Former crypto trader here. All this says is that he made TRADES that add up to between 260k and 950k dollars. That doesn’t mean anything.
I never had more than about $25k invested in crypto (less, most of the time), but like many crypto traders, I traded the fuck out of that shit. We’re talking hundreds or thousands of trades per year, sometimes including my entire balance in a trade. I traded about $1.5 million dollars one year and made about $1000 profit.
Total amount traded means nothing and you can easily trade that much without having very much actual value in your account.
I know a guy who is really into crypto. Wrote a book in it, and discussed it in LinkedIn a lot.
His bio says he has traded £X million or something, so I assumed he was doing really well. He's been doing this for years, he advises others, I figured he must have made tons by now.
So the other day I see him asking for funding of about £50k for his business (some crypto consultancy I think), and I'm surprised because... Surely that's pocket change compared to what he must have earned.
But this makes sense now.
He may have done decent profit-wise as well and just doesn’t want to put his own money into a business venture, hard to say. The profit was definitely WAY less than however much he said he TRADED though.
This is how hte rich work, make enough money that it makes other people want to get in on your next investment and then you can risk their money rather than your own.
Rich people hit a certain point then can relatively easy become ultra wealthy because once you hit that point you can start leveraging the money you have rather than spending it.
Think Mullusk trying to buy Twitter and having investors. Leveraging the perceived value of Tesla to buy another company with basically not spending a cent himself.
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