The Cryptocurrency Market Is Ready for a Boom. Which Crypto May Create Millionaires?
- Over 40,000 people have made millions of dollars using Bitcoin worldwide.
- Understanding how these investors succeeded may point to the next Bitcoin.
- Like Bitcoin in its early days, any cryptocurrency that can make a millionaire will probably have a 1000-fold upside potential.
- Ten equities that we prefer over bitcoin.
Bitcoin has already demonstrated that it can produce cryptocurrency millionaires.
So what cryptocurrency will replace Bitcoin? Given that Bitcoin (BTC -1.65%) has increased in value by over 160% this year, almost everyone in the cryptocurrency space appears to be projecting a 2024 surge for other crypto tokens.
We’ve repeatedly observed this pattern: when Bitcoin rises, the market as a whole does too.
There could be a fortune to be made in cryptocurrencies if you believe that a crypto bull market is about to occur.
What cryptocurrency then has the ability to turn you into a millionaire?
Bitcoin millionaires Naturally.
Bitcoin itself serves as the foundation for any response to this query.
As per the most recent Crypto Wealth Report released by Henley & Partners, an investment firm, there are currently 40,500 Bitcoin millionaires globally.
Additionally, there are six Bitcoin billionaires if you really want to dream big.
A significant number of investors recognised the potential of cryptocurrencies at an early stage, purchasing Bitcoin at a price below $1,000, and persevered through multiple significant market .
downturns, such as the one that occurred last year, during which the cryptocurrency experienced a 65% decline in value.
Although Bitcoin is a useful starting point for considering what cryptocurrency can produce a millionaire, in my opinion, Bitcoin won’t be the solution in 2024.
The simple explanation is that you were left out of what may have been the last great Bitcoin run. In the ten-year span between 2011 and 2021, Bitcoin emerged as the world’s top-performing asset.
With its current price of almost $44,000, Bitcoin has increased by an astounding 43,187% since 2013.
Is it realistic to anticipate that Bitcoin will perform in the same way for the next ten years?
10, 100, or 1000 times?
It is standard practice in the cryptocurrency space to discuss various crypto tokens in terms of their potential for upside returns of ten, hundred, or thousand times.
Naturally, your chances of ever becoming a crypto millionaire increase with the multiple. More fuel for your rocket ship to the moon indicates a higher multiple.
It also suggests that a coin with a 1000-fold potential is much riskier than one with a 10-fold potential, given the trade-off between risk and reward. Bitcoin had a 1,000-fold increase in value at one point.
However, that was in 2017, when the price of Bitcoin was still below $1,000. That’s when the talk of Bitcoin hitting $1 million in value first gained traction. The calculation was
The $1,000 issue
You also need to consider the amount of money you have to invest when searching for a cryptocurrency that can make you a millionaire.
Furthermore, the majority of people don’t have a lot of extra money to throw at a risky investment that might not make them wealthy.
The Ascent, a service of The Motley Fool, reports that the average American has $1,200 in savings. For the sake of calculation, let’s assume that this is $1,000.
Hands made of diamonds When you identify the ideal cryptocurrency, the real work starts.
This is due to the fact that you must be prepared to hang onto your cryptocurrency regardless of what happens to the market around you. The first Bitcoin millionaires got so rich in this way. They established a long-
term holding culture (called Hod Ling in the crypto world) and came up with a tonne of creative metaphors to explain how hard it might be to hold during a significant market decline.
“Diamond hands” is my personal favourite because it encapsulates the strength required to hold onto something when everyone else is pushing you to sell.
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