Bitcoin debuted in 2009 and in less than 15 years, you have around 82,000 BTC millionaires globally. One of the most phenomenal crypto millionaires is surely who took the world by storm by becoming a crypto millionaire at just the age of 18. Back in 2011, they invested $1000 in BTC ($12 per BTC token). By the time he reached 18, his investment rose manifold, rewarding him with a whopping $1 million! And, of course, he is not alone in the game. Read more about digital assets cryptocurrency.
Defined by extreme volatility, the crypto market is likely to rewheard investors and traders with unbelievably high returns. In fact, the dramatically high ROI as witnessed with the crypto scene has done wonders to shoot up its popularity to the moon. In other words, the increasing rate of investors, traders, and miners joining in the crypto bandwagon today is largely inspired by the high-yield possibilities of the crypto industry.
One of the basics of becoming a crypto millionaire is to “buy when low and sell when high”. Most of the people who have become a crypto millionaire today, followed the same route.
Crypto market is growing
The crypto industry is booming. There is no denying of the fact that the market had a catastrophic crash last May but the crypto world is recovering fast. As per the experts, the cryptocurrency industry is expected to grow by 5x by the year 2030.
The overall growth in the crypto market will inevitably propel the growth in cryptocurrencies and vice versa. If we stress on individual cryptocurrencies, say Bitcoin- the king of crypto is something around $19,000- $20,000, as of June 2022. By 2030, Bitcoin value is predicted to rise to around $ 4.94 billion. On the other Ethereum is moving around something like $2,000 as of now. The coin is projected to witness a huge surge after the Merge upgrade in August- according to experts, ETH might reach around $6,000-$7,000 by the final quarter of 2022. Experts have also predicted that ETH price could touch $170,000 to $180,000 by the year 2030.
If you are looking forward to being a crypto millionaire, start investing from now. The recent crash has brought down the prices of most of the cryptocurrencies, including some of the most promising ones. If you can make the most of the low prices now, odds are, you would become a crypto millionaire in the coming 8-10 years.
Tips to become a crypto millionaire
So, is it possible to become a crypto millionaire? The answer is “Yes”, provided you fulfil certain conditions.
Buy the dip
This is one of the fundamental tips of becoming a crypto millionaire.
Taking cues from the discussion above, you have to be strategic with your crypto purchases and selloffs. It’s the same with stock market investment. It’s just that crypto comes with more volatility and hence the yields are usually higher than those you get with traditional stock markets.
Put simply, when you are aiming to become a crypto millionaire, wait for the times when the market takes a dip. Now, all coins might not necessarily take a plunge at the same time. So, keep a tab on the crypto market regularly and make your purchase when your chosen coin/coins take a dip.
After you create your crypto portfolio, you have to wait till the market shows a jump- then will sell the cryptos at a higher price. Thanks to the volatile nature of the cryptocurrency industry, the coins usually show a radically high surge when the market rises.
Next, patience is a “big” word when someone wants to become a crypto millionaire. You must know that it’s not exactly viable to become a crypto millionaire overnight. You might become rich with crypto in just a few days- but “millionaire” is not just being rich- it’s more than being just rich.
Crypto experts always stress on the benefits of HODLing, especially for those who want to become a crypto millionaire.
A misspelt version of “Holding”, HODLing implies you have to keep your coins on hold. Your chances of becoming a crypto millionaire are more when you opt for a long-term investment. As mentioned previously, the crypto scene will witness a surge in the coming 7-10 years. The rate of surge would be more if you can wait for at least 7 years than for 2 years.
So, keep your coins on hold for a longer time and sell them when the crypto industry reaches a stellar high after a certain period of time.
Be wise with coin selection
Myriad cryptocurrencies are coming up every now and then- but wait, you can’t just invest in any crypto if you want to become a crypto millionaire. Your chances of becoming a crypto millionaire would be highly influenced or affected by your choice of crypto coins.
Look for crypto coins that boast powerful fundamentals. Coins that are backed by a strong panel of advisors and founders show huge investment and ROI potential. These coins make smart investment options for those who are aiming to be a crypto millionaire.
According to experts, if you are looking for cryptocurrencies that can make you a crypto millionaire, focus on those with purpose-driven projects. Cryptocurrencies that are unable to serve a crucial purpose or bring benefits are likely to lose out on their value in the long run. So, even if they are showing high prices now, their market value will only plummet over time. Put simply, they are a strict “no-no” for the long term, especially when your goal is to become a crypto millionaire.
The idea is to focus on coins that can offer a growing number of use cases and real world applications in real time. The “utility” factor will attract more attention and pump up the prices for the coins over time.
Create diversified portfolio
Don’t just focus on one single cryptocurrency if you want to be a crypto millionaire. Rather, create a diversified portfolio of at least 2-3 cryptocurrencies. If you can afford biggies like BTC and/or ETH, well and good- but some altcoins too show potential to make you a crypto millionaire in the long run.
On a final note, we will wrap up this post with a list of the best coins that would help you to become a crypto millionaire-