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Wednesday, July 24, 2024

Evolving with the Crypto Tide: Insights from Wealthrone’s Jonne Välilä

In the ever-evolving world of cryptocurrency and finance, pioneers arise from unexpected corners, charting courses that many wouldn’t dare. Two such trailblazers, Teemu Alanen and Jonne Välilä, hail from the picturesque landscapes of Finland, but their ambitions have taken them beyond their Nordic homeland. With over a decade of hands-on experience across various asset classes, this duo, now residing overseas, embarked on a remarkable venture in 2021 to devise strategies tailored to augment their cryptocurrency holdings. By early 2022, the duo had refined their approach, with their primary strategy yielding a commendable 73% growth in their crypto holdings over the course of the year. Emboldened by this success and with a vision larger than personal gain, they founded Wealthrone. In this candid interview, Jonne Välilä, the Co-Founder of Wealthrone, delves deep into their journey, revealing the genesis of their initiative, challenges faced, and the invaluable lessons they’ve imbibed along the way. Whether you’re a crypto enthusiast, a budding entrepreneur, or simply curious, Välilä’s insights promise a compelling read.

How did you decide to collaborate on this venture?

Jonne Välilä and Teemu Alanen

Teemu and I decided to collaborate and start our journey with Wealthrone because our strengths align harmoniously, and we share an unwavering trust in each other. We both tend to think quite big and have very high targets. When both share the same mindset and have clear roles, making decisions is easy and running the business is effective.

How would you describe the core values and mission of Wealthrone in a few words?

Our goal is to assist Bitcoin in addressing global financial challenges, such as rampant inflation and excessive debt. We do this by promoting Bitcoin awareness and encouraging more people to consider investing in it. Additionally, our strategies contribute to market price stability. We visited El Salvador in early 2022, shortly after they made Bitcoin legal tender, and witnessed first-hand how efficiently everyday Bitcoin payments work with the Lightning Network – super fast & very cost-effective. It was nice to know that when I bought street food worth $1, the person selling it actually received the full amount without a credit card company taking their cut. We met some key government officials there, and one of them said, “We wanted to provide this alternative to the people, so they can choose what type of currency they want to use”. I really like that approach; if you prefer traditional fiat currency like USD – it’s fine. If you prefer Bitcoin and wish to use that – it’s fine as well.

What was the main inspiration behind focusing on the crypto market?

The main inspiration stemmed from Bitcoin’s immense potential. Currently, crypto stands out as one of the most fascinating asset classes. The adoption is accelerating rapidly, but we are still in a very early stage. Bearing in mind that there will only ever be 21 million Bitcoins, and nobody can create more of them, it will be interesting to see what happens to the price when large masses enter this asset class.

Can you share a significant challenge you faced in the early days of developing the strategies?

Our first strategy in 2021 proved to be quite successful. However, when we decided to significantly increase the leverage, that’s when things took a heavy downturn. This has served as a poignant reminder and imparted a valuable lesson to us. All our current strategies have been constructed in such a way that they anticipate occasional crypto market crashes. We don’t know when that will happen, but as the whole asset class is still in its infancy, we expect the market to remain volatile and crashes to continue occurring. Our strategies don’t rely on plunges, though.

Are there plans to diversify into other areas of finance or investment, apart from crypto?

Absolutely, but in the near future. While our current focus is predominantly on the crypto market, we remain vigilant and adaptable. Should a time come when the cryptocurrency market no longer offers the lucrative opportunities we seek, we are well-prepared to diversify and explore other avenues within the finance and investment sectors. We have both been heavily involved in the past in real estate, stocks, and traditional commodities. At the moment, we find the crypto asset class most interesting, so we have a strong focus on it for now.

With the crypto industry constantly evolving, how has Wealthrone adapted its strategies, to capitalize on emerging opportunities and industry shifts? we asked Jonne Välilä

With the frequent emergence of new coins that initially surge in value only to plummet later, we’ve opted to focus our attention predominantly on the two foremost players: BTC and ETH. We believe in their longevity in the market. While certain recent “innovations,” such as NFTs featuring monkey images, don’t seem to offer intrinsic value, there are others, like the Lightning Network, that significantly bolster Bitcoin’s usability. On that note, it’s important to understand that Bitcoin aims to be sound money, while Ethereum is a decentralized blockchain with smart contract functionality. Ether is the native cryptocurrency of the Ethereum platform, but unlike many, I don’t consider these two as competing with each other head-to-head. They serve different purposes. For example, I’m personally happy to use Bitcoin for convenient international payments and the Ethereum network for securely sending an NFT that indicates the holder has a membership in a car rental service.

From the experience of launching and managing Wealthrone, what advice would you give to aspiring entrepreneurs in the crypto industry? Are there key lessons or insights you’ve gained?

It’s imperative to inject genuine value into whatever you introduce to the market. If your primary intent is merely to line your own pockets, the venture is unlikely to sustain long-term success. This principle has been foundational for us at Wealthrone right from its inception, not a mere afterthought or recent realization. I’m also a strong believer in the idea that you should enjoy whatever you decide to put your focus and time on. Life is too short to be wasted on something that does not bring you joy.

Connect with Jonne Välilä on LinkedIn.

Connect with Teemu Alanen on LinkedIn.

Find Wealthrone on LinkedIn, Instagram & Facebook.

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