How one trader Made Almost 300% on Cryptocurrency
One investor named Jay Smith has stated his confidence in the cryptocurrency market as a whole.
Since last year, bitcoin has gone up in price by almost six times, despite the drop earlier this month when China cracked down on digital currencies and initial coin offerings. With start-ups and funds opening new coins to get backing for everything from strip clubs to dentistry, it does not seem like an end is near. Big names like Paris Hilton have even stepped in to talk about their faith in the market as well, leading to an overwhelming amount of hype.
Smith is considered to be the number one cryptocurrency trader at the online brokerage, eToro. Modest as he is, Smith plays the markets from his home in a suburban town just outside of London.
Smith’s portfolio is up a staggering 295% over the past 12 months. This can mostly be attributed to the gains associated with cryptocurrency during the first half of 2017. Smith was quoted stating that “I just put in an order for a Tesla, and I don’t even know how to drive.” The 29 year-old has seen amazing success that is not unheard of in the industry.
The advice that Smith gives out is used by over 9,000 investors who copy his trades on eToro. The website is essentially a social network for trading that allows certain traders to track and copy trades from the investors of their choosing.
Given the unregulated and extremely volatile nature of the industry, the future is hard to predict as to what will occur to the profits made on the current bullish market.
With the threat of suffering losses to due illiquidity on some coins, the idea of high profits comes only with a lot of research in the industry.