The web is awash with stories of ordinary people building fortunes out of crypto trading. Data from reputable sources indicate that there are as many as half a million crypto millionaires today.
These millionaires have reportedly earned their wealth through investment and trading. Those that earned the wealth through long-term investment did so by buying low and selling high. For instance, an investment of $100 in bitcoin in 2011 could have been worth over $6.7 million by early 2021.
Bitcoin is not the only crypto churning out millionaires. Altcoins such as DOGE and SHIBA INU have rallied and in the process made many investors rich. CNBC reports that an investment of $1000 on DOGE in early 2021 could have been worth $121,000 within a couple of months.
But what is crypto and why should you invest?
Cryptocurrencies are digital currencies based on the blockchain. The concept of decentralized money was first introduced in 2009 through a paper titled, a Peer to Peer Electronic Cash System.
This whitepaper explained the concept behind bitcoin and its application. The value of bitcoin remained relatively low until 2021. In 2016, the crypto industry entered into a massive boom that pushed its prices to a little over $19000. Many other booms have followed suit with the recent one pushing BTC past $67000.
Today, there are over a thousand cryptos in the market. Most of these are based on the concept of BTC and Ethereum. Ethereum is the second largest crypto after bitcoin. You can invest in most of these currencies through major crypto exchanges.
You can also trade the volatility of these digital assets through CFDs brokers. Bitcoin System offers tools to help you succeed in volatility trading.