Bitcoin: Can it make you rich overnight?
Bitcoin is hotter than ever, in fact, the term cryptocurrency was one of the most searched google words of 2017. Furthermore, questions like “What is Bitcoin?” and What is blockchain” were also on the top of Google Trends in 2017. The most significant reason people were attracted to the digital asset was simply because it had made a handful of people very wealthy in a matter of months or even days.
A lot went wrong here for the new investors though. Bitcoin got a majority of attention when it crosses the $10,000 mark which was during the end of 2017 and the beginning of 2018. People who had invested money back in early 2017 made thousands of dollars if not millions in profit. However, the people who got into Bitcoin when it was at its peak back in January of 2018 are now in a loss.
Bitcoin (BTC) Price Today – BTC / USD
Dylan Fine: A $350 investment into a six-figure empire
In fact, Dylan Fine, a 24-year-old man from Florida claimed that he became a millionaire by investing into Bitcoin and some other Altcoins.
The Florida Gulf Coast University graduate was not only homeless but also had a staggering $33,000 in debt. He said “I had a Mitsubishi Eclipse. The windows didn’t work. My AC didn’t work. I had to open my door just to get food out of the drive-through.” His life went from a homeless man to a millionaire when his friend introduced him to Bitcoin.
He stated “I would sit there and watch him play on his phone. An hour and a half would go by, and he made $200. Four hours would go by, and he made $700.” After witnessing the profits himself, he decided to put all that he had at stake. He sold a majority of his belongings and an XBox he owned in order to invest roughly $350 in the world of cryptocurrency.
The 24-year-old claims that he turned the $350 into $12,000 in a matter of just three months. Moreover, twelve months later and now he has turned the $350 into six figures. He added, “I can put in a trade, wait a few hours, let the exchange rate fluctuate and I’m able to profit from the world’s largest financial market in the world.”
The illusion that anyone can become a millionaire in such a short period of time is almost not possible though. A lot depends on your luck, and if we have a look at the highly-volatile cryptocurrency market, we can expect the price of any cryptocurrency to just double tomorrow.
It is essential to keep in mind that although many people made millions of dollars through the world of cryptocurrency, a lot of people lost their entire savings in the hopes of getting rich overnight or in a few days. If you have money in the bank which you can afford to lose, only then you might as well want to invest it in the volatile crypto market. Otherwise, you are better off with the money staying in the bank.