In recent years, the world of cryptocurrencies has experienced tremendous growth in popularity and awareness. More…
Becoming Crypto Millionaires or even, Crypto Billionaires is the new dream for many cryptocurrency enthusiasts now. It used to be winning the lottery or making a jackpot in gambling. But with modernization, people have found a new way to earn money and hopefully, build a big net worth with it.
Accumulating or building wealth is probably high on most people’s lists. We are all aiming to build a sustainable and comfortable life for ourselves and we know that money is crucial to that goal. The rapid growth of digital currencies has made it more likely for people to turn their dreams into reality.
This blog post is about five people who became millionaires by taking their chances in the early days of cryptocurrency.
Top 5 Crypto Millionaire Stories
In a May 2021 feature by CNBC, Cooper Turley revealed how he started his Ethereum investment in 2017 as a college student. He began investing a few hundred dollars he had saved up. He invested in Ethereum because of its multi-functionality and capacity to empower various sectors such as the music industry.
His initial investments also saw a vicious drop in 2017 but he decided to hold his ground and pursue investing. He also influenced his parents to start investing in cryptocurrency which has worked well in their favor.
A year after, he decided to learn more about Ethereum – an ultimately promising cryptocurrency that will provide not only digital money but services and contracts as well. As of late, he is involved in yield farming, Defi, and is an advisor for Variant Fund, an early-stage venture firm.
Kristoffer Koch: Bitcoin Millionaire
Known as the “accidental millionaire”, Norwegian Kristoffer Koch paid $26.60 for 5,000 worth of Bitcoins in 2009. This crypto investment was brought about by his thesis work on encryption which led him to Bitcoin. When Bitcoin was all over the news in April 2013, Koch was reminded of his encrypted wallet containing his bitcoins.
Much to his surprise, Koch’s ‘forgotten’ bitcoins gained a value of $886,000 as he shared with NRK, a Norwegian news agency. After he converted a portion of his BTCs, Koch purchased an apartment for himself in the upscale Toyen district.
One of the early investors in cryptocurrency and earned the moniker of “ Bitcoin Jesus” because of his crusade in supporting the rise of cryptocurrencies. Ver accumulated around 400,000 bitcoins through his site Memorydealers.com and distributed them through the start-ups and venture projects he supported.
Roger Ver’s net worth is around $430-$520 million based on different resources. He has also made huge donations – $1 million worth of Bitcoin to the Foundation for Economic Education back in 2013. He donated another $2 million worth to the same group in 2021.
Tyler and Cameron Winklevoss
This pair has been in the spotlight since 2004 got into a legal battle with Mark Zuckerberg and then they went on to win a sixth place in the 2008 Beijing Olympics for the men’s pairs rowing event. In 2012, the twins founded Winklevoss Capital which funded crypto start-ups. They also established Gemini in 2014 – one of the few cryptocurrency exchanges with high-level security and is licensed by the New York State Department of Financial Services (NYSDFS).
In a list compiled by Forbes, Winklevoss didn’t make it to the Forbes’ 2022 400 List of Richest Americans due to their personal crypto crisis. As of September 2022, their combined net worth is at an estimated $2.2 billion.
Lea Thompson (not the actress!), was already in the tech industry working in sales when she was first introduced to cryptocurrency after she received payment for a blog-writing stint in the form of crypto. She used Steem’s platform to share content and exhibit her love for music such as her ukulele covers. Lea Thompson began with $500-$1000 for her Bitcoin and Ethereum investments. Though she did not disclose any actual amounts in her interviews, it is possible that her crypto earnings are four times the value of when she first purchased them.
An Inspiration for Aspiring Crypto Millionaires – Changpeng Zhao!
If you want to be a crypto millionaire so freaking bad and “buy all of the things you never had” (I know you sang this in your head!). Here is an inspiration for you.
The crypto market will work for your benefit if you invest wisely. For instance, Changpeng Zhao who is now known as one of the crypto billionaires, started out as an international student in Canada. He pursued his doctoral degree at the University of British Columbia. While studying, he worked several part-time jobs including a stint as a McDonald’s cook.
CZ studied computer science and developed an interest in cryptocurrency way back in 2013. The working experience and knowledge he gathered from the Tokyo Exchange and Bloomberg’s Tradebook, helped him build his own digital assets.
After selling his condominium in Shanghai, CZ put all of his money to invest in bitcoins. He spent around US$1 million to buy the digital asset. The price of Bitcoin was US$600 per btc at that time.
He had other crypto start-ups which led him to establish Binance. 2017 marked the beginning for Binance. It is now the biggest crypto exchange in the world. As of August 2022, its has a daily trading volume of $76 billion with over 90 million customers across the globe.
Changpeng Zhao rose all the way to the top by taking risks and yet being careful. To succeed in cryptocurrency investments, it is important to know when to risk it all and when to hold on to your investments.
Final Word on Crypto Millionaires
Aside from the Winklevoss twins, the crypto millionaires in this list were living normal lives before they struck a fortune with their cryptocurrency investments. If you’ve noticed they all started with modest amounts and didn’t expect much from it so much so that it actually surprised them to have gained profits.
Investing in Bitcoin and other cryptocurrencies can turn into millions of dollars as long as you know how to wait and you know how to play the market wisely.
While everyone doesn’t share the same fate, lessons can be gleaned from them. It is better to start out small and wait for the results. It is important to have a healthy mix of optimism and skepticism.
Trust in the process, CryptoCoin Believers!