the token supplies out yeah I I think
those are kind of some of the strongest
ones I've seen did I get your these
three right super for gaming bit tensor
for decentralized AI and then was ASI
another pick yeah that's that's uh AI as
well yeah as we're wrapping up with some
of my final questions I want to you know
encourage our audience to go subscribe
to you I think you put out great work
another you know kind of a big picture
how to best do well in the crypto Market
I asked you earlier what's the best
strategy to kind of make money in crypto
now let's talk about the fact that a lot
of people lose money in crypto everybody
tries to make money so many people end
up losing money I like to think my
audience is a little bit more advanced
and profitable and I think yours is too
what crypto investing mistakes should
people avoid if they want to get rich so
I think very practical right now is
don't trade too much especially at this
pivotal stage we're just about to see
the r Cuts happen we're potentially
witnessing the first couple months of
the bull run it's the last bit of
uncertainty so if you trade too much
like each dollar I lose I think of it
like losing $10 for the next year
because the I know the coins that I have
conviction and if instead of losing that
$1 in a trade if I just put it in and
hold it for a year that's should be
worth on average like8 to $10 by the end
of the B run so have that mindset like
why would I still keep trading at this
such an important like Capital
conservation stage and then the other is
um you got to protect your psychology so
many people have been burnt this year
with overtrading with the choppy Market
that they're not giving up at the worst
time possible so I think another side
effect of overtrading is like you kind
of lose the hope and the conviction that
you have for long term so if you're
finding that and you're getting mad for
no reason on your bags going down just
like stop like take a breather and going
into October November Q4 this year
things should start to look up again and
you want to keep some of your sanity so
you can come back with the same
enthusiasm falling in love with your
coins yes or
no depending on which coins I think
people should keep falling in love with
like Bitcoin ethereum and salana that's
good I think right now if you're still
in love with those bags you have
conviction and I think that's good for
good advice not all coins though right
especially newer coins that have just
come around in one year maximum two
years things come and go if you haven't
gone through multiple Cycles I like that
and and please uh plug yourself tell
tell our audience what you're doing what
you focus on in your channel yeah so I
have been in crypto for uh at this point
like seventh year very heavy and I do a
lot of investing but I also do a lot of
educational content you can find me on
YouTube my Twitter I'm very active there
as well cool D thank you so much virtu
bacon
anytime
Посмотреть больше похожих видео
"These Are The Exact Dates When Crypto Goes PARABOLIC " - Raoul Pal (UPDATE)
🚀 URGENT! THIS COULD GO 100% WITH THE FED RATE CUT! WHAT YOU NEED TO KNOW NOW
I'm Only Buying THESE 5 Altcoins Right Now! [IGNORE The Rest]
The Crypto Q4 Rally Is Coming! Market Check
Imminent Altcoin Bloodbath! [How I’m Preparing!]
eToro copier update May 2024
5.0 / 5 (0 votes)