Can you still make a fortune by using crypto?

In the last couple of years, Cryptocurrencies generated such a buzz that it’s nearly impossible to ignore. Bitcoin the so-called “First ever cryptocurrency” has attracted the interest of the masses, and has challenged the way in which. More about the author?

The way in which institutions conduct business has been transformed. Crypto millionaires have already made an increasing number in Q4 2021. Cryptocurrencies such as Bitcoin, Ethereum, Solana are soaring to their all time highs, indicating the beginning of another bull run. However, the typical investor is still pretty speculative of such gains. A typical investor is enthralled and concerned by stories of rich people gaining wealth through cryptocurrency.

Bitcoin was a hot topic only a few months ago. Why? because Tesla was refusing to accept Bitcoins as a type of payment citing environmental concerns. Tesla agreed to this move a few month ago. In the end, Bitcoin crashed and so did the whole cryptocurrency market. Massive amounts of money were eliminated from the market. China also played its part by imposing a strict ban on mining and using any cryptocurrency’s for the foreseeable future. The introduction of the Bitcoin ETF at the New York Stock Exchange has revived the market. Bitcoin along with other mainstream currencies are at the highest levels ever recorded.

Overtake the Elites

Bitcoin

If we’re discussing performance, how can we possibly not be missing Bitcoin. Bitcoin has grown by thousands and thousands of percent since its creation. For a better understanding what you could have done if you put a $1000 into Bitcoin in the past decade, your investments would have now turned into more than $15 Million today. This is, of course, assuming you do not sell your Bitcoins at the time. Despite the massive rise and fall within the past year, Bitcoin has still managed to grow 372% in the last year.

Ethereum

Next on the list is Ethereum which is the second-largest cryptocurrency worldwide. Ethereum has its own smart contract as well as dApps (Decentralized Applications Building Ecosystem) has been dubbed the “next big thing” just a handful of times. It’s a tech that deserves to be recognized. With over 500% growth in the past year, Ethereum might soon dethrone Bitcoin as the top cryptocurrency.

Dogecoin

This one’s intriguing, Dogecoin was first introduced as a meme coin, at the time of cryptocurrency enthusiasm. It was a concept creators thought of as a joke. Dogecoin may not be a strong suit in a real life use-case. But, for those who put money into it in the last year would have witnessed a massive gains of 19000% on their investment. Dogecoin is a cryptocurrency that is popular in the crypto-space is backed by a large community and a lot of people who support it. Elon Musk, the World’s richest man, is one of the major individuals, who has regularly pushed the meme currency’s name on a number of his social media posts, which has led to a major push in its price.

With such high proportions of gains in the past, some financial pundits reckon that the Crypto market is either hyped to death or has reached its limit. We all know that Cryptocurrency is driven by speculation and the general demand. That’s why it’s difficult to decide “What value is right for a specific crypto-currency”. A few people have had success in the world of crypto However, the majority lost money during the bull run that preceded it. Did we miss the crypto train? Have we seen the crypto-currency industry reach its finest days?

Crypto isn’t over, but it has seen its beginning boom

The Crypto industry has already hit the trillion dollar mark, but it is only now that institutions have begun to investigate it. The Crypto industry is still in its infancy. However, it looks to be a long-lasting and long-term upward trend. Many Financial Institutions have already included crypto currencies in their portfolios. The tech companies are also not as far behind to capitalize on this new technological breakthrough. Also, another important aspect that is crucial to Cryptocurrencies is regulation. El Salvador was the first country to accept Bitcoin as a legal tender. Since then, the authorities in charge of regulation have been working hard on the creation of a framework to allow the use of Bitcoin. Other countries are also working on or exploring ways to regulate the emerging technology.

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