Do you have dreams of becoming a Bitcoin millionaire some day? If so, you are not alone. That is a dream that most investors share when they consider stepping onto the crypto bandwagon. Bitcoin was the first of the digital currencies to have made its presence felt ten years ago. It was founded on the blockchain technology that has now found applications beyond the world of finance.
How to become Bitcoin Millionaire?
To become a Bitcoin millionaire, you would either have to mine Bitcoins or trade Bitcoins. Bitcoins can be traded using most popular trading platforms like bitcoin equalizer. Earlier, mining was looked upon as an easy way to earn Bitcoins. However, as technology became more and more sophisticated, the demand for specialized computers and huge amount of power and electricity led to miners joining mining pools to fetch higher payouts. Maintaining individual mining rigs is hard and the big enterprises are now steadily taking over Bitcoin mining. So, if you work for a company with access to unlimited and affordable power and electricity, you can hope to reap huge profits.
The other surer way of earning millions is through Bitcoin trading. To do this, you need to sign up with reputed and trustworthy exchanges, platforms, and applications. So, if you have purchased Bitcoins in 2012 worth about $10, these would have become worth $10,000 by 2020. Bitcoin prices have spiraled upwards during the pandemic, reaching an unprecedented high of $30,000 towards the end of 2020. The only catch is today you will need to own a substantial amount of money to become a Bitcoin millionaire, unlike earlier when Bitcoin was cheaper and becoming a millionaire overnight was not unheard of.
Bitcoin is capped at 21 million and unlike fiat currencies, there can only be a fixed number of Bitcoins and not anymore. This limitation, according to some people, justifies its price, but there have been instances like this earlier in 2007 when real estate prices skyrocketed only to crash later. Litecoin also has a cap of 84 million but its trades are far lower compared to the Bitcoin. So, in spite of these limitations, Bitcoin remains a preferred choice for investors hoping to become rich quickly. Today, institutional investors have jumped onto the Bitcoin bandwagon with the big brands investing in this asset. Bitcoins and other cryptos have also witnesses a rise in popularity with payment companies like Square and PayPal showing their interest to accept Bitcoins. The governments are borrowing money to respond to Covid, sending prices of assets soaring. This development has reasonably questioned the future values of fiat currencies. Bitcoin’s mainstream adoptions are on the rise and as more and more people are buying it; its prices are going further up. It has become a store of value just like gold used to be and more buyers improve liquidity of the asset. So, if you are prepared to handle the volatility that comes with the Bitcoin, there is hope for you to achieve your dream of becoming a Bitcoin millionaire some day.
Even those who had turned up their noses at the Bitcoin earlier, comparing it to a gambling chip, are now diversifying their assets, even selling off gold to buy into Bitcoins. So, the idea of Bitcoin as “digital gold” has become popular and the Bitcoin has cemented its position as a worthy investment with Micro Strategy and Grayscale investing billions in it.
