Bitcoin Traders Eye Support at $40K as ETF Contrarian Bets Prove Right - The Stock Market News (2024)

FAQs

Has anyone actually made money from Bitcoin? ›

However, it's still possible to make money with Bitcoin. You can trade it, lend it, hold it or earn it. Returns aren't guaranteed on this volatile asset; just as you can make money as the price goes up, it's also possible you could lose money if the price goes down.

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.

Any talk of billionaires buying Bitcoin has to start with Michael Saylor, executive chairman and co-founder of MicroStrategy (MSTR 3.38%). The billionaire started aggressively buying Bitcoin back in mid-2020, and has been continually ramping up his company's Bitcoin holdings since then.

Bitcoin has flourished as digital gold. But, in the long-term, its biggest impact will be in denominating business and trade, says Zac Townsend, CEO of Meanwhile. Bitcoin is a global, decentralized currency that is beyond the control or guarantee of any country.

1 USD equals 0.000016 BTC. The current value of 1 United States Dollar is -0.49% against the exchange rate to BTC in the last 24 hours. ​ The current Bitcoin market cap is $1.25T. ​Create a free Kraken account to instantly convert USD to BTC today.

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.

It is possible to make $100 per day, but there is no guarantee or specific technique you can use to ensure it happens. Cryptocurrency trading, lending, staking, and investing all come with significant risks because it is such a volatile and unpredictable asset.

Bitcoin (BTC) is the original cryptocurrency and the most well-known. It has a large market capitalization and a strong track record of growth.

Out of all 425 million crypto users, just 22 are crypto billionaires. There are 182 crypto centimillionaires. And there are 88,200 crypto millionaires.

Can you be a billionaire with Bitcoin? ›

But at least it gives us a roadmap of how to get to $1 billion. If Bitcoin eventually hits a price of $2 million, then you would need to hold 500 bitcoins to become a billionaire. At today's prices, that would imply an investment of roughly $35 million.

If Bitcoin continues this pattern into 2030, the price could peak around 2029 or 2030. If Wood is correct and Bitcoin reaches $3.8 million, if you invested $1,000 in Bitcoin now, it would be worth $54,280 in 2030. This would result in a compounded annual growth rate (CAGR) of nearly 95%.

What Could Bitcoin Be Worth in 10 Years? Predictions about prices vary by analyst, with some claiming that prices could rise into the millions. However, it is just as likely that it will be worthless.

Backing a currency is done by the currency's issuer to ensure its value. Bitcoin, gold, and fiat currencies are not backed by any other asset. Bitcoin has value despite no backing because it has properties of sound money.

That investment would be worth $6,859,178,076.22 today based on the same price of $28,122.63 at the time of writing. While investing in Bitcoin today may never be worth billions of dollars in the future, the hypothetical investment illustrates the large increase in value of the leading cryptocurrency over time.

Exploit market volatility: The cryptocurrency market is known for its high volatility. Exploiting these price fluctuations by buying low and selling high can be a key strategy for earning $100 a day.

If you invest $100 into Bitcoin today, don't expect to make a fortune. However, you could still make some solid gains if your bet on Bitcoin pays off. Many people who are interested in crypto would like to get started with smaller amounts, which is entirely reasonable given that cryptocurrencies are risky investments.