I always like to gamble some of my money and in this case, I invested about $100 and plan to turn it into 1 million dollars. That is a dream anyone would like to do. A little over a year ago, I invested some money on penny cryptos. You can compare this to investing in penny stocks. All of the cryptocurrencies were less than one penny each.
I figured if one of these penny cryptos reached $1, I would be an instant millionaire. While doing this, I wanted at least one million of the cryptocurrency. Of course, I know taxes will take some of the earnings.
As a former planner, I look for different possibilities to make a lot of money. This is one way I am trying out.
There is the case I could lose all of my investment. This is why I made sure the investment was only a small amount of money that if I lost it all, then I would be mad but fine overall.
The majority of my investments are in Bitcoin and Ethereum but I wanted to invest some of my money on a few wildcard altcoins. Due to the market cap of the cryptocurrency, they will not go as high as Bitcoin. Most likely the price of the cryptocurrency would go higher. I used a little bit of hope and logic from other cryptocurrency investors on YouTube who did the initial research.
From there, I had to make sure I could buy the cryptocurrencies on my cryptocurrency exchange. I didn’t want to open too many exchanges because then I would have to worry about the various passwords to the exchange.
These are the cryptocurrencies that I own at least one million or more for my investment.
- Dent (DENT)
- WIN (WIN)
- Pundi X (NXPS)
- ACAT (ACAT)
The least amount I invested on the cryptocurrencies was $85 and the most I invested was $817.
Here is a snapshot of my current holdings.
There were other cryptocurrencies I was buying but the prices in the market started to increase. I was primarily trading Ethereum for these altcoins.
The image above shows each cryptocurrency, the current price, and the current return. Each cryptocurrency has at least 1 million cryptocurrencies each.
I am up positive on all of these investments. I recently sold 900,000 DENT since it appreciated so much. As I was writing this article, I repurchased DENT and gained an additional 30,000 cryptocurrencies since I bought them at a cheaper price than when I sold them.
One rule I am trying to stock with is limiting my tax consequences. I made sure that I held on to DENT for at least a year to get the long term tax rate rather than pay for short term taxes. Saving at least 5% on taxes is much better and that keeps more money in my pocket. Sometimes you have to look at the tax rules where you are to make the most of your investment.
For me to sell the other cryptocurrencies, the gain would be so small. If I were to sell today, this is my current profit.
Over the next few days, I’ll continue to follow the progress on these to determine if I plan to sell some of the cryptocurrencies. If I do sell, I will most likely buy them back again at a cheaper price to add more cryptocurrencies.
When I started investing close to four years ago, I primarily bought to hold (HODL) on to the cryptocurrency. Unlike last time, I will take profits if it makes sense. There is always the case that the market could drop and you lose any profits you could have made.
Sometimes you have to think a little more to achieve your objectives. In the future, I will keep you updated on my progress.
See these other articles on investing in cryptocurrencies: