Introduction
In a recent video, popular YouTuber Nick from Cheeky Crypto discusses the scenario of having Solana (SOL) as the sole asset in a portfolio and aiming to invest up to $1 million. He focuses on determining how many SOL tokens are needed to become a millionaire, assuming an average purchase price of $15.
Price Predictions
The video considers three possible price predictions for SOL’s future price:
- Conservative estimate: $620
- Mid-range estimate: $1,000
- Optimistic estimate: $2,000
Calculations
The video uses an Excel spreadsheet to calculate the number of tokens needed for a million-dollar portfolio and the required initial investment at each price point. The following table shows the results:
| Price Prediction | Number of SOL Tokens Needed | Initial Investment Required |
|---|---|---|
| $620 | 1,613 | $24,195 |
| $1,000 | 1,000 | $15,000 |
| $2,000 | 500 | $7,500 |
Capital Gains Tax
The video also factors in capital gains tax at 20% to calculate the net profit after tax. At a price of $620, the net profit after tax would be $496,000. At a price of $1,000, the net profit after tax would be $800,000. And at a price of $2,000, the net profit after tax would be $1,600,000.
Conclusion
The video suggests that achieving a $620 price for SOL is conservative, but it could lead to building multi-million dollar portfolios. However, viewers are reminded to do their own research and invest responsibly.
