There are so many people investing in crypto right now and there is no doubt at all that this will be a smart addition to your portfolio. With this being said there are many who seem to have a notion that they are going to become millionaires if they do invest in crypto. Experts like Robert Testagrossa have been quick to calm these claims, and whilst it is not impossible by any stretch of the imagination, this shouldn’t be uppermost in your mind when it comes to crypto investment.
If you do like the idea of getting involved then great, but here are some of the reasons why you are unlikely to become a millionaire in this sphere.
Level of Investment
Now back when Bitcoin was at around $3,000, you could have picked up 15 of them for an investment of $45,000, which would have made you a millionaire once the BTC price hit $60,000. The reality however is that very few of us have that kind of money to pump into crypto, and there is an even smaller percentage of people who do have the money who would have ever risked it in this way. This is why it is not impossible to become a millionaire, but certainly improbable.
Long Term Possibilities
Now to those of you who genuinely believe in cryptocurrency becoming the future of money, you may have a very good chance of one day seeing your small investment turn into millions of dollars. After all the general consensus by many is that the likes of Bitcoin could one day hit $500,000, if that happens then of course you will be quids in. When people look to get rich from an investment however they so very rarely look beyond the next 6-12 months and there is no doubt that the majority of investors are not here for the 5 or 10 years results, they want it now, and that is why it is unlikely.
Late on the Alt Coins
If you look at almost every alt coin you are going to see that when they first launched, they rose in value by something like 1000%, which conjures up the image that you could make that kind of money. The reality however is that this price occurs for the original owners and for those who bought the pre-IPO coin, which is a selected group of investors. The likelihood of you being able to find an alt coin and back it enough for you to take advantage of this price is just so incredibly unlikely that in reality, it isn’t worth thinking about.
Cryptocurrency is a very smart investment and there is absolutely no doubt that you can make some money in this market. The reality however is that if you think you are going to become a millionaire through your dealings, you had better think again, because this is just incredibly unlikely for most of us.