If the last 5 years have taught us anything, it is that cryptocurrencies such as Bitcoin, Ethereum, and Ripple have come to stay…
A volatile currency controlled by its demand, sometimes decreasing rapidly in value, and sometimes increasing – it has become an investment opportunity for many well-versed investors and traders around the world.
Reading the market
One man who has made a living off the market volatility is a 22-year-old entrepreneur and influencer; Orel Shitrit. Originating from a background in professional MMA fighting, then social media marketing – Orel is a man of many traits.
His expertise in different areas of the web comes from his dedication to being the best in what he sets his mind to. We virtually spoke with Orel in the middle of the COVID-19 pandemic, when Bitcoin was on the rise.
Cryptocurrencies have been around for a while now, where do you think it’s going?
– There are over 100 million bitcoin wallets with value circulating today, and I don’t think it’s a coincidence. I think more and more people are starting to realize that this could potentially be very profitable, and big business. Many want to reap the benefits, but it’s important to understand the volatility of the market before you become too invested, Shitrit states.
“There’s no point in selling now” – The Guardian
In 2019, The Guardian wrote about Peter McCormack, a social media marketer in London, who won – and lost big on Bitcoin. Orel Shitrit states that there is a lot of truth to the mentality of “holding”.
– Many people get excited when they see their investment growing. But with Bitcoin, it’s important to remember that the growth of your investment can decrease just as quickly, if not faster. Know your limits, Shitrit states.
How did you get into investing in cryptocurrency?
– Two years ago, I was rather stupid. I was considering investing in gambling, something that I’m happy I turned away from. However, in my other ventures, where I started interacting with influential people in the industry, I got more and more exposed to the cryptocurrency world. I am the type of person that enjoys learning as much as possible, so I started educating myself on the subject. I bought my first bitcoin in early 2019, and after one coin spiked at $19,000, but then fell down to $4,000 – I decided that the thrill of the game is something that can be perfected. Since then, I have kept trading, and I really enjoy it.
What are your primary investments currently?
– As much as I believe in crypto, my favorite and main investments are going towards the stock market. I spend a lot of time studying and researching the market, and based on my findings, I put together trading strategies that seem profitable, analyze them up against past charts, predicted charts, and then go for it.
Where would you recommend young investors get their research from?
– Social media is full of free information, e-learning, tutorials, videos, and great advice from some of the most influential traders. Seeking information online and mining available and free knowledge bases are going to get you as far, if not even further than those who pay for premium e-books and tickets to closed conferences.