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Can I Become a Millionaire with Bitcoin?

Become a Millionaire with Bitcoin

With many of us being on a Furlow from work with the possibility of being made permanently redundant, it makes sense to look for a new way to make a living, and once again there is a growing interest in Bitcoin as a money-making answer.

Most people have heard of Bitcoin and how it made people millionaires a few years ago. And the question they’re are asking is, is it still possible today, or have I missed the Bitcoin millionaire boat?

It’s a good question and the short answer is – YES you can. Believe it or not Bitcoin and the other cryptocurrencies are still in their infancy and the opportunity to profit is huge if you do it the right way. And yes, more millionaires will be made.

And there are two ways to do it.

  1. To invest in or “hodl Bitcoin” – This is the long game, where you buy bitcoin and hold it for a long time until the price gives you a massive return on your investment. More on this shortly…
  2. To trade in Bitcoin – You can trade Bitcoin in a similar way to trading the stock market or the Forex markets. You buy and sell Bitcoin to profit from the movement (up or down) of the price of Bitcoin.

Trading Bitcoin can be a way to make good money quickly as the price of Bitcoin moves up and down all day long, often by hundreds of dollars across a single day. And it’s these wild price swings that make trading Bitcoin and attractive way to make money at home.

Become a Millionaire with Bitcoin

You do need to know what you’re doing and how to trade, so if the idea of trading Bitcoin sparks your interest then we’ve got a good guide for you here.

Become a millionaire with Bitcoin by investing and holding

Investing money in buying Bitcoin to hold onto until the price rises mean you’ve got to have some money to invest in the first place. And with the current price of Bitcoin being $9744.08 per Bitcoin (at the time of writing this) it’s perhaps not in everyone’s reach.

However, you don’t have to buy a whole Bitcoin you can buy Bitcoin in small fractions, say for example $20 or £20 worth. And doing it this way makes investing in Bitcoin affordable for everyone

Here’s where you can buy you Bitcoin, in pretty much any amount you’re comfortable with CoinBase

Coinbase is one of the biggest Bitcoin and cryptocurrency exchanges and they make it very easy to get started. So, if you like the idea of buying and holding on to it until the price rises then look no further.

In answer to the question can I become a millionaire with Bitcoin if I invest in it, depends on the price of Bitcoin going from it’s the current price of just under 10k up to a price that will make you a millionaire. So will it go up?

Well no-one knows for sure but some of the top financial investors, bankers, and traders think it will, from where it is now to a $1,000,000 per Bitcoin and more. With one market strategist predicting a Bitcoin price of $91,000 by the end of this year (it’s currently June 2020) – Here are all the 2020 Bitcoin price predictions for you to salivate over.

Make money with Bitcoin by trading

Trading Bitcoin is another, possibly faster way to make good money. And the good news here is that you don’t need thousands of dollars/pounds to get started. A few hundred can be enough if you’re sensible and careful.

Bitcoins price is volatile and moves up and down quickly, so you can make a lot of money quickly (although you are advised to avoid Bitcoin day trading initially). So, you really need to know how to trade profitably with a good strategy to mitigate the risk involved.

Bitcoin trading GOLDEN RULE: Never trade with money you can’t afford to lose.

So, don’t ever trade with your rent or bill money. You need to leave out all emotion when you’re trading, meaning that if you are afraid to lose the money you’re using to trade with, you are likely to make bad trading decisions and lose the lot. Don’t do it!

What you do need to do is:

  • Understand how Bitcoin works
  • Go for long term investment
  • Be wallet secure
  • Use reputable exchanges to buy and sell Bitcoins
  • Watch Bitcoin trends

You need to make logical trades and use your common sense. You also need to create a Bitcoin trading plan with maximum buying prices and minimum selling prices that provide the profit levels you want. Fortunately, you can create demo trading accounts on most trading platforms before using any of your real money to test and practice your trading plan.

Then when you’re comfortable you can open a live trading account and start making real money. When you do start with small trade amounts first. Remember to keep your emotions in check and not to panic if the price starts to move against you, you can always close it early. Not every trade you enter will be a winner, but if you have the right plan you only need to be right 51% of the time to make money.

And that’s the appeal of trading. As long as you manage your trades and money correctly, you only need to right a little over half the time.

The best way to become a millionaire with Bitcoin is to use both strategies. To invest in the long term and to learn how to trade with it. It’ll take practice and patients but if you have those you could become the next Bitcoin millionaire. Click the image below to get a complete beginner’s guide.

The beginners guide to Bitcoin profits
How to invest in Gold for beginners

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Written by Rex Harper

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