A surefire way to get rich off of bitcoin is a time machine back to 2015, when the cryptocurrency’s price hovered around $200. Today, that price has ballooned to an all-time high above $18,000, meaning it has risen more than 90-fold in a decade — a return that could make you very rich indeed.
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However, since time travel isn’t an option, you’ll have to figure out other ways to get rich off of bitcoin. We asked ChatGPT how to do that:
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Buy and Hold
As ChatGPT noted, investors who bought bitcoin a decade ago and simply held on to the investment have enjoyed “massive gains.” Like stocks, bitcoin has experienced volatility through the years, but its long-term trajectory has always been up.
It’s all but impossible to predict when an asset might have peaked. Given bitcoin’s history, though, it seems likely the price will keep pushing higher well into the future. In fact, some experts have suggested bitcoin’s price could reach $200,000, $500,000 or even higher.
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Day Trading
This strategy involves buying and selling bitcoin frequently to take advantage of price dips, and then profit off them. This is a “full-time job” if you take it seriously, according to ChatGPT, and will require both technical expertise and an ability to buy on margin.
Bitcoin-Earning Platforms
Another ChatGPT suggestion was to earn bitcoin through services or products such as freelance gigs and e-commerce. This essentially means you’re getting paid in crypto rather than cash. You can accept bitcoin as payment through platforms like Bitwage or Lolli, but you’ll need to drum up lots of business to get rich off of it.
Bitcoin-Related Investments
This strategy involves buying stocks of companies involved in bitcoin, like Coinbase and MicroStrategy, or exchange-traded funds that track bitcoin. This is a less direct (and less risky) option compared to buying bitcoin directly, according to ChatGPT.
No matter how you decide to pursue riches through bitcoin, ChatGPT recommended being on the lookout for certain risks, including the following:
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Scams: These are “everywhere in crypto,” so beware of someone offering easy or guaranteed profits from bitcoin in exchange for your money.
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Regulatory risk: Governments could impose stricter rules on crypto in the future, which might hurt its value. However, this is unlikely to happen under the pro-crypto Trump administration.
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This article originally appeared on GOBankingRates.com: I Asked ChatGPT How To Get Rich Off of Bitcoin — Here’s What It Said
