Dan Bilzerian made millions with cryptocurrencies after getting some sage advice from a friend

Influencer and poker player Dan Bilzerian has described how he made millions of dollars off cryptocurrency after getting some sage advice from a friend.

There are several ways people get involved in cryptocurrency. Most do it intentionally after researching stocks and prices, while others hear of people making millions and decide to just throw their hat in the ring, hoping for the best.

Bilzerian was neither of those, and actually got involved in the currency rather grudgingly after winning “millions of dollars” in poker games. The person who owed him the money said bitcoin would be the best way to give it to him, but Bilzerian was not happy with the offer because he would have to pay a five per cent transaction fee, the equivalent of $50,000 (£40,300) for $1 million (£807,000)

Recalling events in a podcast with Donkey star Steve-O, Bilzerian said: “Ahh, that’s fucking bullshit. I don’t want to pay the five percent…”

Left with a few simple options for getting his money, the influencer finally decided to hand over the transaction fee and get paid in bitcoin, which he put on a laptop and promptly forgot about, as it was only worth around $300 (£ 240) / coin at that time.

It wasn’t until a few years later that Bilzerian remembered that he owned the cryptocurrency, when a friend told him how it was “going off.”

Bilzerian realized he had been sitting on a fortune in bitcoin.  Credit: Image Press Agency / Alamy Stock Photo
Bilzerian realized he had been sitting on a fortune in bitcoin. Credit: Image Press Agency / Alamy Stock Photo

Unfortunately, it had been so long that the poker player completely forgot his computer password, but he finally managed to get back in and realized he was sitting on a fortune.

Rather than sell right away, he decided to buy some Ethereum and other crypto assets, riding “the wave” and making “a lot of money” as he was “able to call such good times to cash out.”

As he continued to make money, Bilzerian received an offer from a friend to buy more bitcoins, to which he replied, “Bro, I have so many fucking bitcoins. I don’t need them anymore.”

He told his friend to ‘hang on’, but that’s when he got the advice that would make him even richer.

The friend said: ‘If you’re not a buyer at $17,700 (£14,400) you should be a seller.’

Bilzerian was advised on when to sell.  Credit: picturelibrary / Alamy Stock Photo
Bilzerian was advised on when to sell. Credit: picturelibrary / Alamy Stock Photo

Bilzerian thought about the advice and realized that “if you don’t want to buy at a certain price, you should probably sell, if you think it’s more likely to go down than up.”

He sold when the price jumped to $16,500 (£13,000), taking out “nearly all” cryptocurrency. Thanks to his friend’s advice, he was able to use cryptocurrencies as an even greater income, later buying back the currency and getting it back until he sold again” at around $58,000 (£46.8.00) “.

The cryptocurrency world is volatile, but Bilzerian’s grip on it has changed thanks to his friend’s advice. So, “if you’re not a buyer at this price, then you should sell.” Do with it what you will.

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