BitBoy Crypto founder Ben Armstrong has found success in the crypto industry, but it wasn't a straight line to the top, he said Wednesday at the Benzinga Crypto Festival.
From Bitcoin To BitBoy: In 2011, he started a ticket selling business, but his advertisements were removed from the websites he was using to sell tickets, Armstrong explained.
He found he could continue advertising if he used Bitcoin BTC/USD. This was his first introduction to cryptocurrency, he said.
He began using Bitcoin as a currency, although he said he experienced many challenges with the process.
He spent about $10,000 on the cryptocurrency to pay for his advertising services. Had he invested in Bitcoin as a form of digital gold opposed to using it as a currency, the $10,000 he had in Bitcoin would be worth "well above seven figures" today, Armstrong said.
"The reason why I should have had so much money in the beginning but I didn't was because I didn't understand Bitcoin."
In 2013, Bitcoin traded significantly higher, and Armstrong said the money he had sitting in his Bitcoin account for payments appreciated significantly.
He decided to sell for a profit to pay bills and enjoy a family vacation, Armstrong told Benzinga.
In 2017, Bitcoin surged to nearly $20,000 and he realized he missed out on an opportunity to make incredible returns, he said. That was when he decided to put all of his time and energy into learning about crypto.
"Even though it's 2017 and I feel like I missed it, I feel like I'm late, I feel like I had the best opportunity and I threw it away, I'm going to go all in on crypto."
BitBoy Crypto is set to reach 5 million followers across its social media platforms this week. Armstrong was named the No. 1 Bitcoin influencer on YouTube.
BitBoy's Crypto Advice: When it comes to people who are new to the crypto space, Armstong's No. 1 piece of advice is to learn about crypto and figure out how to get involved.
"Getting involved in crypto is the most lucrative thing that you can do."
Today, BitBoy Crypto's mission is to empower people to find financial freedom through crypto assets. He compared his mission to those who sold the resources to the gold miners during the gold rush.
The key takeaway from this crypto story is that "I did not understand what I was investing in," Armstrong said.
"If you are going to invest in crypto, you need to on some level understand what you are investing in. You are not investing into three or four-letter ticker symbols, you're investing basically into crypto venture capital projects."
Armstrong's conclusion?
"You are always better off as an educated investor."
See the full interview here:
BTC Price Action: Bitcoin is up 64.51% year-to-date.
Bitcoin was up 1.40% at $47,652 at time of publication.
Photo by Gerd Altmann from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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