Is cryptocurrency making new millionaires every day?

[Mpamaegbu]

Remember: A few millionaires and many indebted

This is the major issue with chasing after instant gains, rather than organic growth. Those who seek pump groups always fall victims of this while the group owners and his few selected friends smile their way to a bank. At a time, I followed a dude who ran such a group and bought a token he picked – Polyplay. The token pumped but got dumped. Till this day (at least the last time I checked) it was abandoned. I was lucky to have got out with minimal loss, anyway.

[Luffygroove]

May I tell you my opinion? since a couple of years ago, when certain trends happened like DeFi, NFTs, and now Metaverse, there's an anomaly in the crypto world. Some of the altcoins are independent. They're not depending again on the bear or bull run of bitcoin. It means the domination of bitcoin wasn't absolute anymore. IMHO, being a millionaire is possible when you have a combination of good observation/analytics, good instinct, good emotion control, a risk-taker, and the most important thing is good luck. People who can see a chance and use it well may have success in the crypto world. 

[pooya87]

They're not depending again on the bear or bull run of bitcoin. It means the domination of bitcoin wasn't absolute anymore.

I honestly haven't seen any change in the altcoin market so far. Things are exactly the same.

* Majority of altcoins most of the times are dumping each time bitcoin goes either up or down.
* They have good pumping times when bitcoin price is stable.
* At any time a handful of altcoins are being pumped regardless of what bitcoin is doing. Then they get dumped after some time depending on the altcoin.

The altcoin market has been exactly like this ever since 2014 that I entered this world.

[Masplanc]

It could be crytocurrency is making new millionaires everyday. This maybe people who knows the right coin to manage, and this categories  of people they do not become a millionaire overnight, they have followed in the right part and have been investing before now. Becoming a millionaire through crytocurrency is not spontaneously, but consistently.

[Theones]

Remember: A few millionaires and many indebted

Just yesterday, my friend bought a hyped coin called SDOG (on Avalanche) that made a literal pump and dump.

People think that crypto is a place to become quick rich. You enter with little money and exit with bags of money but in reality it's a wild west. The story of SDOG is not new such pumps and dumps are integral part of crypto. But not many pay attention to the point that never buy a coin that is already pumped as its ready for dump.

[Cryptions]

You need to learn a lot, and may need some luck, but don't trust it. Increasing your knowledge is the way to go, Follow new projects, follow older projects, stay up to date, read forums etc. Trade a bit, hold more, and always follow your holdings But becoming millionaire with cryptos requires now serious risk taking... as it required earlier. I think if that's the goal, the best way is to sit down and plan some useful project and launch it... 2nd best way would be double DYOR and buy in at presale stage on a few promising projects, and just hold. my two cents!

[Porfirii]

As a matter of fact, those who believe they are intelligent and endeavored to do beyond simply the HODLing boring thing are more prone to failure and loss.

I guess it has been proven time and again that the most profitable people in the history of Bitcoin are the HODLers. They're probably not the traders, crypto investors, and those who are too focused on the tiny details, created strategies, analyzed the perfect timing, and so on.

The keywords are Bitcoin, now, and HODL. Those are enough.

It has been proven that way, but it could have been proven the contrary as well. Don't fall in the trap of thinking that those who HODLed are more intelligent, or those who trade aren't, because it might suppose falling in the confirmation bias.

Don't get me wrong: HODLing is the strategy I follow myself (I'm too lazy to follow any other). But even if I have had good luck following it, I am very aware that it could've been the other way round too, and that we don't have a crystal ball and we could lose it all if (sorry to mention Taleb) a black swan event proves that Bitcoin is not as anti-fragile as we suppose it is.

Like in the Big Short, where everybody thought that "hodling real estate" (sorry for the blasphemy) was the only reasonable thing to do, until everything went down all of a sudden.

[Rengga Jati]

No exactly, except that every they are professional traders with big amount of capital so that they can also get big profits. Moreover if they also know the nature and the right strategy for trading, in every kind of market condition.
So, it doesn't mean much. There will be only few people who can really make it. And not everyday will be coming tot his condition.
I personally believe that many people can earn money and get profits from trading and also crypto investment.
But, Exactly, this will only happen in some certain people.
But so far, many people new coming in crypto is based on the hype community, hype projects, and also fake investment. So, many also become poor very easily.

Don't always see something from one side, because there will be always two sides point of views.

[ReiMomo]

No exactly, except that every they are professional traders with big amount of capital so that they can also get big profits. Moreover if they also know the nature and the right strategy for trading, in every kind of market condition.
So, it doesn't mean much. There will be only few people who can really make it. And not everyday will be coming tot his condition.
I personally believe that many people can earn money and get profits from trading and also crypto investment.
But, Exactly, this will only happen in some certain people.
But so far, many people new coming in crypto is based on the hype community, hype projects, and also fake investment. So, many also become poor very easily.

Don't always see something from one side, because there will be always two sides point of views.

Whales can make a huge profit everyday but may not a million a day. We have investors with huge capital as said above and yes they might get turn over bit more than normal traders with less investment and that too thay are into a day trading. People often make a huge profit when they go for a long term. But yes there are so many here who became a millionaire in crypto by investing huge amount.

[Yamifoud]

I am not sure about the millionaire status. But you can make a good amount of money depending on how intelligently and how dedicatedly you trade or invest in crypto. I have heard that people have gained a lot with the rise of Bitcoin because they invested in it at the right time. So, you need great timing, learning, and strategy to gain profits in cryptocurrency. Maybe one day, the millionaire status will come true for every crypto investor.

Timing and capital help a lot, plus applying a good strategy to grow your investment/trades completely make you more profitable than normal people here. But, we haven't thought that was very easy. No, you can't, especially if you are too emotional and have no deep knowledge about the market.
Rich people can do possibly make more money here. They have a lot of money in the first place and they can afford to put millions as capital for the investment which we could surely think that it gains millions as well.

[Miguel 11th]

Hopefully we are be one of those millionaire soon. 🙏

[galambo]

Timing and capital help a lot, plus applying a good strategy to grow your investment/trades completely make you more profitable than normal people here. But, we haven't thought that was very easy. No, you can't, especially if you are too emotional and have no deep knowledge about the market.
Rich people can do possibly make more money here. They have a lot of money in the first place and they can afford to put millions as capital for the investment which we could surely think that it gains millions as well.

People outside crypto think that crypto trading is everyone jobs and its very simple thing. But as soon as you enter this market, you find it a wild west.
You don't need to be rich to enter crypto market and make profits. Capital is secondary thing, the primary thing is your mind. Even with small capital you can made huge gains, it all depends on your knowledge and skills about crypto.

[dvndr007]

I have heard that people have gained a lot with the rise of Bitcoin because they invested in it at the right time.

You fall into to survivor bias (https://en.wikipedia.org/wiki/Survivorship_bias). People is more likely to share their successful story rather than their failure since they don't want to hear negative response. Besides, we'll never know if they actually know they performed proper research or simply "gambling" before invested at right time.

That's not gambling most people who get rich in crypto are dumb, jobless or trying to do nothing then they found crypto.
You can't comparing it with gambling, gambling need too much awareness.

[Masplanc]

Hopefully we are be one of those millionaire soon. 🙏

Definitely sure, but you just have to start working towards  to be a millionaire,  becoming a millionaire through  crytocurrency is not just immediately you start Investing in cryptocurrency.  More people are becoming millionaire daily just because  of what they do consistently.

[Daniel91]

Hopefully we are be one of those millionaire soon. 🙏

Definitely sure, but you just have to start working towards  to be a millionaire,  becoming a millionaire through  crytocurrency is not just immediately you start Investing in cryptocurrency.  More people are becoming millionaire daily just because  of what they do consistently.

In fact, many people have become millionaires in the crypto world because they believed in this project from the beginning, got involved early, didn't sell their crypto assets and their faith and patience were rewarded.
Today, it is much harder to become a crypto millionaire in this way, but it is not impossible, provided that a good crypto project is chosen at the very beginning of development.
Of course, there are other ways for someone to become a crypto millionaire, but it takes a lot more knowledge and experience, for example through crypto trading.

[Luzin]

Today, it is much harder to become a crypto millionaire in this way, but it is not impossible, provided that a good crypto project is chosen at the very beginning of development.
Of course, there are other ways for someone to become a crypto millionaire, but it takes a lot more knowledge and experience, for example through crypto trading.

I got to know crypto in 2015. Next I continue to learn to trade with crypto. I think what the author said could have been, those with big capital have more opportunities to make millions of dollars, but that's worth the risk.
Indeed the crypto trend continues to grow and change, if we do not want to learn and survive then we will die. Choosing a good project is certainly very difficult, it takes thoroughness, patience and is ready to lose money and time.

[pawanjain]

I am not sure about the millionaire status. But you can make a good amount of money depending on how intelligently and how dedicatedly you trade or invest in crypto. I have heard that people have gained a lot with the rise of Bitcoin because they invested in it at the right time. So, you need great timing, learning, and strategy to gain profits in cryptocurrency. Maybe one day, the millionaire status will come true for every crypto investor.

I wouldn't say everyday but every year. It's not rocket science though.  The number of millionaires are increasing every year because the amount of money in global economy is increasing every year.
Talking particularly about crypto millionaires I think crypto millionaires are increasing every year too because the number of people investing in crypto are increasing every year.
The crypto marketcap is also increasing every year which means more money is flowing into crypto every year making new crypto millionaires every year.

[Pffrt]

I have seen a tweet recently that earlier this year if someone have invested $1000 in Shiba Inu, they would have been a billionaire. Is that true? I have not checked it myself but the way shib raised, I think it's true. I was not able to pick it earlier, nor I did now as I don’t like memecoin much nowadays but it was one single offer in a lifetime  Yeah, crypto will make you millionaire and sometime the poorest one too.

[AakZaki]

it doesn't have to be $1000, even $100 you can become a millionaire when you buy a shiba inu coin when it first appears and hold it up to yesterday's ATH price. But the challenge is, are you strong enough to hold it when the price is high in your opinion, even an increase of up to thousands of percent, it's very crazy. The crypto world is a world where people can suddenly become very rich, but also very poor in just a minute. All have risks

[bL4nkcode]

Maybe one day, the millionaire status will come true for every crypto investor.

Yes, but not from a zero assets/capital, but for those who already have thousands of $$$ portfolio and trying to pursue a million profit/net worth from trading or investing.

Well, obviously, many crypto people become millionaires already, it's just a matter of knowledge and smart work (smart choice of coin to invest) and etc.