Crypto Millionaires Should Keep Holders on Board, Not Rush to Dollars

Crypto holder Lewis XRP has shared his advice on how to manage wealth after reaching millionaire status. He emphasized that emotions can affect decision-making when crypto holdings generate substantial wealth, and having a professional financial support system in place is crucial.

Lewis recommended that holders of 'ISO 20022 tokens' such as XRP, XLM, and XDC establish a relationship with an accountant who works with high-net-worth individuals before reaching millionaire status. He advised against converting crypto holdings into dollars immediately and instead suggested taking between 0% and 20% from the portfolio for personal expenses.

Lewis used a $1 million crypto portfolio as an example, suggesting that investors could use up to 20% of their holdings for personal spending, such as buying a car or placing money in an escrow account for children. The remaining 80% should be placed with institutions that offer crypto-related services, Lewis said.

He cited PwC and BlackRock as examples of institutions that could provide crypto staking rates, which he estimated to be between 7% and 15%. At a 15% return on $1 million, the investment would generate $150,000 annually. Lewis warned against spending the entire portfolio on luxury purchases, saying that $1 million could be a relatively small amount compared with the value of crypto holdings in the future.