1,500 new bitcoin millionaires per day how to get rich
With the price of Bitcoin growing at an all-time high, the number of crypto millionaires is increasing every day. According to data from crypto analytics firm Kaiko Research, around 1,500 new “millionaire wallets” are created every day.
Sure, that's 1,500 in wallets, not necessarily per capita, but it highlights the fact that many people are getting richer than they thought. And that's just Bitcoin (BTC) – even more people are getting rich with altcoins and memecoins.
To approach it from another angle, the “CNBC Millionaire Survey”, conducted during the Bitcoin bull market of 2021, revealed that 83% of millennial millionaires own cryptocurrencies.
With the price of ATH, the halving of Bitcoin, two crypto exchange-traded funds (ETFs) and a political sea change in Washington, many expect a bull run ahead. Maybe your life will change dramatically.
So, what happens when you strike it rich, and what are the psychological effects of becoming a millionaire? We asked some crypto millionaires to find out.
Lifestyle changes for crypto millionaires
Eric Fineman from Idaho started buying BTC before he was a teenager, and at the age of 18, he is already one of the youngest Bitcoin millionaires.
In the year He made his first investment in 2011 at age 12 after his grandmother gave him a $1,000 check to fund his education. Instead, he bought 100 BTC, which was $10 at that time. “Reaching a million was incredibly exciting,” he told Cointelegraph.
He says the new millionaire situation has changed how he perceives the world and it's amazing to see “how many doors open to those with wealth.” Suddenly, “things that seemed impossible before suddenly became possible.
Buying a car as a sign of success
For example, an Idahoan claims to have purchased a brand-new Audi R8 with a custom license plate that says “2.1 GPA.” He said getting that license plate was “tongue in cheek,” adding, “Even though I wasn't a big student, I made it big.” Feynman dropped out of school at age 15 to pursue a career in robotics.
He remembered the exact day he picked up the car and drove it for the first time. He said he “didn't do well in school.” It was “quite the opposite” of his high school days and he felt a great deal of respect for him.
Buying a house: an impossible dream will come true
Chris Dunn, a crypto investor and Bitcoin educator, recalled how the millionaire situation allowed him to fulfill a previously unattainable dream. Thanks to Ether (ETH) trading from the 2021 cycle, he was able to buy his dream house.
Like Fineman with the Audi R8, Dunn had a telling moment in retrospect. From his time at TradFi he talked about how his “trader friends and colleagues” laughed at me for wasting my time investing in crypto.
Related: Bitcoin ‘up only' rally creating 1.5 million crypto millionaires every day – info
Dunn remembers when he went on a speaking tour in 2015 and tried to convince stock traders that Bitcoin was going to be a big deal, and people “rolled their eyes.” At that time, the price of 1 BTC was 200 dollars. To this mockery, Dunn replied, “Who's laughing now?” he replied.
An unknown joy among crypto millionaires
Self-made crypto millionaire “Gonzo,” who asked not to be identified, told Cointelegraph that despite his recent venture into real estate, it's a fact that no one knows about his favorite crypto-rich thanks to the crypto-rich.
His greatest joy as a crypto millionaire is the feeling that the people around him think he's no-brainer, Gonzo “looking poor” and dressing down even though he's probably richer than most of the people in the room.
Interestingly, while the millionaires who spoke to Cointelegraph felt encouraged, they all said they still feel beautiful even if they enjoy some luxury items at times.
How Crypto Millionaires Make Money
Depending on how much wealth you've accumulated – and how much profit you've realized that's not just a number in your crypto portfolio tracker – wealth can be maintained through compound interest and smart investments. When that happens, money can become a ubiquitous tool, changing its perception and use.
For Feynman, the most important change was gaining “the freedom to focus full-time on my own projects and interests instead of having to do a regular job.” Being rich didn't make him spend all day under a beach umbrella with pina coladas.
Now, instead of earning and saving, he focused on building investments, building businesses and creating more wealth. “Seeing how much wealth can grow with the right investments made me think about money differently,” he said.
For Dan, a healthy bank balance changed his perspective on money:
“When I was poor, I spent to be rich and wanted. Now, I focus on building money as a game.
While they are still trying to build wealth, they are very aware of their costs. Fineman admits, “Of course, I'm more willing to give and help my friends and family with causes they care about,” but adds, “I'm more careful to avoid unnecessary spending.”
The psychological impact of emergency wealth
Elizabeth Sterbenz, a mental health expert with experience in financial therapy, told Cointelegraph that it's important to understand “what your boundaries are around your personal wealth.”
The psychologist says it's important for newly minted crypto millionaires to ask themselves some questions. For example, do you want to talk about how much money you have and how you spend it? Are you willing to pick up the tab or split the checks? Would you give a loan if a family member asked you? how is friend
“If you have a better understanding of what your boundaries are, you'll be better equipped to navigate other people's behavior. While you can't control what other people do, you can choose how you react.
After hitting the million-dollar mark, Gonzo says he didn't need to be more generous or change his behavior toward his friends, because he decided to let everyone know.
He consciously decided to “share the fact of being a millionaire with people who have the same or more wealth than me, just to avoid any cause of envy.” As a result, he realized that he might still be the same stupid person he was before he became a crypto millionaire.
Being rich forces millionaires to be very aware of how other people judge them when they use their money.
New challenges faced by crypto millionaires
As wealth grows, new responsibilities and problems arise, as the Notorious Big song “Mo Money Mo Problems” encapsulates.
Dunn said he felt compelled to “take extreme measures to protect myself.” Having a million dollar crypto in a wallet is like having a real life wallet with a million dollar bill – if it gets swiped and the wallet gets stolen, there's no way to find it.
There have been many reports of cryptocurrency thefts in real life – some at gunpoint and in one particular case where the victims were hacked in a suitcase. The security threat is real. This burden becomes a new, inevitable problem to deal with after becoming a crypto millionaire.
Another less stressful and life-threatening struggle that millionaires face is taxes. Dunn described how one of his first big challenges was spending time on “doing taxes and figuring out how to optimize my tax strategy.”
Crypto millionaires have to deal with overnight portfolio losses
One of the problems that may surprise non-millionaires is the psychological stress that comes with becoming a millionaire. Psychological studies show that people are twice as likely to be upset by a loss than to be more happy by an opportunity.
And thanks to volatility, one reason crypto millionaires face it every day is the possibility of losing it all. “Watching your net worth fluctuate can mess with your head,” admits Fineman.
“Mentally, you go from feeling overwhelmed in the world. It costs money.
Gonzo describes becoming a crypto millionaire as a “psychological rollercoaster” at times. You have to have a strong mindset to sustain the ups and downs, and understand that any gains you don't make are failures.
“You can win the lottery in crypto and lose the ticket on the way to the counter.”
Fineman believes the key to maintaining mental health as a crypto millionaire is having “faith in your beliefs.” Volatility is a given in the cryptocurrency markets, so Sterbenz advises to slow down and take a deep breath whenever a surprising market move occurs.
“Even doing something like standing up and moving your arms or legs can help you see the numbers and market action from a more objective perspective and make decisions from a place of clarity rather than reaction.”
To avoid this burden, Dunn explained that an “autonomous limit” on the percentage of the portfolio could be allocated to Bitcoin or other cryptocurrencies. I want the portfolio to be less than 50% of its net worth, because I “don't” want to lose 80% of my net worth during bear markets.
Finman believes that “the key is to stay diligent and make smart moves” because “wealth can easily be lost in crypto.”
Since many newly minted crypto millionaires are fairly young, Dunn advises that the “hardest part” is holding their profits. He admits that he has “watched many people make and lose quick money through ego, greed or indifference.”
Sterbenz stressed the importance of checking yourself regularly before entering crypto trading to fight greed and prevent it from becoming an addiction.
“There can be overlap between investing and gambling,” she explains, so some basic questions should be asked, such as whether you've lost time from business or school. Has business affected your relationships with family or friends? Having trouble sleeping because of business? Have you spent more time shopping than you intended?
If you answered yes to any of these, she says, “you may want to look at how your business life is being affected and perhaps seek professional help.”
If Dunn loses his millionaire status, he simply tells himself, “There's always another business or investment opportunity just around the corner.”
Happy way to be a crypto millionaire
Some people may believe that becoming a crypto millionaire is the ultimate goal of happiness. However, Feynman says, “Money does not equal happiness or satisfaction.”
“There's an epidemic of loneliness right now, and it's not just among millionaires,” explains Sterbenz. Social media is one of the causes of this issue because it is “linked to the idea of comparison”.
She said: “If a person decides that becoming a millionaire is a goal that cures loneliness, there is not enough money to reach that goal because the bar keeps moving.” The psychologist said, “Working on values is very important, because instead of focusing only on wealth, a person can understand exactly where to build meaning in his life.
Sterbenz explained that new crypto millionaires may be tempted to “make major changes in plans and lifestyles due to the turbulence in the market.” However, it is recommended that they “examine their values and the meaning of their world and make choices with their money and finances that reflect what is important to them.”
The journey to becoming a crypto millionaire isn't just about material improvements, it's a journey deep into ourselves that is characterized by highs and lows. While happiness cannot be guaranteed, the freedom that comes with wealth is undoubtedly a tool for pursuing a happy life.
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