Today I'm with Chris Douthit, founder of CryptoInvestingInsider.com.
Q. Cryptocurrencies are a very controversial subject, there are those who love them and those who hate them, but there is no doubt that many have become rich with them, would you explain this particular market objectively to my readers?
A. Cryptocurrencies are a relatively new technology that got off to a very slow start due to the lack of understanding about what exactly they were and what they could be used for. When looking at the technology adoption lifecycle, Innovators and early adopters understood the potential and pushed the technology forward making a lot of money in the process.
Today, most people think they are late to the party when it comes to cryptocurrencies, but what they don’t understand is that we are still in a very early phase of this product lifecycle. I would argue that we are in the later stage of the early adopters’ phase and will likely be transitioning into the early majority stage next year once banking institutions build out the infrastructure for the average user.
Financial institutions are buying up these cryptocurrency assets like there is no tomorrow, even the ones that dismiss cryptocurrencies are secretly buying them up. But not all blockchains are going to succeed, and I would argue that most will fail, similar to the .com boom of the 90s. Fortunately it’s easy to see which projects are making a lot of headway in the space with a little bit of research and knowing what to look for.
Q. You bought your first stocks back in 1999, they were from Amazon, but you made a particular mistake, which one?
A. I started buying stocks not long after I graduated high school in about 1995. I wanted to buy Amazon in 1999 with the little money I had, it was an innovator and a disruptor, but it was already up 6000%, and people warned me about buying a stock that was already up so much. It took several years, but as we all know Amazon, turned out to be a juggernaut, I should have listened to my gut about where the technology was going and not outside influencers. As a result, it turned out to be one of my largest investment mistakes as getting in early to new technology can reap massive returns.
Q. You can say you have a deeply experience gained in years and years, it is also to this that can access who invests in your membership?
A. My membership is for two types of people, those who don’t know anything about cryptocurrencies and want to learn how to trade them the right way through high-quality, detailed video tutorials that take users step-by-step through the whole process. The other type is for those who know how to buy and sell cryptocurrencies, but want a professional to do the research and find those names that have the best chance to succeed. We research everything when it comes to a coin we recommend. From past case studies of similar innovation, the technology being pushed forward, the leadership, the team, and why the project will soon see mass adaption.
Q. There are many opportunities to trade in many markets, how do you choose the best?
A. I trade in the markets where real professionals trade. The smartest financial investors in the world trade in only a handful of markets, those are the same markets I want to be in. If people actually made money in FOREX or binary options, then established investment banks would be in those, but they’re not.
I trade stock, equity options, and cryptocurrencies. Educated traders and investment institutions have been trading stock and equity options for a long time, now they are rushing into cryptocurrencies, that’s an excellent indicator of what the future holds.
Q. What is the most important challenge you have faced so far and how you won it?
A. The most important challenges are always paying attention and learning as you go. When it comes to investing, we all make mistakes, even the best of us. The important thing is always to keep learning and pushing forward. As long as we continue to make money, we are continuing to win, even when we suffer a few bumps in the road.
Q. What are your plans for the future?
A. I want to continue to help people make smart choices with their finances. I have no interest in launching any new products, I just want to continue to work hard for my members so we can all get rich over the next few years together.