The internet is full of stories of people shelling out insane amounts of Bitcoin, Ether for banal, everyday things like buying pizzas, watches, smartphones when they were valued at just a fraction of what they are today, however, rarely do we come across a success story where an individual is able to increase their crypto wealth eightfold within a matter of months.
Meet RookieXBT, the pseudonymous trader who over the latter half of 2020 has been able to transform his savings of around $30,000 — which at the time were around 5 BTC — to a whopping 40+ BTC, all from the comfort of his parents’ basement.
What’s more is the fact that the entire accumulation process happened publicly, with RookieXBT showcasing all of his transaction details online, thus making it possible for anyone to verify his trades. As a result, he has turned into a sort of a crypto cult hero, with his trading strategies and techniques now being studied by many.
Lastly, as a result of his insane rise, RookieXBT has been able to garner a lot of traction globally, with his Twitter presence growing fairly rapidly since last year. To put things into perspective, since going live with his public trading experiment, he has been able to amass a substantial following of 116k people, with some of his fans including Ben Zhou, CEO of Bybit, Samuel Bankman-Fried, CEO of FTX, and Binance CEO Changpeng ‘CZ’ Zhao.
The end of a wild journey that I started to prove to myself that I can in fact trade and that I’m not just ‘lucky’.
I started this transparently on April 6th:
5 BTC or ~$35,500
Ending it today, 272 days after I started:
~48 BTC or ~$1,600,000 (4500%)
I ♥️ crypto pic.twitter.com/OlJmnzCmx1
— Monsieur RookiéXBT 🧲 (@RookieXBT) January 2, 2021
RookieXBT before the BTC madness
Before turning into the trading colossus that he is regarded by many today, RookieXBT was just a simple, fun-loving kid from Canada, who from an early age had a keen eye for high-risk activities. In a recent interview of his, he claimed that as early as when he was 13,14 years of age, he was already deep into the stock market, using his parents’ money to get a better understanding of how to conduct himself within such a volatile space.
Also, having a keen eye for emerging markets, he was able to capitalize not only on the equity sector but also on the 2014 pot stock bubble, which saw the value of many cannabis-related companies grow by 900% within a matter of months. However, in his own words, the “bubble helped his financial instincts mature” much faster than he could have ever expected, especially since he was handed some massive losses by the time he was just 15 years of age.
It was finally in 2017 when RookieXBT turned 18 that he started to devote a large chunk of his time solely to crypto trading. Straight off the bat, his market acumen was clear for everyone to see as he was regularly asked by many traders and publishers to write detailed investment columns for them. Not only that, but he was also quite active across the Facebook crypto landscape, which led to him getting a lot of writing gigs almost overnight.
Eventually, when the writing money started accumulating and hitting substantial numbers, he decided to clean out his PayPal and invest a chunk of it using eToro. Using the platform, he started dipping his toes into the world of leverage trading, a skill that would eventually allow him to become a crypto millionaire one day.
The Crypto Dream Takes off
After learning about the immense technological and monetary potential of crypto, RookieXBT claims that there was no looking back for him. In one interview he reminisced that after getting a grip on the ins and outs of leverage trading, he was able to convert his 5k crypto haul to a whopping $100k fairly quickly.
However, greed eventually got the better of him, and by the time 2018 came around he had lost all of his money and was in some serious debt. After a few months of trying to get his head back in the right space, he decided to put all of his energies on crypto day trading. Gradually, his Twitter presence started growing and eventually, in 2020, he took up Bybit’s Bitcoin challenge and went public with his trading strategies.
Lastly, an underrated and often underappreciated facet of this above-stated challenge was that even though RookieXBT’s background was primarily that of leverage FX trading, a vast majority of the money he made over the course of the last eight odd months came via the use of various margin trading techniques.
Present-day and Beyond
Since becoming an investment sensation — at least within the crypto scene — RookieXBT is now quite active on social media, regularly dishing out Yoda-like trading advice on a near-daily basis. In this regard, during his appearance on the Profit Maximalist Show show, he was recently quoted as saying:
“I have wrecked my portfolio many many times in the past over the years but only in the last couple of years have I realized that it is of utmost importance to never lose it all.”
In the end, whatever you may think about him, there is no denying that RookieXBT is a force to be reckoned with at this point and that a lot of amateur investors stick to each and every word that comes out of this Canadian kids’ mouth.
*Disclaimer: The above is a contributed article and should not be taken as investment advice. Please see full disclaimer below. Article first published on: Mar 16, 2021