Is It Still Worth Buying Bitcoin or Investing in Crypto?
Let’s take a look back to the founding year of BTC: 2008. The price is pennies and only a handful of people know the idea of cryptocurrencies. Today, the price is again around $17,000, and several companies and governments are looking at crypto and related digital technologies. Back then, an investment was definitely worth it.
Therefore, due to the long history of cryptocurrency, the question arises: Can you still get rich with Bitcoin or crypto? In this article, BeInCrypto shows you why this is actually still possible.
Can You Still Get Rich With Bitcoin?
Of course, the price has to rise sharply to become rich with a relatively small investment. Since the supply of the cryptocurrency is limited to 21 million and 90% of all BTC have already been mined, demand is the decisive factor for the further development of the price.
There are two possible uses for Bitcoin: The cryptocurrency remains solely an investment asset or is also used as a means of payment.
If BTC remains a pure investment, significant price increases are still in the cards. For example, if BlackRock, the world’s largest asset manager, were to invest 1% of its assets under management in BTC, a price of over $100,000 would be conceivable. Should BTC reach the market value of gold, then even a price of around $500,000 would be realistic, as suggested by BTC enthusiast Michael Saylor.
In the second scenario, the increase in demand would obviously be much greater, especially if a large part of humanity uses BTC as a means of payment.
Some experts and well-known companies have therefore already made spectacular forecasts. For example, investor Raoul Pal believes that the Bitcoin price will rise to over $1 million or even higher due to the network effect. After all, so far only a relatively small part of humanity uses and owns BTC. Capital manager Fidelity, star investor Cathie Wood and bestselling author Robert Kyiosaki therefore consider a price of 1 million US dollars to be possible.
But even if BTC were to rise to 100,000 or 1 million US dollars: with an entry price of 10,000 US dollars, the investment would have “just” multiplied tenfold or hundredfold. In addition, it is still unclear how the mass adoption of crypto will develop or whether further large investments in BTC will take place. So you probably won’t get really rich with a small investment, even if it could be worth it. Nevertheless, the crypto market still offers numerous other opportunities to get rich.
The next crypto bull run is your chance
BTC’s market cap has already increased significantly compared to the market cap of most cryptocurrencies. A lot of capital has already flowed into what is probably the most popular cryptocurrency in the world to date. So if you want to get rich with crypto, find the “next” bitcoin: A cryptocurrency whose market capitalization is still quite small, but which has great upside potential.
In the last bull run, most crypto investors got rich not from BTC, but from altcoins they bought in the bear market. Let’s look at a few examples.
CAKE, the symbol of the exchange PanCakeSwap, was launched in September 2020 at a price of $0.0002318 and reached an all-time high of around $44.18 in May 2021. If you had invested €10 at launch and sold at record highs, you would now have nearly $2 million. Without a sale, the coins would still be worth just under $200,000.
The Shiba Inu coin recorded by far the biggest gains in the last bull run. Between September 2020 and the last record ever (November 2021), the price increased by a factor of 1 million. With an investment of one euro, you would have had the chance to become a millionaire.
The price of BNB, the symbol of the Binance exchange, was around 10 cents when it launched in late 2017. The price is currently around 250 US dollars. Even if you were to sell BNB now, you would still have more than 2000 times your original investment. With an investment of around 500 euros, you would now be a millionaire.
The examples just mentioned show that it is still possible to get rich with crypto – even with a relatively small investment. Bitcoin still offers huge upside potential, but investors need significantly larger sums to achieve the same returns as altcoins.
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