Cryptocurrency is booming! This makes it easy to worry that you might have missed the bus when it comes to making some good money from cryptocurrency technology. However, the essence of success with cryptocurrency isn’t just riding market trends. It is about research, savvy and vision. Here are a few cryptocurrency success stories from those who have made it big from investing in the new technology.
The Ethereum ICO
Ethereum is probably the second best-known cryptocurrency after Bitcoin. It has name recognition and blockchain infrastructure is behind countless other cryptocurrency coins and blockchain applications. Ethereum also recorded one of the most successful Initial Coin Offerings (ICOs) in the history of cryptocurrency. The Ethereum ICO raised US$18m over the course of just forty-two days. Ethereum has not disappointed investors since, growing swiftly and successfully to become the second-most valuable cryptocurrency system in the world today.
The Classic Case of Bought-and-Forgot
In 2009, Norwegian electrical engineer Kristoffer Koch chanced on the idea of Bitcoins as he was writing a thesis on encryption. For Koch, bitcoins seemed an interesting application of the blockchain principle and a fun way of applying the new technology. Koch then decided to go out on a limb and spent a little over $20 to acquire – wait for it – 5,000 Bitcoins that he quickly forgot about. When widespread media coverage in 2013 brought his attention back to cryptocurrency, he decided to withdraw his money from the secure e-wallet. After forgetting his password several times, he managed to log back in only to discover that his $20 had grown into a whopping $886,000!
Word is not out on whether he cashed in at that time. However, if he had kept them till the most recent peak of Bitcoin’s value on December 15th 2017 – with 1 BTC trading for $17,900 – that wallet would have been worth 89.5 million US dollars.
Walking the Talk
Olaf Carlson-Wee is a classic example of someone who truly believes in the potential that cryptocurrency possesses. At 26, Carlson-Wee entered the blockchain technology world working at a Bitcoin startup called Coinbase. He made a radical move and decided to get paid only in Bitcoins. Needless to say, Olaf’s calculated risk on blockchain technology has now turned him into one of the youngest millionaires. Today, he is the founder and CEO of Polychain Capital, a company managing the world’s premier blockchain asset hedge funds. Polychain Capital’s assets have recently grown from $4 million to $200 million in less than ten months.
Being in at the beginning of a technology is a great way to win big. That being said, blockchain technology is underpinning more and more emerging enterprises. Its potential to disrupt existing markets and lead to disproportionate gains has already been demonstrated. As it matures, blockchain technology still has huge potential to transform the lives we lead today.