How To Become A Bitcoin Millionaire in 5 Years - Raoul Pal

How To Become A Bitcoin Millionaire in 5 Years - Raoul Pal

In this video, Raoul Pal discusses the concept of macro-investing. He also explains what dollar-cost averaging means. Here is the summary of the interview:

Macro-investing makes one open-minded to all possibilities and think in what's known as probabilistic terms. For example, you can say there's an 80% chance that in the next five years, Bitcoin will reach $250,000. That's a reasonable odd. You should also consider the 20% chance that it doesn't happen. You need to keep both possibilities in mind at any stage and be assessing them.

This strategy is available in the book, Alchemy of Finance by George Soros who is regarded as the most famous of all macro-investors. Once you understand the logic of probability trees, you can even bet against yourself. For example, some of the best traders can be long S&P when it is rising. But when they think there's an odd of it falling, they can sell against themselves. However, it's very hard to do.

What you need to do as an investor is battle your assumption and test it endlessly. You have to be paranoid but be confident you're right. You also have to accept the risk of failure. The reason is that when you accept the risk of failure, which is very high in startups, you'll stop hedging against yourself.

Dollar-cost averaging is a method of investing that hedge fund manager George Soros used to spot opportunities and get in at the right price, making a fortune. Most people have no idea where the price is going over the short term. So, they buy, panic when the price goes against them, and sell. They engage in market-timing but eventually lose.

So, dollar-cost averaging is what everybody does with their retirement funds. You just put your salary away every month. You're indifferent to what's happening to it. You even love it when it falls because you buy more.

Bitcoin isn't a passive investment like your retirement fund. To make money with Bitcoin, buy and hold. When the price falls, you can buy more and even double the amount. Also, buy Ethereum. Don't overcomplicate things. Don't use dollar-cost averaging. Just stick to a simple plan and think about a 5 to 10-year investment. Then, your probability of success is going to be extremely high.

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This channel is all about being savvy with your finance 💰.

We create and share videos about investments and how best you can put your money to use, in order to bring in more money. We love cryptocurrencies and the stock market and so, we share a lot of crypto and stock market videos,, including bitcoin, ethereum, Cardano ADA, and other altcoins. 🗠

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