So you want to be a millionaire? When it comes to Bitcoin there are many reasons to believe that the cryptocurrency has the power to create massive wealth. Even small amounts of Bitcoin have made people incredibly wealthy. There are countless examples of Bitcoin millionaires which have occurred within the last 5-7 years.
What is Bitcoin?
Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is perhaps best described as ‘cash for the Internet’, but Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Bitcoin is also known as digital cash, cryptocurrency, an international payment network, the internet of money – but whatever you call it, Bitcoin is a revolution that is changing the way everyone sees and uses money.
How will Bitcoin make me rich?
All you have to do is buy and hold Bitcoin for the next 5 years.
As far fetched as that sounds, Bitcoin’s explosive world wide adoption, and recognition has caused the price to go parabolic over the last 7 years. The growth isn’t slowing either.
But is it too late to get in?
SInce Bitcoin’s inception, Bitcoin has never failed to make holders of Bitcoin incredibly wealthy. Even as high as it seems like today, the price per Bitcoin is going to be nothing compared to where it will be in 5 years. Take a look at these examples of Bitcoin holders from just a few years ago.
Back in 2010, a Florida-based computer programmer by the name of Laszlo Hanyecz said he paid for a pizza with 10,000 Bitcoins that he had mined years ago. Today, that pizza would be worth $25 million.
The Guardian reported the case of Kristoffer Koch, a Norwegian who had purchased Bitcoin worth $26.60 roughly 7 years ago. Koch acquired a total of 5000 Bitcoins for his investment, which today would be worth $12.5 million.
And just last week, Cointelegraph talked about Erik Finman, who invested $1,000 in Bitcoin in 2011 when it was valued at $12. Finman now holds 403 Bitcoins which is worth $1.07 million. Oh, btw Erik Finman is only 18 years old.
Are the wealthy investing in Bitcoin also?
Yes and it all started with Wences Casares who introduced Bitcoin investing to Silicon Valley’s elite. He got Bill Gates (creator of Microsoft), Reid Hoffman (creator of Linkedin), and countless others into Bitcoin.
The Argentina-born Casares has founded an internet service provider, a video game company, and a bank, plus he sits on the board of PayPal. But it’s Bitcoin that Casares says he’s dedicating the rest of his life to.
A few years ago at a dinner organized by the cryptocurrency policy group Coin Center in New York, Casares delivered the keynote speech, including the advice he doles out to people who ask him how to get into Bitcoin.
The key takeaway he advised his audience was to take 1% of what you own, buy bitcoin with it, and then forget about it for at least the next five years; ideally the next decade.
“You either lose one percent of your net worth, which most people can take, or you make millions.”
So how high will Bitcoin go?
With Bitcoin’s price going parabolic, it’s anyone’s guess at this point how high Bitcoin will go. But some incredibly successful and intelligent people are making these bold claims:
- John McAfee (founder of McAfee antivirus) made a call recently that Bitcoin will easily reach $3,000 by the end of 2017.
- Kay Van-Petersen ( a financial analyst who predicted Bitcoin of hitting $2000 in 2017) predicts the value will rise to $10,000 each within 10 years.
- Jeremy Liew (first investor of Snapchat) predicts Bitcoin will reach $500,000 by 2030.
- Peter Smith (CEO of Blockchain) joined Jeremy Liew’s prediction and said Bitcoin will reach $500,000 by 2030.
- Wences Casare (CEO of Xapo and Paypal Board Member) recently said Bitcoin will reach $1,000,000 per coin within 10 years.
How do I get started?
Before you get started, you need to learn more about Bitcoin and be able to know these questions:
- How do I buy Bitcoins?
- Where can I spend Bitcoins?
- Does anyone control Bitcoin?
- Is Bitcoin anonymous?
- Where do I store Bitcoins?
- Is Bitcoin secure?
- Are there any challenges Bitcoin faces?