The market in 2021 has experienced a surge of crypto millionaires as never seen before. A good number of millionaires have been drawn from the earliest investors with the various coins.
With coins like Ethereum, Shiba Inu, Cardano, among others producing their share of millionaires, Bitcoin is still responsible for the highest number of millionaires. Given that it was among the first of the coins- A forerunner.
And just recently, the BTC has brought forth another millionaire from a unique group in society.
According to Bitcoin Magazine, a grandmother of Israeli descent was among the latest reported millionaires. The magazine went on to release this news via its Twitter page and the picture of the investor.
Though more details on the investor remain scanty, what can be established is that she is among the earliest investors of Bitcoin.
She made a BTC purchase of $10 000 in 2013, and after holding it for close to nine years, she is reaping heavily as she is now a millionaire.
The Early Bitcoin Days
While this case may seem unique in some quarters, believe it or not? It isn’t.
And this is according to BTC prices by CoinDesk, the tracker of Bitcoin Price Index from digital currency exchanges.
In the year 2013, an investment with BTC could have paid off in a big way if one had taken on Bitcoin at the time.
First, at the time,the price of BTC was quite volatile, particularly towards the end of the year. In December alone, the price per bitcoin hit highs of around $1,000 and lows below $600.
That means that if you purchased $1,000 worth of bitcoin back then at $600 per, you’d have a little over 1.6 bitcoins. If you bought a $1,000 value of bitcoin at $1,000 per, you’d have one bitcoin.
The above chart shows CoinDesk’s Bitcoin Price Index for Dec. 1, 2013, to Dec. 31, 2013
Is It Too Late to Become a Bitcoin Millionaire?
A majority of crypto coins have had a stellar run in the past two months and 2021 as a whole. However, is it still viable to invest in crypto?
First, it is essential to view the crypto coins as you would any other business. The goal should not necessarily be a quick change of lifestyle but profitability. How many returns can you get from an investment?
Secondly, your coins are an asset; treat them as such. Once you buy your investment, don’t be in a rush to sell. Make sure you understand the market, as many have rushed and have lost everything.
Instead, practice ‘hodling’, that is holding on to an asset for a while until when it is profitable. As how the Israeli grandmother did by letting her asset mature, and she became a millionaire.
And finally, choose a crypto business model that works for you. You could choose to trade in cryptos or invest in cryptocurrency funds or to do some crypto mining, provided you have the correct information and skill.
But also remember not to invest what you cannot afford to lose.