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Ryan Larry
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Ryan LarryTeacher
Asked: March 31, 20222022-03-31T13:28:08+05:30 2022-03-31T13:28:08+05:30In: Business

Could someone become very rich with bitcoin?

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  1. Marlin Smith Begginer
    2022-03-31T13:30:31+05:30Added an answer on March 31, 2022 at 1:30 pm

    Absolutely. You can become rich with bitcoin whatever it rises or falls.

    Many people get rich by investing in Bitcoin during 2008–2017. And after the dip in 2017, people started to trade bitcoin derivatives and options to get rich even the price keeps going down. Therefore, wherever you trade, investing in Bitcoin will get you rich. What you need is a bitcoin exchange offering a full range of trading products.

    Then you can earn the profit whatever Bitcoin price goin up or down.

    First, you could register for an account on a secure, large bitcoin exchange which offers a full range of trading products. Frankly speaking, cryptocurrency exchanges that have a great reputation and scale always have the services, like OKEx, Bitfinix, Kraken, etc.

    As a senior player in the blockchain/bitcoin field, lol, I always do the trading on OKEx, because I never confront a security problem on OKEx which makes my assets be my assets forever. So maybe this time I will take OKEx as an example.

    • Install an offline Bitcoin wallet and set up a strong password to protect it.
    • Set up an account on a bitcoin exchange and complete the KYC verification.
    • Choose Buy/Sell for the fiat gateway, Markets for Real-Time price of various tokens, Trade for Spot trading, and derivatives trading.

    With your mature trading strategy, you can absolutely make money from trading bitcoin. However, it will also be extremely risky in trading bitcoin derivatives. Don’t spend money you can’t afford on it.

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  2. Jennifer Teacher
    2022-03-31T13:31:08+05:30Added an answer on March 31, 2022 at 1:31 pm

    No, not anymore.

    Bitcoin can only increase by 6x from now from $42,000 to $250,000, because the maximum multiple per bull run has only been 100x from bottom to top and markets get less volatile the more they mature, so this time would probably only 50x from $3,100 to $160,000, maybe with some luck an 80x with institutional FOMO to $250,000.

    This is a terrible return for crypto and it will take until late 2021 for you to make that return.

    That means if you invest $10,000 in Bitcoin, it will only be worth $60,000 later this year at most. After taxes that is $35,000, so the actual return for Bitcoin is only 3.5x. That’s a terrible return for such a volatile and risky asset and it can definitely not make you rich.

    Even if you are already rich and have $100,000 play money available and invest that into Bitcoin, it would only make you $350,000.

    Can Ethereum make you rich?

    Right now, Ethereum is at $1,221. 2 months ago I said Ethereum will surely go to $20,000 and maybe to $40,000.

    That would be a 16x return and a 32x at max. Can that make you rich?

    If you invest $10,000 into Ethereum, it would be worth $160,000 later this year and $320,000 at most. Is that rich? Not really.

    If you invest $50,000 into Ethereum, it would be worth $800,000 later this year and $1.6M at most.

    Conclusion

    Can you become rich by investing in Bitcoin? No, that time is over.

    You could only become rich with Bitcoin if you invested back when it was worth $10,000 and you invested $10,000 into it. Even that will only make you semi-rich.

    You could still become somewhat rich with Ethereum if you invest $20,000 now, which would return $320,000 to $640,000 at most later this year, but that’s it.

    That all being said, you still should hold 30% of Bitcoin in your portfolio, because it gives you more stability and flexibility, but Bitcoin will not give you large multiples anymore.

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  3. jenfar jn Begginer
    2022-03-31T14:42:15+05:30Added an answer on March 31, 2022 at 2:42 pm

    There’s no denying that some cryptocurrency traders have become millionaires thanks to their successful investments. What’s not as often discussed is the great number of people who have lost significant sums trying to become rich by investing in crypto.Could someone become very rich with bitcoin

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  4. Lena Martin Teacher
    2022-03-31T17:37:57+05:30Added an answer on March 31, 2022 at 5:37 pm

    Right now, Ethereum is at $1,221. 2 months ago I said Ethereum will surely go to $20,000 and maybe to $40,000.

    That would be a 16x return and a 32x at max. Can that make you rich?

    If you invest $10,000 into Ethereum, it would be worth $160,000 later this year and $320,000 at most. Is that rich? Not really.

    If you invest $50,000 into Ethereum, it would be worth $800,000 later this year and $1.6M at most.

    Conclusion

    Can you become rich with investing in Bitcoin? No, that time is over.

    You could only become rich with Bitcoin if you invested back when it was worth $10,000 and you invested $10,000 into it. Even that will only make you semi-rich.

    You could still become somewhat rich with Ethereum if you invest $20,000 now, which would return $320,000 to $640,000 at most later this year, but that’s it.

    That all being said, you still should hold 30% of Bitcoin in your portfolio, because it gives you more stability and flexibility, but Bitcoin will not give you large multiples anymore.

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