Is cryptocurrency making new millionaires every day?

[Lionden009]

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.

[Yogee]

.... So, you need great timing, learning, and strategy to gain profits in cryptocurrency.

You also need a lot of luck.

Take Doge and Shiba Inu for example. Those who invested in these meme coins or tokens early had been lucky there are still a lot of people chasing the hype even though their use cases aren't unique.

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

This won't happen. Not with the current gambling mindset of investors.

[sheenshane]

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

This won't happen. Not with the current gambling mindset of investors.

I tend to agree, those who invested hype coins or tokens are totally gambled their money because they want to earn in a short period of time which is though it is risky but if you will a little bit lucky you will be able to earn a profit, but over all isn't safe at all.

You have heard those who've gained but how about those who'd lose their money because they are trapped investing in a high price but suddenly have dropped.  Not all cryptocurrencies will make you rich especially in altcoins, if you're a Bitcoin holder and purchase for about 5 years ago for sure your profit was there, not the short term or hype coins/tokens.

[TryNinja]

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. And that was not just a random shitcoin, since it got quite a bit of attention from known crypto guys on "crypto-twitter". Everyone rushed to the end and a couple of people got out with a couple of millions (someone went from $500k to $18m), while the rest of their community got rekt.

Even rekt.news made a post about this: https://rekt.news/snowdog-rekt/

[Porfirii]

Remember: A few millionaires and a many indebted

Taking into account that getting the first dollars is much harder than the last ones and, therefore, the less you have, the more they are worth to you, the quoted was a very timely appreciation.

Answering the OPs question, there is no doubt that crypto is making new millionaires every day. There are plenty of examples, with hundreds of coins. But let's not forget that this is a zero sum game, and that there are losers too.

Is cryptocurrency making new bankrupts every day? The answer is also affirmative.

[Darker45]

It may not be as complicated as you think. You don't even have to be that intelligent. 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.

[Rruchi man]

But you can make a good amount of money depending on how intelligently and how dedicatedly you trade or invest in crypto.

This is sure, in my country, many young people who never imagined themselves to be in the millionaire status are now there, cryptocurrency has made more youths millionaires in my country faster than even the career they studied in school. Apart from luck, intelligence and strategy, Information is also key in gaining the most from crypto. Being at the forefront of information guarantees you to make the best profits from crypto.

[Jawhead999]

@OP you're confusing between Bitcoin and cryptocurrency (altcoins) since both of them are different. You could become a millionaire in a single day by investing on altcoins (pump & dump) it's all depend on your luck to choose 1/10000 coins out there of the chance is 0.01%. If you invest in Bitcoin you can't become a millionaire in a single day since it won't pump 100-1000x in short time (expect you're early adopter), but it's the safest investment IMO.

[noorman0]

There are many paths one can take to become a millionaire, crypto is just an adequate tool to be used globally and accepted as something of value which many companies/services have adopted (not about legality).

It's not just an investment tool, if you use it in gambling, it's impossible for you to earn hundreds of times. And lately, digital artists are benefiting from the presence of NFT technology. It just depends on where you want to be in the crypto field, if you are consistent then you will enjoy the results one day.

[traderethereum]

As long as you can select the right project for your investment, you can expect to become the next millionaire someday.
But you should not expect to make big money in a night because there is a process that you should follow and the project where you invest in will not lift the price in just one night.
But we admit that some projects can lift the price quickly, but that is rare to happen to many projects.
So only research will give you the chance to make big money.

[tranthidung]

It is not. Crypto market is another place where we are joining in a zero-sum money game. It means there are winners and losers in the same game and money flows from losers' addresses to winners' ones.

The Pareto Principle is true in all aspects of our society so sure it is true in crypto market. It means we can assume that 80% of participants in the market (traders, investors) end with losses, and around 20% of them end with profit. How many of them are millionaires, we can not estimate it but I believe only a few of them are millionaires or billionaires.

• Pareto principle and Bitcoin owners
• Willy Woo's tweet about Bitcoin distribution
• Trends in income and wealth inequality (Pew Research Center)

[pooya87]

Majority of those who get involved in altcoin trading lose a large amount of bitcoin specially since they all hang around too long. For example during 2017 we had a large surge of newcomers who bought a lot of different altcoins because they saw them pumping every day. But they didn't know that it was a "pump" and though it is "growth" so they ended up bag holding until they all lost a lot of money and some lost as much as 98% of their initial investment (left with only 2% of it).
If you want to see them, just search for topics talking about "having patience" during 2018

[aysg76]

Majority of those who get involved in altcoin trading lose a large amount of bitcoin specially since they all hang around too long. For example during 2017 we had a large surge of newcomers who bought a lot of different altcoins because they saw them pumping every day. But they didn't know that it was a "pump" and though it is "growth" so they ended up bag holding until they all lost a lot of money and some lost as much as 98% of their initial investment (left with only 2% of it).
If you want to see them, just search for topics talking about "having patience" during 2018

This is what happens when you blindly invest in these coins just because they are rising insanely just for temporary period of time under some influence but people tend to ignore these facts and just put their life savings on these altcoins which are shitcoins at most and gradually end up losing them all.

In the past few days we saw shiba inu insane rally and whales buying billion worth of coins but what happened when it reached at high prices? The exchange server crashed and people were not able to liquidate their holdings as you could not sell them and then prices crahed.So what's the fun of holding these coins?

Second case of Squid game token which was giving 1000% returns in single day and people rushed to invest in it and later on it crashed 100% to zero because of rug pull and the holders lost all the funds in one go and the owners scammed people with million dollars and ran away.This is what you want to happen with you also by investing in these coins?

This is the misconception among newbies and many others that crypto is shortcut to become millionaire easily of which scammers and shit token owners took advantage and first pump the coins with fake projects background and once people start investing they dump the coins and cash out their profits and latter one is left with 3-4% of initial investment as you said.On the other side they ignore btc just because it's out of reach and having sats is not possible at all(excuse) but they ignore how safe and best btc is and those who have hold it for years are actually millionaires now what they want but this is not how they are looking towards it.

[Woodie]

Everyday I do not think so, because markets are not always posting positive numbers like it is right now...so we cant literally be getting millionaires everyday , if it was the case we would have been seeing lambos everywhere .And tbh I do not think in todays investors we have many people that invest in cryptos to secure a load full that will make them millionaires. But were we have a high possibility of getting millionaires is when we get into a bull run phase  and the hodlers portfolio grows in  value chances are high of getting a few millionaires here.

[UserU]

You also need a lot of luck.

Take Doge and Shiba Inu for example. Those who invested in these meme coins or tokens early had been lucky there are still a lot of people chasing the hype even though their use cases aren't unique.

Close to a week ago, I saw someone posted his profit of over $500 million just by chucking $500 into SHIB during its early days.

Jelly.

[Alisha-k]

Crypto trading is currently one of the biggest means to earn income, but not everyone is making it big, this still isnt as a result of the dip or unfair market situation but the fact that so many persons lack the appropriate strategy and signal to use.

In as much as you can select the right approach for your trading and you're consistent in it, then you can make millions from crypto, maybe not immediately but definitely.

[Anguwa]

Crypto trading is currently one o the biggest means to earn income, but not everyone is making it big, this still isnt as a result of the dip or unfair market situation but the fact that so many persons lack the appropriate strategy and signal to use.

In as much as you can select the right approach for your trading and you're consistent in it, then you can make millions from crypto, maybe not immediately but definitely.

I agree with your point, but also remember that as you are gaining, people are loosing too. So it's also a very risky process that involves alot of talent, knowledge, dedication and luck, yes I said Luck. It's not everyone that invest will gain even if appropriate measures were taking, but if you are lucky, you can start today and make it today.

[TheNineClub]

Coming from personal experience, I know a few people who have done really well with crypto. They were early(ish), they traded, worked with crypto projects, bought the dip, sold the high, hodl, you name it they did it, and they god a lot from it, but they ain't millionaires. And I am not sure that's even that important. If it can bulk up your budget then it was more than worth it. I'll live the millionaire dreaming to someone who has the time for dreaming.

[cryptoaddictchie]

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.

Your not necessary to be intelligent you just need some guidance and style when it comes efficient to that. Does being millionaire means you had some experience or great background? No right? Sometime a lucky airdrop could do it for you already or some good bounty you joined or a good bought on uniswap like shiba, anything like that could do it.

[Daniel91]

Cryptocurrencies have already made a lot of people millionaires, but I wouldn’t say it happens every day.
It is almost certain that the people who joined crypto in the period 2009-2012 have already become millionaires, provided they didn't sell their crypto funds too soon.
Today it is much harder to become a crypto millionaire because there are so many interesting crypto projects that it is very difficult to guess which will be the best and bring the biggest return on investment.
Crypto trading is very risky today and it is very difficult to become a crypto millionaire that way.