Bitcoin (BTC) is one of the best-performing financial assets of the last decade. In 2011, the original crypto was trading for about $12. Fast forward to 2023, BTC’s price has risen by about 230,375%. Many early investors turned small investments into multi-million fortunes. One of the best examples is Erik Finman, who invested $1,245 in BTC back in 2011 when he was only 12 years old. By the time Finman was 18, in 2017, his initial investment turned into a whopping $2.07 million.
Also Read: Bitcoin: Here’s How a 12-year-old Became a Millionaire
Many investors still wonder if they can still make it big with Bitcoin (BTC). Although BTC has been around for more than a decade, we are still in its early phases. Some experts anticipate BTC to go beyond the $100k level, while others believe BTC will breach $1 million.
According to Changelly, BTC could reach $1 million by 2032. Investors would only need to hold one BTC to be a million at this level. The price of 1 BTC is currently trading at around $27,600. If it reaches $1 million, it would translate to a growth of 3523.19 %. Although it is still possible to be a millionaire with BTC, the initial investment would most probably be a lot larger than those who invested during the coin’s infancy.
Will Bitcoin reach $1 million?
There is a lot of support for the notion that BTC will eventually reach $1 million. Former CEO of crypto exchange BitMEX Arthur Hayes recently said in an interview that BTC could reach $1 million by 2026.
Moreover, there is a growing interest in BTC among institutions. BlackRock, the largest asset manager in the world, made headlines when it applied for a spot Bitcoin (BTC) ETF (Exchange-Traded Fund). Although the U.S. SEC (Securities and Exchange Commission) has yet to approve the application, many industry experts anticipate the application to follow through.
Furthermore, BTC is increasingly becoming a safe haven for people who want to escape the falling value of fiat currencies. While many opt for gold, some have taken an unconventional route of investing in BTC instead.