TIMING was right for Zach Markovich, who had been dabbling in crypto markets for roughly six years when the pandemic hit in March 2020.
The time to save and invest more intensely presented an amazing opportunity for the Denver-based entrepreneur.
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Zach is a founder of TrendSpider, a charting platform that specializes in technical analysis
From May to November of 2021, the 26-year-old was able to more than triple investments in Solana in trades seen by The Sun.
The cryptocurrency is known for providing faster transaction times and cheaper fees than other comparable currencies like Ethereum.
While the investment did very well inside a year, the gains didn’t come so easily, Zach stresses.
A variety of factors really came together to make the success possible.
Any potential investors should know that cryptocurrencies are a risky business, and you’re never guaranteed to make money.
In fact, you could actually lose it all due to the volatility, which can lead to large swings in value.
This didn’t deter Zach, who is a founder of TrendSpider – a charting platform that specializes in technical analysis.
Like so many other Gen Z young entrepreneurs, briefly living with his parents during the pandemic allowed Zach to save aggressively.
He could put the savings directly into investments – about $2,000 per month.
“Everyone was locked down, all the gyms were closed. So in terms of saving, you couldn’t really spend money if you wanted to, “ Zach told The Sun.
Within a short period of time, he had some sizable capital for crypto.
Why Solana?
“You had to be in the space to understand the influence this token had, “ Zach explained.
At the time, Solana was fundamentally better than other crypto like Ethereum in terms of scalability.
If Ethereum was doing 70 transactions per second, Solana theoretically can go up to a million transactions per second, Zach added.
Backing from another major player, crypto billionaire Sam Bankman-Fried, also signaled to Zach that Solana was a go.
Bankman-Fried is known for starting the FTX exchange, and at the time Zach was looking, had basically backed Solana.
What about the risks around crypto?
“A lot of the time you’re scaling in and out, and that’s like the best way to manage risk,” Zach says.
He didn’t put his $20,000 in all at once – he started with $10,000.
And even with the $10,000 investment, Solana was a high conviction idea or he …….
Source: https://www.the-sun.com/money/4823897/invest-crypto-how-buy-home/