In 2017, the speaker became a millionaire on paper thanks to Bitcoin.
Bitcoin's value plummeted from $20,000 to $3,500.
Speaker describes this period as very scary.
Observations on Market and Behavior
Noted that when common people (taxi drivers, grandmothers) start talking about crypto, it's usually the end of the bullish season.
Smart money strategies:
Hedge funds, market makers, and venture capitalists are already positioned when average individuals start investing.
Media manipulation (CNBC, Fox News, Forbes) to attract new and uninformed investors.
This leads to liquidity, which is used by smart investors to exit the market.
Specific Transactions and Strategies
March 2020: Used Kraken and Binance exchanges during the COVID crash.
Orders placed for ETH (below $100), ADA, XRP (13 cents) were filled.
Example of psychological aspects in trading: Buy into fear, sell during FOMO.
Experiences with Binance
2017: Bought BNB tokens at $2; later, they soared to $600+.
Interaction with CZ from Binance about Binance Smart Chain and PancakeSwap.
Recognized the relationship between the growth of the Binance Smart Chain and the demand for BNB not as a direct currency bet but on the person behind it.
Key Investments and Sales
Invested $4 million to buy 1% of PancakeSwap supply when its market cap was $25M.
Market cap eventually rose to $2.6B, sold at around $36/token.
Noted the peak when a non-crypto savvy friend asked about investing in SafeMoon.
Decision-making based on market signals and personal assessments.
Cryptocurrency vs. Traditional Expenses
Initially influenced by a crypto millionaire who had no liquid cash but significant crypto holdings.
Drastically invested in crypto and pulled out profits at $55,000 for Bitcoin and $2,950 for Ethereum.
Preservation Over Exponential Gains
Sold crypto holdings when they constituted multiple eight figures (~$40M).
Motivated by life security over further exponential gains.
Strategy influenced by previous market cycle lessons from 2017.
Federal Reserve Influence
Tied market movements to FED policies on asset buying and money printing.
Sold assets following FED announcement of selling their own assets to avoid conflicts of interest.
Emphasized experience and refined judgment in investment decisions.