Time moves fast in the crypto world. Satoshi Nakamoto released the white paper for Bitcoin in 2008, the same year the worst economic disaster since the Great Depression occurred. It was already a decade ago, but our friends at fortunly.com agree that it feels like yesterday.
A lot has happened since the fateful year the first cryptocurrency was born. Admittedly, investors were not charmed by Bitcoin early on. Its price hardly increased during its infancy.
In 2015, the arrival of Ethereum, the world’s second public blockchain, was a game-changer. Developed by 21-year-old Vitalik Buterin, Ethereum began serving as a crowdfunding platform for Initial Coin Offerings two years later.
Since then, enough investors in the financial world started paying closer attention to cryptocurrencies. In 2017, Bitcoin and Ethereum saw meteoric growth, witnessing their values jumping by 2,000% and 3,000%, respectively.
The price of Bitcoin soared to $19,600 in December from merely $700 in January while its market cap exploded to $597 billion from just $18 billion during the same period.
It went downhill in the second quarter of 2018, though. The cryptocurrency market slid by 85%, and the value of Bitcoin plummeted to $3,125.
Despite the devastating effects of the Bitcoin bubble on the pockets of panicky investors, the cryptocoin’s impressive bull run helped a couple of investors make seven digits overnight.
Erik Finnman, who invested his $1,000 gift from his grandma when he was 12 years old, became the youngest Bitcoin millionaire at the age of 18.
Rapper 50 Cent, one of the first music artists to accept cryptocurrency, made a fortune of $8 million four years after selling his 2014 album in Bitcoin.
Crypto stocks were not the only hot commodities because of the rise of Bitcoin and Ethereum. Financial and non-financial companies, like Kik, were also able to raise millions of funds by adopting blockchain and/or cryptocurrency.
Bitcoin has been successfully recovering from its epic market crash. Unsurprisingly, some talk of crypto mania has been growing louder. Will Bitcoin investors lose money this time around? Probably not – if they have learned their lesson.
To learn more about which stocks to buy to make a fortune in the ever-expanding crypto world, check out the infographic below!
The author has no position in any of the stocks mentioned. Financhill has a disclosure policy. This post may contain affiliate links or links from our sponsors.