The Tragic Downfall Of The Dogecoin Millionaire
If you hold solid companies like AAPL GOOG MSFT for long term it should grow in value as they expand their business, have more customers or simply raise their prices…
The problem with holding Crypto like Doge Coin is that its not a business.. you have no earnings and no dividends… as you don’t sell any products or services… no revenues are generated!
Some idiots may disagree and say they can stake their coin and collect interest of as high as 10% or 20%… its just the same pizza being flatten and enlarged…from 1 million coins it expands to 1.2 million coins… the inflation is so high your stakes actually gets diluted and each coin are worth much less over time!
Did you know that 5 billion doge coin is being printed each year? yes 5 billion!
Its price is simply propped up by faith and hype… at the end of the day Doge coin is simply for speculation… aka short term trading aka gambling… simply fast in fast out… if u wanna play this game then u get in.. wait for Elon Musk to Twit about it.. and you get out with you profits…so its really dumb to hold on to those coins for long term.
In the beginning I had so many friends telling me to follow them to vest into such alt coins… I warned them about the risk but more often they tell me that they are just putting a small sum.. just a few hundreds bucks or a few thousands bucks…
So what happened for most of these folks is they might put 5% of their portfolio into Crypto in 2020… as they saw positive results and crypto booming they got greedy and enlarged their exposure to crypto… some put as much as 50% to even 100% of their entire portfolio into crypto in 2021… and now 2022 the downturn came and sadly its to much of their regrets…