We’ve all heard the stories of people who have become millionaires and even billionaires through trading crypto, but sometimes it can be hard to believe that these are true. However, as time goes on, we’re starting to see more,
and more examples of people who earned millions (or even billions) from trading cryptocurrencies like Bitcoin and Ethereum. In this article, we’ll take a look at five such examples that show that you can definitely become rich from trading crypto.
Crypto Traders Who Became Millionaires
Timothy Draper
Draper is perhaps best known for leading a successful bid to break California into six states, an initiative that earned him national headlines. He is also a self-made millionaire and founder of Draper Associates, which invests in early-stage tech companies like Skype,
Tesla Motors, and Twitter. Draper’s passion for Bitcoin was piqued when he saw its vast potential as a way to transfer money quickly around the world with little or no friction—something conventional payment networks are unable to do at scale.
He believes that people’s ability to exchange value freely will ultimately change society more than even smartphones have been able to thus far. And it’s no wonder why: Draper estimates that micropayments could replace advertising as we know it.
Sasha Ivanov
(Ethereum, waves) This 24-year-old Russian mogul made a fortune trading cryptocurrency in 2017 when he founded Waves, a blockchain platform that allows users to launch their own crypto tokens.
Since then, his net worth has grown exponentially; according to Forbes’ real-time list of billionaires, Ivanov is now worth an estimated $150 million. He told Bloomberg: I was able to build businesses because I didn’t have much money, so I had to come up with ideas that were affordable for me.
He’s now among a growing list of early crypto adopters who have become millionaires from their investments. There are even billionaires. Matthew Mellon, a former co-owner of an investment bank, was worth $900 million after investing in XRP tokens in January 2018.
Back then, he told CNN Money: I am new to crypto but not new to investing. I have been around financial services and blockchain for several years. It’s definitely the wild west.
To get an idea of what it’s like to invest in crypto, consider telling a friend that you’re going to spend their money on cryptocurrencies. This reaction is pretty typical of most people. That initial gut reaction is more or less how people feel when they are investing their own hard-earned money in crypto.
Crypto markets are extremely volatile, and investors need to take into account that they could lose all of their money as easily as they might make millions.
Luke Shiply
In 2017, Shiply invested £7,000 ($9,115) in Ether tokens. The digital currency’s value has since risen from $9 to more than $700 — and he now has a net worth of around $1 million. He told CNBC that he cashed out some of his holdings earlier in 2018, but still holds 30 percent of his original investment.
When I started investing in cryptocurrencies back in April 2017 there were only 20 or so different ones on offer, he said. Now there are over 1,400. In total, he estimates that his profits came to around 600 times what he initially invested. I’m very fortunate I was able to cash out at just the right time, he said…
Because it’s such a new area, not many people have detailed information on how to get involved, where to look for advice, and which cryptocurrencies might be worthwhile. Some of these digital tokens are also dangerously volatile and risky,
so it’s important that you don’t invest more than you can afford to lose. It doesn’t help that cryptocurrencies — like most investments — tend to fluctuate wildly in price.
With rising interest from financial institutions, startups, and venture capitalists it has never been a better time to get involved with cryptocurrency trading.
Matthew Mellon
Mellon, a former U.S. Marine, and chairman of cryptocurrency advisory firm Mellon Enterprises, reportedly got his first stake in digital currency when he bought about $2 million worth of bitcoin at $12 per coin.
He then sold about half of that for a 400 percent profit and became one of CoinBase’s largest customers, telling CNN he makes 10 to 20 transactions a day. He later transferred those profits into XRP tokens and began investing in other cryptocurrencies like Ethereum,
litecoin, and bitcoin cash, which have multiplied in value several times over since then. According to estimates from Forbes released last month, Mellon’s current net worth stands at $1 billion thanks to his investments in crypto assets.
One of Mellon’s first business ventures was an online video game for preteens called PlanetOne, which he launched with a $1 million investment from his own pocket. In addition to being listed on NASDAQ and raising more than $100 million from investors, it also became one of Time’s most popular Web games in 2006.
Michael Novogratz
Doin’ Crypto Trading and Gettin’ Rich! (Well, maybe not yet. Not officially at least.) The former Fortress hedge fund manager said Yes to Bitcoin a long time ago, but these days he’s saying Maybe.
According to a Bloomberg report Tuesday, Novogratz is concerned about a bubble forming in cryptocurrencies and says he’s shifting his focus to blockchain technology. The mania has gotten way ahead of where it is today, he told Bloomberg TV.
He also compared cryptocurrencies to initial public offerings that go straight up into the stupid zone. But wait! That doesn’t mean he’s bearish on Bitcoin: I have a nice little Bitcoin position, he said Tuesday.
The hedge fund manager, who is also a founder of Galaxy Investment Partners LLC, said in an interview with Bloomberg Television that he has 10 percent of his net worth in Bitcoin and Ethereum.
In 2013, he predicted that bitcoin would be at $40 in three years. The cryptocurrency surpassed $4,000 for the first time last week. Not even Novogratz can say where it’s going from here. I wish I knew, he said Tuesday on Bloomberg TV.
Naval Ravikant
According to Ravikant, he got into Bitcoin in 2012 and made some money on various crypto trading. He is also one of the co-founders of AngelList which was sold to Nasdaq for $400 million.
Nowadays, he advises companies like Twitter and Uber in his current role as CEO of AngelList. So although it’s unclear how much his investment has grown since 2012, it’s probably safe to say that he at least isn’t starving anymore!
In 2012, when Ravikant bought 100 Bitcoins for $20, it might not have seemed like a very smart investment. However, by now he must be regretting that he didn’t buy more. Just one year later and his original investment would have been worth $450,000 – and as of today, his Bitcoin is probably worth around $55 million!
Nowadays, Ravikant is much more involved in Bitcoin investing. In 2013, he co-founded AngelList and invested $1 million of his own money. However, unlike his original investment,
Ravikant has diversified his portfolio on AngelList to invest in almost 100 startups so far. We can only imagine that he’s got one of the most profitable crypto trading careers out there!
Also Read: Top 5 Worst Investments in Cryptocurrency History
William Mougayar
Having been an early investor in Ethereum, Mougayar has gone on to found several blockchain-based businesses and is a managing partner at Virtual Capital Ventures. He’s also written a book on ICOs, The Business Blockchain.
Mougayar recently wrote about how initial coin offerings will evolve over time in an essay for Medium titled A Framework for Token Sales. In it, he made a case that not all token sales are created equal and emphasized that tokens should be evaluated as tools rather than investments.
According to Forbes, he is listed as one of Europe’s top 30 entrepreneurs under 30 years old. (Related: A Look Into An ICO Manager’s Day)
As mentioned above, Mougayar was an early investor in Ethereum, a blockchain-based platform for decentralized applications and smart contracts. He’s also invested in DFINITY, which is building a decentralized cloud computing platform.
Mougayar has been working on how businesses can use blockchain technology since 2013 when he was appointed CEO of Virtual Capital Ventures (VCV). Today, VCV is a premier source of information for those interested in investing in virtual currency startups.
