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The famous cryptocurrency exchange Coinbase asked a number of experts, influencers and professional cryptocurrency investors for some advice on how to invest in crypto, on the basis of their experience.
Coinbase, advice on investing in crypto
Ray Tong, one of the most experienced traders, explained to Coinbase the strategies he uses to invest in cryptocurrencies. Tong bought his first Bitcoin in 2011 when the price was at $10, almost by accident, while doing a university study on the subject.
His approach towards cryptocurrencies has been very shrewd and careful, but he has never sold a Bitcoin since 2014:
“I just kept buying and held off selling”.
This strategy has also allowed him to overcome difficult times:
“Which obviously helped tremendously with the 2017 bubble. So the best trade I’ve done is probably literally doing nothing”.
What’s important, according to him, is to have a precise and clear strategy, without getting caught up in the urge to make a quick profit.
According to Ray, the most important thing in trading is to set precise goals and pursue them.
He is also very methodical when it comes to the amount of money to be invested and prefers to think about the percentages of his portfolio to be allocated to various investments.
“Once you’ve come up with that number, you can break it down even further into three buckets — the percentage you want in Bitcoin, the percentage you want in Ethereum, and the percentage you want in all the other coins”.
As his preferred medium of information, he says he relies mostly on Twitter and the many influencers in the area of cryptocurrencies.
In particular, he recommends following very closely the founders of Three Arrows Capital, Su Zhu and Kyle Davies, Spartan Group, and the team at Paradigm.
Ray strongly advises all investors to think in crypto and not in dollars or other fiat currencies:
“Try to find the currency you believe in the most and make that your base currency. So don’t worry as much about your holding’s value in dollars [from day to day], worry about making trades that ultimately result in you getting more coins. A lot of big firms are actually starting to do this”.
Big cryptocurrency influencers
Many cryptocurrency investors are increasingly on the lookout for big influencers who on social media, Twitter in particular, analyse the scenarios of the major cryptocurrencies and give advice on which currencies it is best to bet on.
Elon Musk’s tweets are famous, and his endorsements have made Dogecoin, a meme coin born as a joke, one of the ten main cryptocurrencies.
The advice of Binance CEO Changpeng Zhao is also very popular, as is that of Tron founder Justin Sun. Not to mention Anthony Pompliano who recently spoke of the approval of the first Bitcoin ETF as something that is sure to have explosive effects on the crypto market.
The almost always correct predictions of the mysterious Plan B, who recently predicted that Bitcoin will soon reach the $250,000 mark, have gone viral.
Another legendary influencer is Roger Ver, who, with 735,000 followers, calls himself “Bitcoin Jesus”. He is CEO of Bitcoin.com and is also involved in many digital philanthropic activities.
Great attention is paid by the nearly 6 million followers of the CEO of Twitter, Jack Dorsey, who has always been a cryptocurrency enthusiast and recently claimed to have started mining Bitcoin.
The development of Coinbase
Coinbase was founded in 2012 and was the first exchange in the world to be listed on the Nasdaq last April. It is one of the largest cryptocurrency exchanges in existence, and is actively participating in the creation of a cryptocurrency regulatory project in the US.
In recent days, it has closed a major sponsorship deal with the NBA, the world’s largest professional basketball league.