Can you still become rich by using crypto?

Posted by admin on

Crypto-Currencies have created such a buzz over the past few years they have become virtually impossible to avoid them. Bitcoin is the “First ever Cryptocurrency” has caught the attention of the masses and questioned the method that institutions conduct business. The way institutions do business has been transformed. Find out more?

The fourth quarter of 2021 has already witnessed a sizeable amount of Crypto Millionaires. Crypto-currencies like Bitcoin, Ethereum and Solana have hit their highest levels ever, signalling the beginning of a new bull run. Most investors are in a state of speculative over the gains. With a myriad of stories circulation of people becoming wealthy with cryptocurrency The average investor is simultaneously elated and tired.

In the end, Bitcoin was in deep waters only a couple of months ago. Why? Because Tesla was adamant about not accepting Bitcoins as a type of payment, citing environmental issues. Tesla was a signatory to the move just a few months ago. Bitcoin and the whole cryptocurrency market sank due to the crash. Massive amounts of money were removed from the market. China also played its part, by placing a harsh restriction on mining and the use of any cryptocurrency’s for the foreseeable future. The launch of the Bitcoin ETF on the New York Stock Exchange has revitalized the market. Bitcoin as well as other popular currencies are rising to all-time highs.

Outperforming the Elites

Bitcoin

If we are discussing performance, how could we possibly be missing Bitcoin. Since its inception Bitcoin has grown to thousands and thousands of percentage of the amount it was. If you had invested $1000 in Bitcoin ten years ago, today that investment could be over $15 million. That being provided you never sell in the meantime. Bitcoin’s growth has been 372% despite its drastic rise and fall in the last year.

Ethereum

The next on the list Next on the list is Ethereum, the 2nd largest cryptocurrency in the world. Ethereum, with its smart contract as well as dApps ecosystem (Decentralized Applications building ecosystem) was dubbed the “next big thing” only a few times. It is a technology that deserves to be admired. The growth of Ethereum’s more than 500% over the past year could soon overtake Bitcoin as the leading cryptocurrency.

Dogecoin

It’s a fascinating coin, Dogecoin was first released as a meme-themed coin at the time of cryptocurrency enthusiasm. The concept was simply an enjoyable experience for the creators, who made it themselves to make fun of themselves. Dogecoin might not be the most appropriate choice for everyday usage. Investors in Dogecoin this year experienced a return of 19000% in their investment. Furthermore, Dogecoin is one of the most well-known crypto currencies due to its community enthusiasm and commitment. Elon Musk, the World’s Most Rich Man, is one of the major figures, who has repeatedly used the hashtag of the meme currency in a variety of his social media posts, causing significant increases in its price.

With such high percentages of gains, a few financial pundits reckon that the Crypto space is either exaggerated or has reached its potential limit. We all know that Cryptocurrency prices are driven solely by speculation, and by the demand of the general investor. This is why it is difficult to decide “What price is appropriate for a particular crypto-currency”. A few people have had success in the crypto world However, the majority lost money in the last bull run. Are we missing the crypto-train? Is the crypto-currency market done and done with all its gains?

Crypto is still in its initial boom

The Crypto industry has already surpassed the trillion dollar mark but it’s only recently that institutions have started looking into the subject. The Crypto industry is still in its infancy. However, it seems to have a steady and long-term upward trend. Many financial institutions have included crypto-currencies in their portfolios. Tech companies are not so far behind in their attempts to profit from this technological marvel. Regulation is a crucial element of Cryptocurrencies. El Salvador was the first country to adopt Bitcoin as legal currency. Since then, the authorities in charge of regulation are hard at work developing a system that will allow the use of Bitcoin. Other nations are also looking at ways to regulate this new technology.