The New Way To Become a Millionaire With Crypto (2024)

FAQs

Is it possible to become a millionaire with cryptocurrency? ›

Bitcoin has made many millionaires already, and you could be one, too. Over the course of its 15-year history, Bitcoin (CRYPTO: BTC) has made plenty of millionaires. In fact, data from the blockchain analytics platform Glassnode shows roughly 115,000 wallet addresses with a balance of more than $1 million today.

The next crypto that will make you rich today is InsanityBets. It revolutionizes the CasinoFi and GameFi space to offer users a platform to become 'the house. ' The platform's native token, IBET, was recently launched via a presale and has seen high investor traction.

The truth is that you can get rich by investing in crypto, but making money in crypto is the same as making money with any type of investment. To become rich, you have to do your research, work with a financial advisor, follow specific markets and make trades at the right time.

Serenity Shield finally provides a reliable way to ensure your heirs can inherit your digital wealth. This makes it one of those cryptos that can turn $1000 into $1 million. StrongBox® allows people to securely transfer ownership of stored assets and data to specifically chosen successors.

Key Takeaways

There are 88,200 crypto millionaires worldwide. 40,500 of these millionaires have amassed their fortune in Bitcoin (BTC). The number of global crypto owners reached 580 million by the end of 2023, according to Crypto.com.

Bitcoin:

With institutional adoption on the rise and growing mainstream acceptance, Bitcoin remains a staple in any crypto portfolio. As a store of value and hedge against inflation, Bitcoin's scarcity and deflationary nature make it a compelling long-term investment for millionaire hopefuls.

As long as you hold digital assets you purchased with fiat currency without converting them into cash or other crypto, you are not required to report or pay taxes on any potential gains to the IRS.

How long do you have to hold crypto to avoid taxes? ›

Crypto tax rates for 2023

If you owned it for 365 days or less, you would pay short-term gains taxes, which are equal to income taxes. If you owned it for longer, you would pay long-term gains taxes. Here are the cryptocurrency tax rates on long-term gains for the 2023 tax year.

Reasons for cashing out crypto or Bitcoin

The decision to cash out crypto or Bitcoin depends on your financial goals and market conditions. You may want to lock in gains, cut or harvest losses for taxes, or simply use your digital assets in the real world. It's crucial to consider tax implications and market timing.

So, 10 times from those levels would mean that Bitcoin could go as high as $350,000, Saylor said. If this is the case, you would need to own 2.86 BTC to become a millionaire. It would cost around $190,000 today.

Faucets: Bitcoin faucets are websites or apps that reward users with small amounts of Bitcoin for completing simple tasks or captcha. While the earnings are typically small, you can visit multiple faucets to accumulate a small amount over time. 2. Microtasks: Some platforms offer microtasks that pay in Bitcoin.

Ethereum. Standard Chartered Bank analyst Geoff Kendrick thinks Ethereum could quadruple by 2025. Bitcoin (BTC -0.11%) has stolen the cryptocurrency spotlight. Its price has soared 125% over the past year due in large part to enthusiasm surrounding spot Bitcoin exchange-traded funds (ETFs).

The report, cited by Bitcoinist, suggests that 29% of millionaires have a “high degree of interest” in entering the cryptocurrency space as investors while another 27% “sit on the fence.” Altogether, then, a full 56% of HNWIs are either prepared to invest in digital currencies now or could likely be swayed to do so in ...