There were many horror stories of first-time investors taking out loans and selling their houses during Bitcoin’s parabolic run towards the end of 2017. When it reached its all-time high in December 2017, many people wanted to join the hype train with the thought they could get rich overnight. Unfortunately, these were the same people who invested without doing their research, not aware of what they were investing in.
While many people were calling Bitcoin a Ponzi scheme, there were the fortunate ones who prospered. This was mostly thanks to investing time in researching Bitcoin and the marketplace in order to have a better understanding of how it all works. Mpho Dagada was one of those people. He heavily researched the technology and became a Bitcoin millionaire at the age of 21.
His interest in Bitcoin was ignited while he was in his first year at the University of Johannesburg in 2013. He recalls buying Bitcoin for a woman in 2014 who couldn't do it herself. After acquiring it for her, he noticed a sudden price movement and the potential for significant returns. He then started to research cryptocurrency. Dagada has since been able to refine his skills and build on from what he’d learnt from the cryptocurrency market and has been able to make a great success of it.
Gareth Cliff speaks to Mpho Dagada in this Decrypto podcast to find out more about how he became interested in Bitcoin and cryptocurrencies, and the journey that led him to become a Bitcoin millionaire.
Key takeaways:
- The blockchain is the bank of Bitcoin. It’s a bank without people who are able to manipulate things and it doesn't have a controlling authority.
- A decentralised world has the potential to give everyone a fair and equal opportunity due to its transparent characteristics. We’re all able to see what going on, allowing everyone access to a fair and equal playing field
- Cryptocurrencies offer solutions to some of the problems we face today.
Link to full episode: https://iono.fm/e/625304
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