The cryptocurrency space has created several multi-millionaires in its near decade-and-a-half-long history. Early investors in Bitcoin (BTC) have reaped massive returns with minimal investments.
We often hear stories about small-time investors making generational wealth with the budding new asset class.
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Number of Cryptocurrency Millionaires and Billionaires
According to a report by Bitbuy, there were 88,200 individual cryptocurrency millionaires as of April 2024. Of the total, 40,500, or nearly half, made their wealth solely through investing in Bitcoin (BTC).
The report highlights that while crypto millionaires are plenty, only six individuals have at least $1 billion worth of BTC.
Bitcoin’s Performance
Bitcoin (BTC), the original cryptocurrency, is one of the best-performing assets of the last decade-and-a-half. BTC began its journey at almost zero when interested people had to mine the coin to own it.
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The asset has since rallied by several digit percentage points and hit an all-time high of $73,737 earlier this year. BTC has even beaten most major tech stocks regarding returns over the last ten years.
Can You Still Become a Cryptocurrency Millionaire?
The short answer is yes, you can still become a crypto millionaire. The trick now is to find the right project that yields the necessary results. Bitcoin has already reached a very high price, and to make a million dollars in profit, one may need to invest a heavy amount.
Alternative Cryptocurrencies
Other cryptocurrencies, such as Shiba Inu (SHIB), have created multi-millionaires in a much shorter period. Early investors made millions of dollars in profit within the first year.
Risks and Considerations
While investing in a new crypto project may seem attractive, volatility and scams continue to plague the sector.
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Investors should be cautious about the projects they invest in and do proper research before an investment.