When you hear about cryptocurrency, what comes to your mind? Some people will fantasize on the freedom it has brought to the financial world, therefore allowing peer to peer transfers or exchange of assets and value. Others will find themselves restrained from discussing the topic due to bad runs they experienced in cryptocurrency trading. Whatever your opinion could be, this submission is on how the cryptocurrency boom has created millionaires who caught the train earlier before it left the station. The fact is that in this Bitcoin rush there are those who have accumulated massive wealth that is tabulated in millions of dollars.
Who are these millionaires that were the early birds that caught the worm before others could realize that cryptocurrency could create fortunes? Brace yourself as we embark on a journey to share about those who have made a fortune from cryptocurrencies and how they did it. To back up this submission with enough details, we shall root it out in statistical reports from various sources. In addition, to be a millionaire in cryptocurrency like Bitcoin then you should consider acquiring or owning above 100 digital coins. By having over 100 Bitcoins, you'll boast of being a millionaire in any traditional cash denominations such as Dollars, Euros, Swiss Francs and Great British Pounds.
Reports have shown that by the end of 2019, there were approximately eighteen thousand millionaires. Bitcoin is currently being valued at $8800 which implies that you will require 113 coins to be appraised with the millionaire title. With that said, let's check the top five millionaires, their net worth and how they did it. These are investors that have fully immersed themselves in creating Blockchain technology solutions by founding companies that deal in cryptocurrency trading. The reason they stand out from the rest is because of their entrepreneurial skills that have rewarded them with the abundance of wealth they have managed immersing.
Barry Silbert is accredited with the status of being the "King Of Cryptos" because he is the Chief Executive Officer and Founder of a firm known as Digital Currency Group. His company is geared towards providing an accelerated development in global financial systems. This mission is achieved by building and designing Blockchain solutions. He acquired CoinDesk, a news briefing brand specializing in digital coin news. His efforts have witnessed him go forward and find 100 Bitcoin-based companies, hence making him the richest investor and the leading front-runner in the field.
Blythe Masters is a lady that has acquired for herself a reputation in this sector through her entrepreneurial efforts. She was a former Managing Director at JP Morgan Chase & Co then become the Chief Executive Officer for Digital Asset Holding (DAH). Her company creates encryption-based processing tools that enhance efficacy, acquiescence, security and executable speeds for trading securities. Blythe's firm DAH is on a mission to apply Blockchain solutions to trading securities on Wall Street. Her venture was lucky to raise $150 million capital for furthering its mission with its first funders being JP Morgan Chase who tested her system and were impressed with the results.
Dan Morehead is portrayed as an investor who has majored in bringing the first investing activities based on cryptocurrencies. He is the founder of Pantera Capital, a company that was started in 2013. It became the first crypto fund that delivered massive profits to its investors who enjoyed a 24000% Return On Investment. In 2018, they launched their coin to enjoy the piece of pie from the buzz and the boom of fiat assets. Their trading endeavors have ranged from dealing with these digitalized coins like Augur to dealing with players like Bitstamp and Poly Chain Capital.
The affluent Michael Novogratz is portrayed as an esteemed investor who has directed a chuck of his fortune into cryptofunding. It is a firm he started by funding it with $150 million as a venture that deals in a variety of investing activities. He once predicted that Bitcoin was going to rise to $40000 value that saw him swing a miss, though the future might see his predicted value come to fruition. Michael enjoyed the best gains from his venture in 2017 when fiat assets rose to an all-time high. The future is still bright for this investor in the field of cryptofund due to the bull trend that is always happening.
Tyler and Cameron Winklevoss are two cunning individuals who did not earn their wealth by creating any Blockchain solution but parlayed their fortune from a court settlement. The twins sued Facebook in a messy court case that rewarded them with affluence after they emerged victorious. They were settled in Bitcoin and during that time they ended up owning 1% of this digital asset total market value. The twins even had the opportunity to be ranked billionaires in this field after the market value of these assets rocketed at high peaks.
There are other millionaires who have acquired their fortunes through mining activities and nefarious activities like stealing. Those who have made their fortunes through setting up mining firms have been paid in commission for assisting the verification of blocks. Miners have played an essential part in fueling this field to its new horizons and have been rewarded for their contributions. There are those who perpetrated illegal activities like money laundering, stealing and cybercrimes in accumulating their first millions in this sector. Such nefarious behavior has seen many of them end up on the wrong side of the law and serving jail time for their crimes.
To finalize, the number of those who are going to get rich by this scheme shall continue to rise due to the system gaining confidence in more fields. Writers, software developers and professionals are getting paid using this scheme hence we should expect them to be added to the list of millionaires soon. The ones who have become affluent from cryptocurrencies have been founders, investors, CEOs and Miners. Their numbers continue to rise as new players get introduced into the game of investing in this sector with different missions.