The new age of Crypto Millionaires
No one could have ever imagined a decade ago, how the world's first peer-to-peer cryptocurrency, Bitcoin, was going to change millennials.
Since the launch of the world's first peer-to-peer cryptocurrency in 2009, millennials are on the lookout for new financial and payment instruments as an alternative to traditional finance gateways being accepted around the world.
It never occurred to anyone to wonder how cryptocurrency is changing youth all over the world. People don't change very fast, but the younger generation is always at the forefront of changing the world order.
You take any revolution in any part of the world, be it any cause, like independence, human rights, environment, more all was only possible after youths joined the causes they believed that it was important for their future.
A revolution has never taken place without the active support of youths. The cryptocurrency revolution is also happening because youths want to be part of a new alternative to global finance.
Initially, what was pegged as a mere game coin/token for digital transfers between connected computers has now become a must for all.
Governments across the world are concerned, as their legal tenders will become useless and printing of notes will not help them to manage inflation, so they are doing all that can stop this revolution.
Though, many governments which understand the importance of technology, want to work with developers, so that this technology can be used for the public good with limited checks and balances.
There are many that have become millionaires today, by investing a fraction in some tokens a year back. There are some classic examples that need to be looked into.
One class example is how a cryptocurrency Shiba INU holder turned $17 to a whopping $ 6.5 million in a few months.
Shiba INU is pegged as a Dogecoin, which has made many of its investors millionaires. Both these tokens are meme tokens (tokens made for fun).
However, some meme tokens do present themselves as a token working for community services, like serving dogs, cats, wild animals, some also started their meme tokens for helping save the ocean, environment, forest, and so on.
The report said that the Shiba INU holder bought almost 200 billion Shiba tokens in October 2020 for just $17 and as the market went up he made almost $6.5 million from those tokens.
He is not the only one, there are scores that have made millions from early investing in crypto projects.
Shiba INU became popular when Ethereum founder Vitalik Buterin burned 90% of his Shiba Inu (SHIB) token and donated 50 trillion SHIB tokens to India COVID-19 relief fund set up by Polygon founder Sandeep Nailwal.
Many of the millennials are also using the Klever ecosystem for trading and swapping cryptocurrencies. Klever is a crypto wallet ecosystem serving more than 150,000 daily active users and over 3 million users worldwide with Klever App, Klever Swap, Klever Exchange, and Klever OS.
Klever Wallet is a simple, powerful, and secure self-custody crypto wallet, supporting the world’s major blockchains. The app offers 300+ trading pairs in Klever Swap and access to ETH and TRX-based DApps in Klever Browser.
KLV serves as the fuel for the entire Klever ecosystem and ensures reduced Klever Swap fees and allows KLV Staking to earn a passive income, with over 50% of all KLV in circulation currently frozen and staked by Klever users.
University of Colorado’s student become a millionaire
The 25-year old, Cooper Turley studying music business at the University of Colorado Denver said that he started investing in cryptocurrency in 2018.
During that time, Bitcoin was trading at $2000 and Ethereum was trading at a few hundred dollars.
Turley tells CNBC Make It, those early investments have made him a millionaire, growing to be worth seven figures, with 90% of that generated in the last two years. (Klever could not independently confirm documents detailing the transactions and current value of Turley’s crypto holdings.)
He learned that the Ethereum blockchain has the potential to change the music industry and help artists take more control over their own music. For instance, smart contracts on the blockchain could do things like expediting royalty payments directly to creators.
Today, Turley lives in Los Angeles and works in crypto strategy at Ethereum-based streaming app Audius. He is also an angel investor in the space. So far, he has contributed to 50 plus crypto projects and also invested in 20 crypto projects.
Gen Z think cryptocurrency will make them millionaires
According to the latest survey done by data analytics firm Engine Insights, it was found that at least 59% of Gen Z respondents (born between 1997 and 2012) believe that they could become well off by investing in cryptocurrencies.
The survey was done among 1,027 adults who are 18 years of age and older also found that 46% of millennials (born between 1981 and 1996) believe they could become millionaires from cryptocurrency investments.
A total of 31 percent of US adults believe they can become millionaires off crypto investments, the survey added.
The survey was conducted among 1,027 adults who are 18 years of age and older. A total of 31 percent of US adults believe they can become millionaires off crypto investments, the survey added.
Speaking on this Kathy Sheehan, SVP at Cassandra, a division of Engine Insights said, “This generation has a greater acceptance and comfort with all things digital, so not surprising that would be more comfortable with crypto.”
Earlier in March 2021, a study by fintech platform Stilt revealed that 94% of crypto buyers are Gen Z or millennial, as compared to just 6.14% across all other buyers over the age of 40. The millennials in spite of limited access to credit and greater amounts of debt are still putting their money and have big hopes in cryptocurrency.
According to a new report by Crypto Research and Intelligence Business (CREBACO), so far around 15 million Indians have embraced crypto and invested close to $10 billion in crypto assets.
Millennial millionaires have a large share of crypto wealth
As per the survey done by CNBC Millionaire Survey nearly half of millennial millionaires have at least 25% of their wealth in cryptocurrencies.
Some 47% of millennial millionaires surveyed have more than 25% of their wealth in cryptocurrencies, according to the survey of 750 investors with at least $1 million in investable assets. More than a third of millennial millionaires have at least half their wealth in crypto.
It is also noted that investors at an early age, who have understood the concept of cryptocurrency and were able to take the risk have made big after the crypto market touched new highs.
From just $150 billion market capitalization in 2018, the crypto market had nearly touched $3 trillion, before climbing down to an overall $2.5 trillion in market capitalization today. This is more than many countries GDP.
From a few hundred projects in, crypto projects are launched daily, and currently, there are around 14,913, according to CoinMarketCap.com.
The young investors that have invested during 2018 have made millions, some have even made billions, no doubt about it.
Apart from crypto projects, there are other projects like decentralized finance (DeFi), non-fungible tokens (NFTs) to generate value to investment made at the early stage.
However, one has to always do their due diligence before investing in any crypto projects, because it is your hard-earned money, as there are many projects which can eat all your money without adding any value.
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Disclaimer: This article is only for educational purposes, it is not investment or financial advice on cryptocurrencies.