For crypto newbies, the first question that probably pops into their head after having figured out the basics of cryptocurrencies is: can Bitcoin make your rich? Of all the incredible qualities of Bitcoin and other cryptocurrencies, its profit-making component has gained the most attention from mainstream media outlets. In today’s article, we assess the ability of Bitcoin to make you rich.
For many people who are not too sure about how the crypto market functions over a short or long term period, Bitcoin is either seen as an easy method of moneymaking or is discarded as a bit of a scam.
However, if used correctly and intelligently, Bitcoin is neither of these. Let us decode exactly how much potential Bitcoin has in terms of making one rich.
You May Also Read: Are Cryptocurrencies A Shady Scheme?
How Does Bitcoin Make You Rich?
In the situations where Bitcoin does make you sufficiently rich, it means that you have bought Bitcoins at a low price and managed to sell them off when the price reached its peak. If this was the December of 2017 and you were asking us whether Bitcoin can make you rich, we would probably tell you “yes, it can”, without so much as batting an eyelid.
This is because the price of this cryptocurrency had skyrocketed back then, leading Bitcoin owners to earn a great deal of profit by clever selling.
You May Also Read: What Was The Highest Bitcoin Price In History?
Now, however, Bitcoin is going quite bearish. Since it has been experiencing this slump for a really prolonged period now, experts cannot be sure if the prices will break out in a bull run and guarantee profits for investors any time soon.
However, as Andrea Bonaceto, the founder and CEO of investment capital firm Eterna Capital told BTCWIRES in a recent interview, this is probably a good time to buy Bitcoins as the prices are quite low and can give investors enough scope to recoup and get rich if prices begin to rise.
Bitcoin can also make you rich if you intelligently use offers and discounts on websites that allow you to use Bitcoins for payments and give you small waivers on the same. However, this is not a very direct or substantial enough way to get rich.
Will Bitcoin Make You Rich?
Given the crypto market is so incredibly volatile, there is no way for anybody to predict with full certainty if Bitcoin will make you rich.
If it does break out in a bull run soon and you play your cards right, then it might. However, it may also lead you to incur losses if the prices dip further.
A major price dip does not seem to be too likely as of now and experts are still hopeful of a bull run this year so you might as well take a chance, as long as you don’t bet all of your life savings on Bitcoin.
Here Are A Few Other Articles For You To Read Next: