Are Millionaire-Making Gains Possible with Bitcoin?

Bitcoin is currently at $58,107 (BTC/USD), a decrease of 3.47% for the day, but there is plenty of interest in the coin as a millionaire-making asset. Is there any validity to that idea?

While many people have become millionaires because of Bitcoin, the token has not done a lot for its investors recently. Bitcoin started off the year doing very well, shooting up to a record high in the early months, but it has since settled down and struggled to stay above $60K recently.

So, why would there be speculation that Bitcoin could create millionaires? It is because over the last decade, the token has grown by 12,590%. That incredible gain has minted a few millionaires and helped many people break out of debt and settle down comfortably. In order to become a millionaire off of those gains, an investor would have had to commit about $10,000 at the beginning of that 10-year period.

That is a better return on investment of that same period than any stock would have provided, making Bitcoin an asset with incredible potential. Bitcoin has even become a national currency in two countries in that time- Central African Republic and El Salvador. If even governments believe in its staying power at this point, then maybe investors should be paying attention to it as well.

Can Bitcoin Mint More Millionaires?

If you were to invest now in Bitcoin, how long might you have to wait for the coin to turn a sizable profit for you? Better yet, how long would it take a modest investment to turn into a million-dollar investment?

Bitcoin is mainstream now, so it is far less likely to catch people by surprise with lengthy bull runs. We have seen that this year especially the coin has fallen short of many analyst predictions. Where some analysts called for a $100,000 Bitcoin value, the token has fallen far short of that mark.

However, there is still a lot of growth potential in Bitcoin. It is the leading cryptocurrency by far and will probably remain so. The coin could also benefit from its most recent halving and the pressure that places on token rarity. There is potential for Bitcoin to mint some more millionaires at this point, but the buy in may have to be higher for that to work. We still expect to see powerful growth from time to time with the coin, but probably not the level of exponential growth that happened over the last decade.