Can Cryptocurrency Make You Rich?
Author: Elle Miller
We heard it all! I’ve seen firsthand many miracles and many horror stories from the cryptoverse. From overnight millionaires of teenagers getting into a memecoin at the right time to seasoned traders losing everything in a scam.
That’s the reality of crypto and it can be a dangerous market to invest in if you don’t know what you’re doing.
The thing is, it doesn’t have to be that way. Cryptocurrency also has a different facet that uses tried and tested fundamentals, basic principles, and a long-term time horizon to combat volatility and see gains in the future.
So, can cryptocurrency make you rich?
The short answer is: yes, it can. But there are many factors that affect whether or not it will.
Let's take a look at the four most common reasons why you should consider investing in cryptocurrencies:
1.They're an alternative to fiat currency. Cryptocurrencies are decentralized, meaning there is no central authority that controls them and no government can tax or issue additional debt.
2.They have incredible growth potential. In the past few years alone, Bitcoin has gone from $1 to over $19,000 in less than ten years! It even reached a peak at over $60,000. On top of this, many other cryptocurrencies are growing at even faster rates. The total market cap of all cryptocurrencies currently sits at around $1.6 trillion USD, which is still up from just $10 billion in early 2017, despite the market downturn. Not only does this mean that your investments will be growing quickly; but it also means that they'll be worth more than what they were when you first purchased them!
3.There are many different projects that could produce passive income. There are over 18,000 different cryptocurrencies and many more are on the way. Some of these projects allow their users to gain passive income throughout the years just by investing in them.
4.Adoption is increasingly becoming widespread. As technology advances, more and more industries are seeing ways to integrate and use crypto in their daily operations. Just like the internet, this will become commonplace. One day, it’s something we can’t live without and just a fact of life. Investing in it this early, allows you to have a great buy-in opportunity that one day can reap its rewards.
As you can see, yes there are many opportunities in crypto that can make you rich. Some can even gain you generational wealth if done correctly.
It’s also my responsibility to share with you the other side. Scams and rugpulls are also rampant in the community and among the thousands of cryptocurrencies created, there are some that are bogus. People have lost thousands to hundreds of thousands of dollars investing in the wrong thing, putting their money at the wrong time, or missing out on amazing opportunities.
With over 18,000 cryptocurrencies, it’s hard to figure out what to do to make sure you maximize your returns and invest wisely. That’s exactly what we do at Breakout Solutions. We have hundreds of our members learning from industry experts that multiply their portfolios many times over. We have an amazing community of digital wealth builders sharing their stories, what they learned, and how they’re journeys. We also have great and easy-to-understand content for people to dip their toes into crypto, hone their trading skills, or set up a portfolio.
No matter where you are on your crypto journey, browse around and join our free community where you can discover so much more without all the noise, scams, and tricks.
Check out decryptingcrypto.com for free access!