Cryptocurrency has come up the ranks from a sparsely regarded topic to being a global phenomenon, and it keeps evolving. There have been many questions (there are still questions, and there will be many more), and you’re reading this article trying to get an answer to one: “Is this for long-term success or I can be a millionaire overnight?” The truth is it can be both.
Take a trip back in time with me. The year is 2013. A youtuber; Davinci Jeremie from Chile posted a video on YouTube in May, advising people to buy Bitcoin. That’s not such a surprising thing, right? Indeed, you’d find thousands of videos with different people giving the same advice now, but at the time Jeremie posted his video, Bitcoin was trading at $1, and at the time of writing this, 1 BTC is worth about $42000, and has seen an all time high of $60k in recent times. (let’s travel back to present day now).
Jeremie saw something that most people didn’t; the potential and the risk-reward ratio of this new opportunity to become life-changing. The price progression of Bitcoin has been anything less than stable or linear, as we’ve seen drastic rise and fall within days, but it held its ground in the thousands range around 2016/2017, at least three years after Jeremie’s prediction. Now, imagine if you had bought Bitcoin at that rate in 2013, and held it up until April 2021 when it reached a peak of $63k (ooh la la).
Jeremie is not the only testimony to the long-term possibility of astronomical increase of coins/tokens. 26 years old Cooper Turley invested “all of his income” in the Ethereum blockchain, in 2017, when it cost about $100. Ethereum’s price today is about 30 times of that. Erik Finman, aged 12, used $1000 his grandmother gave him to buy his first bitcoin when it was only $12 a token. By age 18, he had become a millionaire, having about $3.8 million worth of bitcoin in 2019, which will translate to roughly $17 million today.
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With an estimated population of 114 million accounts holding cryptocurrency, a figure projected to be eclipsed in a matter of years when cryptocurrency becomes even more dominant than ever, it’s safe to say that not everybody that has made huge profits from cryptocurrency did so by buying coins or tokens at a low price and waiting it out. There are people who made a fortune overnight(literally):
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Two brothers in Westchester, New York, woke up on the morning of the 17th of April to learn that they had become millionaires. (talk about waking up in a new “Bugatti”)
Tommy, 38, and James, 42, invested $200 each in shiba inu coin, a spinoff of dogecoin, which was initially started as a joke. At the time, one coin was worth a fraction of a cent, and the brothers whose business was nearly shuttered two years ago, rolled the dice on it and presented the idea to their mother and sister. In total, the entire family put in nearly $8000.
They made their initial investment in February 2021, with consequent investments put in due to the price progression of the coin weeks after. Two months later, the family’s initial stake was worth $11.5 million.
YardThoseCheap, a top trader on Binance Futures, made over $700 thousand over the period of a month.
Cryptocurrency, as constantly echoed, is highly volatile, and this makes it the proverbial marketplace with many entrances. It’s as easy to make huge profits in an hour trading or like the New York brothers, “getting lucky” with a alto in, as it is buying a coin and honing the patience over a number of years for it to ‘boom’. It’s no one-way street, and you need to rely on proper research, market analysis and sometimes intuition. You do not have to enter the crypto world with one mindset, as there are, and will always be endless opportunities. Remember; never invest what you can’t afford to lose.