Let’s talk about some fun stuff now! Do you remember the show Who Wants to be a Millionaire? It was the most popular game show for two decades, starting in 1999. Today’s version of “Who wants to be a Millionaire” includes crypto investors and traders. And why not?! Do you believe you could be a crypto millionaire? I do.
A CNBC Millionaire Survey uncovered that:
- 83% of millennial millionaires have the bulk of their wealth in crypto.
- 25% of Gen Xers hold crypto, and only
- 4% of baby boomers have cryptocurrency
This same study found that 81,408 people held at least $1 million in bitcoin. That’s a staggering 443% increase from just two years ago when only 15,000 people had $1 million in bitcoin. Yes, it’s possible to become a millionaire in crypto, not just with bitcoin.
Here are a couple of examples.
Teenage Crypto Millionaire
Erik Finman was only 12 years old in 2011. He received $1,000 from his grandmother for his birthday. Rather than buy clothes or digital gadgets, Erik used the money to buy bitcoin. At the time, the price was about $2. He reportedly bought 446 BTC. Today that amount of bitcoin is worth over $10 million.
Have you heard of Dogecoin? In 2021, after Elon Musk tweeted about Dogecoin, the value increased by an astounding 4,714%.
Shiba Inu Worth Millions!
But the lookalike meme coin, Shiba Inu, had it beat. In August 2020 SHIB coin was worth $.00000000051; a little over a year later, it shot up to $0.00004893. If you had bought only $15 worth of SHIB in 2020, you would have been a millionaire a year later! Yes. You heard that right! $15 of SHIB in 2020 was worth $1.4 Million in 2021. That’s the life-changing power of crypto!
Admittedly these days, it can be more of a challenge to become a millionaire by buying small amounts of bitcoin or ether. However, there are more choices and opportunities today than ever before in crypto.
Something to keep in mind, in addition to knowing where to look for quality projects and how to avoid scams, you’ll also need to develop your own personal investor mindset. Without it, we tend to sabotage ourselves without even realizing it. I’ll write about this topic some time in the near future.