Since the introduction of cryptocurrency, it has made a lot of buzz in the news, and often takes a headline in some part of business news, cryptocurrency has grown plunged, learned, developed and it has a seeming resilience and it seems like almost everyone wants in on it. The true cryptocurrency hero stories are dominated by those that have become millionaires off their cryptocurrency investments. Some of which are:
Satoshi Nakamoto: It is not surprising that Satoshi is among the top cryptocurrency millionaires as he developed the pioneer cryptocurrency Bitcoin. It is known that during the first year, Satoshi had mined a lot of bitcoins and although Satoshi neither spends or mines at the moment, he is still the largest holder of bitcoin.
Winklevoss twins: of all cryptocurrency millionaires, the Winklevoss twins are among those with the most appearance on the media, they own a cryptocurrency exchange called Gemini and hold 1% of all cryptocurrency holdings.
Charlie Shrem: Young Charlie Shrem is one of those that took a huge leap with investing in bitcoin by buying thousands of bitcoin at its initial stage when it was cheaper, moved on to founding Bitinstant and owning a gastro pub in Manhattan.
There are common things in the success stories of the cryptocurrency investors. The big players tend to invest early, their investment are not short term, they grow them on a long-term basis, and the biggest ones are those that have integrated cryptocurrency in their businesses and or have moved to invest in cryptocurrency tech world either through their own cryptocurrency or supporting applications.
- It is a very volatile market – cryptocurrency has a history of being very volatile and rising by a great range in just seconds
- Not yet globally legalised – cryptocurrencies, even bitcoin is yet to be legalised in many countries around the world so why put your money in a place you can’t spend?
- It might just be a bubble - cryptocurrency might just be a bubble as speculated by some financial experts especially since its worth is largely decided by the investors
- It is new on the market - if you are one of those people that prefer to be surefooted in things before you take a leap, cryptocurrency may not be for you as it is barely a decade old and is still working on being a globally legalised system of transactions.
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