- Greg Chase says he made — after which misplaced — after which made once more — a fortune by investing in crypto.
- He shared what he appears to be like for in cash, and the way he now retains his crypto safe.
- He additionally shared eight cash he plans to spend money on when the crypto droop ends.
Greg Chase has had a wild trip investing in crypto.
Utilizing cash he constituted of his profitable YouTube channels — together with Top Five Best, 100M, and FactFile — the now-24-year-old YouTuber began investing within the digital asset house in 2017, constructing a portfolio price $394,000. He took huge good points in cash like VIBE and ethereum, in accordance with a file of his crypto pockets on Ethplorer considered by Insider.
However he stated after shopping for a cheat code (which ended up being
) for the online game Counter-Strike, he misplaced nearly all of his crypto to hackers in early 2019.
The incident did not scare Thrust back from the crypto house (although he now guards his non-public key with a CryptoSteel capsule with a 24-word code). He has since reinvested within the house, although he says he liquidated all however about $10,000 of his crypto property in April earlier than transferring from Canada to the United Arab Emirates, the place there aren’t any earnings taxes.
Together with YouTube and crypto earnings, he now has a web price of as much as $2.1 million, in accordance with a checking account assertion considered by Insider.
In an interview, he shared what he appears to be like for in cryptocurrencies earlier than investing in them, and eight tasks he plans to guess on as soon as the present crypto droop is over.
8 crypto tasks Chase plans to spend money on
Bitcoin, the most important crypto, remains to be down 17% from its mid-April peak, and was off by almost 50% in July.
If and when the underperformance within the crypto house lastly ends, Chase stated he plans to place his cash into a number of tasks.
His high two investments can be bitcoin and ethereum. It is because they’re two largest and most established cryptocurrencies, and there is much less relative threat related to them in comparison with different cash, he stated.
He stated he’s ready for bitcoin to drop to $24,000 earlier than he invests in it. He can even purchase ethereum at this level, he stated, for the reason that two property’ costs fluctuate in related fashions.
After these two, Chase stated he is bullish on qtum as a result of it is a “combine between ethereum and bitcoin.” He pointed to the truth that it has bitcoin’s safety and ethereum’s good contract idea.
“I feel that it is undervalued for the place it is at,” Chase stated. “It has limitless scalability.”
Subsequent, he likes Verge, which permits nameless transactions. “I like the actual fact it isn’t an ERC-20 / on the ethereum community, somewhat it really works on the bitcoin community but means quicker and cheaper,” he stated. He additionally likes that it is a trustless system, that means no trusted third get together, like a financial institution, is important for a transaction.
Chase additionally likes Ether Classic. He is a fan of it as a result of it is an authentic model of ethereum and depends on volunteer builders.
Additional, there’s Neo, which can be a wise contracts mission Chase likes as a result of it was one of many first cash to supply staking, a course of by which token holders lock down their cash in change for yield.
He additionally likes Litecoin as a result of he thinks it has undeservedly underperformed relative to the remainder of the crypto house.
“Why is Litecoin so low cost?” he stated. “Bitcoin, ethereum, litecoin. That was the dialogue. Now litecoin is quantity 16. And when this huge increase occurred a pair months again, it did not go up like the opposite cryptos. It went to its all-time-highs, and that is it.”
One other one Chase likes is Basic Attention Token for its use case. The mission is an ad-blocker, and pays customers who select to observe adverts.
Chase burdened nevertheless that outdoors of bitcoin and ethereum, different crypto property will make up solely 20-25% of his crypto portfolio and that there’s important threat concerned with smaller crypto tasks. He additionally stated his funding plans shouldn’t be taken as recommendation.
What to search for when selecting altcoins
Chase has a small checklist of standards he makes use of for selecting which cash to spend money on. The primary is to search for tasks that present precise worth, and perceive what their function is.
“Decentraland, that is sort of cool, you receives a commission to play video games. However does which have any worth? I do not suppose so,” he stated. “One thing like qtum, it may be for enterprise.”
Second, he stated to search for cash with a low circulating provide — which to him is round 500,000,000 cash (bitcoin has about 18.83 million, ether has 117.79 million, per CoinMarketCap). Chase additionally appears to be like to see if the circulating provide is near the entire provide. He usually would not like cash with a limiteless potential provide.
Costs for cash with a bigger circulating provide are more durable to affect than these with a decrease quantity of cash in circulation.
“Folks like dogecoin as a result of it is so low cost, they usually suppose it may rise to those excessive heights,” Chase stated. Dogecoin has a circulating provide of 131 billion.
He continued: “However they’re forgetting that there is so many cash, so to make up for that, you are going to should have a lot cash to make it $1.”