How did these folks get to millionaire status, and what are their perspectives on what other crypto investors should do? Let’s dig in.
Related: Study: Nearly 57 million people expected to buy cryptocurrency next year. Tips to consider before plunging into the market
What Crypto Millionaires Are Saying
- Erik Finman: Bitcoin Millionaire
Erik Finman is the youngest Bitcoin millionaire, having taken the title at age 18. He invested a $1,000 gift from his grandma in bitcoin when he was just 12. Today, he owns 401 bitcoins and is worth over $5 million.
Finman’s advice is what you might expect – invest in Bitcoin. He notes that Bitcoin is the safest cryptocurrency to invest in. Although this is his perspective, he isn’t married to Bitcoin. He believes that it’s the best option right now, but a better solution may eventually come along over time. When it does, he notes that it will be obvious and a long time coming. With that said, Finman has also tweeted about doubling down on Dogecoin – clearly, he also believes you should research and invest in newer cryptocurrencies in order to find the next Bitcoin-like success story.
- Cooper Turley: Bitcoin & Ether Millionaire
Cooper Turley became a crypto millionaire after investing in bitcoin and ether. It began as a small investment in 2017, throwing a few hundred dollars in whenever he could, but quickly became an obsession. In 2018, he became obsessed with learning how the technology works and the progression of the crypto space. He began investing even more money, even though the market was trending down – this ultimately led to his success. Today, Turley uses his crypto to practice yield farming and offer loans in DeFi.
While Turley has found success with this method, he notes that it should be reserved for those who are well-versed in crypto. He says he had been “experimenting with that sector for a long time, so I felt very confident about making sure I was checking in on how healthy my loan was.” What can we learn? Do everything you can to research and educate yourself about the crypto you invest in and any extracurriculars like DeFi.
Downturns in the market, like the one that Turley took advantage of in 2018, might just be an opportunity that you can tap into. He also recently took to Twitter to state the same sentiment: “Let this weekend be a reminder that everything can change in a day. Make a plan and stick to it. We’ve come too far to get 2017’ed again!”
- Grant Sabatier: Bitcoin Millionaire
Grant Sabatier bought 69 bitcoins in 2013 at $72 each. By late 2017, he was officially a millionaire as those same coins were now worth $16,600. He has since authored a book and created a finance website. He’s been consistently outspoken that most people shouldn’t invest in cryptocurrency – and with cryptocurrency at the forefront of culture, he has some advice.
Sabatier says that for people with less than $25,000 to invest, cryptocurrency should not be the prominent investment in your portfolio, especially with the rise of interest in cryptocurrency, and all the new coins that have come along with it.
According to Sabatier, “cryptocurrency should be treated like any other alternative asset class and be used as a way to diversify your portfolio.” He worries that we will see more and more people making cryptocurrency their main investment. Instead, he says, you should be saving for the long term, with tried-and-true methods like stocks, bonds, and real estate.
Related: How to Identify and Avoid ‘Shitcoins’ in the Cryptocurrency Market
- Tommy & James: Shiba Inu Coin Millionaire Brothers
Tommy and James are brothers from Westchester, New York. As of April 17th, they’re also crypto millionaires. In an interview with CNN, they asked to keep their last names out of the media to protect their identities. Between the brothers, and a few family members who pitched in a few hundred dollars, they invested about $8,000 into shiba inu coin at the beginning of the year. Having lost much of their wedding videography business to Covid, this investment has completely flipped their world upside down.
The brothers’ advice is simple: “Don’t put in money that you aren’t willing to use.” They initially thought of the investment as a lotto ticket that didn’t expire – if it went somewhere, great. If it didn’t, they could afford to lose the money. They note that meme cryptocurrencies are very high-risk and that what happened to them is not what typically happens. So as more meme cryptos pop up each month, it might be worth the gamble, but it is just that – a gamble.
Related: How a Series of Elon Musk Tweets Helped Lead Investors to Dogecoin, a Meme-Inspired Cryptocurrency Worth 4 Cents
The value of cryptocurrency is speculative, which makes investing in it dangerous. However, the high risks can bring high rewards. For some crypto millionaires, their high rewards were mere luck. For others, research and education brought them massive fortunes. Which side will you be on?
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