Is It Still Possible to Become a Crypto Millionaire in 2024
Spoiler alert: We don’t have any specific tips, price predictions or recommendations for you on how to get rich in crypto. This article discusses general market statistics and investment possibilities, trying to find out what the chances are of becoming a crypto millionaire in 2024.
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Crypto Millionaires Then and Now
Looking at the growth of the crypto industry and the Bitcoin price jump over the years, you may think now is too late to join the party. We mention Bitcoin first as it’s the first and most popular crypto that made many people rich. Those who invested early on, carefully saving keys to their wallets and patiently waiting for the price growth made the most profits.
Bitcoin price history. Source: tradingview.com
Bitcoin has made big bounces and falls since its launch in 2009. One of its major jumps was in late 2013 when the coin crossed $1,000 for the first time. This means those who invested around $50 in Bitcoin in 2010 earned their first million three years later. At the time of writing, Bitcoin trades at over $67,000. Price charts of other major cryptocurrencies show significant growth too. Ether, for example, traded at around $0.31 at the time of its launch in 2014, crossed $1,000 in 2018, and now hovers at around $3,200. These rises created stories where people gained large returns on their investments.
Who wouldn’t like to be the next Erik Finman, for example, who became a Bitcoin millionaire as a teenager? In 2011, 12-year-old Finman received a $1,000 gift from his grandmother, according to an article by CNBC. The high school student and his parents made a deal: if he successfully invested the money and became a millionaire by 18, he wouldn’t have to go to college. The teenager decided to invest the money in crypto, mainly Bitcoin, which at the time traded at around $12, along with some other assets, including Ether. Finman mentioned he got interested in Bitcoin, considering it “an incredible way to transcend the financial system.” Bitcoin’s price increase in 2013 brought Finman his first million, allowing him to skip college based on the agreement with his parents. Erik didn’t stop there, however. He built his own educational tech startup, sold it for Bitcoin, and has since been engaged in building and investing in different tech startups.
Through the years, the nature of crypto investments has changed. The number of assets you can invest in has increased, and questions about where to start and whether to start at all seem more complex. However, the market continues to create millionaires, as shown by blockchain data analytics and news updates. People often benefit by buying the dip, investing in new projects early, taking part in decentralized finance or selling their assets at the right moment. One of the main narratives in 2024 to earn money with crypto is memecoin trading. In March a teenager’s story went viral on X, as he made over $7M in memecoins and decided to stop there, asking people on the platform for financial advice.
Note: Getting Obsessed With Becoming a Crypto Millionaire Can Do Serious Harm
While it’s theoretically possible to become a crypto millionaire in 2024, there are several risks to consider. The market is unpredictable and volatile. Pursuing potential profits can also lead to significant losses, especially if you don't carefully calculate risks. The desire to make more money often leads to investing more, which can result in putting all your funds into crypto and facing big losses.
Can Bitcoin make me a rich meme? Source: reddit.com
Besides the risks of market ups and downs, you may become hooked by scammers claiming to know what you need to do and which coins to invest in to become a millionaire. Although not every piece of advice or recommendation is intended to trick people, promises to make someone rich are highly suspicious.
The difference between becoming a millionaire with crypto and becoming a millionaire with gold, for example, is that crypto is a relatively new industry with significant growth potential. If becoming rich with crypto sounds like a goal to you, first you need to plan the amount you’re willing to invest and develop a strategy, which can vary from risky steps, like investing a large amount at once, to cautious strategies like consistent investments with small amounts, or more active strategies like participating in ICOs and DeFi trading.
In one of our previous articles, we discussed crypto investment strategies for different budgets, including ambassador programs, airdrops, or lending. Check it out to understand better which options are out there and decide what may work for you.
So, if you’re curious whether it’s possible to become a crypto millionaire in 2024, the answer is yes. There are different ways to experiment, and maybe your experience will be the next success story in the media.
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