Crypto is often misunderstood or ignored by those who think that it is a hyped-up internet phase. Investors are challenged by those in traditional finance, such as Warren Buffet, who have spoken against cryptocurrencies as a system. Therefore, there is skepticism when a new coin is added to the blockchain, which is unsurprising in an industry described by traditional finance as “the Wild West”. However, just like the Wild West, cryptocurrencies such as Ether and Bitcoin favor those who take risks and believe in this bright future of cryptocurrencies, crypto investing and the blockchain.
One of the quintessential success stories in the crypto investment world is Lea Thompson. Her first exposure to Bitcoin and cryptocurrencies was over five years ago when she visited a friend with a knack for crypto mining and saw the massive infrastructure that he had built in his apartment to support his mining endeavors. From there, her interest only intensified. At first, she modestly invested in Bitcoin and kept her day job as a salesperson in tech. However, soon she began also working for companies that paid her in bitcoin. From there, she decided to start helping others get involved in the blockchain.
After understanding and then capitalizing on the passion that investors had for the future of crypto investing and currencies, she is now one of the foremost crypto influencers in the world – which is unsurprising because since her first buys, the value of Bitcoin has quadrupled in value. What is the moral of the story? When your friend who dabbles in crypto invites you over to watch a movie, you always say yes.
Cooper Turley is a self-taught investor who has extensively explored many uses of the blockchain and crypto. After learning about the Ethereum blockchain at university, he started investing and saw the role that such technology would have on the music industry. He decided to buy both Ether and Bitcoin and has not looked back. This is not surprising because his net worth is in the seven figures after those initial investments, with over 85% of that being made in the last three years. He has become an angel investor and helps influence crypto trends and policies.
One of the practices that Turley has explored is yield farming, where cryptocurrencies are lent and borrowed and where the interest can be collected on transactions. In other words, it is a way to make one’s investments work rather than stagnating in an account. Arguably, his most significant contribution to the arena is supporting other uses for the blockchain, such as smart contracts and NFTs, believing that as more industries begin to utilize the technology, all will benefit.
There are a dozen different ways that people have become investors in cryptocurrencies. Kane Ellis is someone who came to the world by mining bitcoin in his youth. Miners, especially in the early days, helped establish the blockchain ecosystem – strengthening it as new users were added daily. At first, the fruits of his labors were minimal – a few bitcoin every day. There were also a few mistakes along the way: Ellis once paid for a dinner with four bitcoin – then only a few dollars but now worth thousands. However, luckily, those mistakes were short-lived when he realized the potential of Bitcoin.
Today, Ellis is one of the currency’s most prominent investors and an even bigger advocate. He now runs an online luxury car company where most of the money is held on the blockchain. His advice to new investors? Don’t sell at the first sign of trouble. He describes investing in cryptocurrencies as a long-term game where investors must stick with a volatile market.
Based on a 2013 doge meme, Dogecoin was written off by many when it first hit the market. Because of its origins, many chose to invest in more mainstream options, such as Ether and Bitcoin. However, those who decided to invest in Dogecoin have seen their net worth skyrocket. One of these savvy investors was Glauber Contessoto, who first bought Dogecoin at 4.5 cents and has refused to sell any of his stock regardless of the currency’s market value.
Now known as a ‘Dogecoin millionaire’, he identifies as a ‘bullish’ investor, saying that the community surrounding Dogecoin makes the volatile currency worthwhile. When challenged on the decision to buy a currency based on a meme, he explained that meme culture is the language of Gen Z and Millennials. Those who understand memes are the same people who understand the potential of cryptocurrency and blockchain technology. Now that he is a multi-millionaire, he is excited to see others, both individuals and established companies such as the online gaming industry, join the Dogecoin community.
Sarah Zucker sold her artwork via traditional pathways such as art galleries for most of her professional life. However, she soon realized that her digital work, which she had been creating since 2011, would be well suited for the online blockchain-based marketplaces. The two most significant benefits of this new arena were the ability to confirm the provenance of her artwork – origin being one of the quintessential problems facing artists who sell or auction their pieces online – and the utilization of smart contracts, which are guaranteed by the blockchains and based on the exchange of cryptocurrency for the products.
This new source of income has allowed Zucker to reinvest her cryptocurrency into her art and help burgeoning platforms by confirming their legitimacy as marketplaces. These new investment strategies are the future of currencies such as Bitcoin and demonstrate just one of the many ways that those shrewd enough to buy early can make the most of their earnings.
Each of these examples, and many others like them, demonstrate the many ways that blockchain technology is going to influence the world – from the emergence of crypto influencers, to artists using currencies such as Ether to sustain their work, to companies that reinvest their profits using Bitcoin. It is exceedingly clear that the future is bright for those brave enough to invest and harness the unparalleled potential of cryptocurrencies.