The number of crypto millionaires is growing rapidly as Bitcoin’s price reaches all-time highs, with around 1,500 new “millionaire wallets” being created daily, according to data from Kaiko Research. This surge in wealth extends beyond Bitcoin, as more people are becoming wealthy through altcoins and memecoins. A CNBC survey conducted during the 2021 Bitcoin bull market revealed that 83% of millennial millionaires own cryptocurrencies. With the expectation of a bull run ahead, many are wondering what happens when you become a crypto millionaire and what the psychological impact is. To find out, Cointelegraph asked some crypto millionaires about their experiences.
One such millionaire is Erik Finman from Idaho, who became one of the youngest Bitcoin millionaires at the age of 18. He started buying BTC before he was a teenager and made his first investment at the age of 12 with a $1,000 check from his grandmother. Instead of using it for education, he bought 100 BTC, which was worth $10 at the time. This new millionaire status opened many doors for him and made previously unattainable things a reality.
Finman recounted how he bought a brand-new Audi R8 with a custom license plate that read “2.1 GPA” as a symbol of his success. Despite not being a great student and dropping out of school at 15, he felt a sense of achievement when he arrived to meet his friends in his new car. Similarly, Chris Dunn, a crypto investor and Bitcoin educator, fulfilled his dream of buying a house thanks to an ETH trade during the 2021 cycle. Both Finman and Dunn had moments of vindication when looking back at those who doubted their investments in crypto.
One anonymous self-made crypto millionaire, known as ‘Gonzo’, expressed his pleasure in remaining anonymous and pretending to be poor despite his wealth. He enjoys the fact that people around him probably think he’s not successful, and this allows him to maintain a sense of normalcy.
Becoming a crypto millionaire comes with lifestyle changes and new challenges. It opens up opportunities but also brings responsibilities and security threats. Millionaires must be conscious of how they are perceived by others and how they use their money. They also face the burden of taxes and the psychological impact of sudden wealth. Studies have shown that humans are more upset by losses than they are made happy by gains, so crypto millionaires must cope with the possibility of losing it all. However, by having conviction in their beliefs and making smart moves, they can maintain their wealth.
Despite the empowerment and joy that come with being a crypto millionaire, it’s important to remember that money doesn’t equate to happiness or fulfillment. Loneliness is a prevalent issue, and comparing oneself to others on social media can exacerbate this. It’s crucial for new millionaires to focus on their values and build meaning in their lives beyond wealth. The journey to becoming a crypto millionaire is not just a materialistic upgrade, but a profound inner journey marked by both highs and lows. While happiness cannot be guaranteed, the increased freedom that comes with wealth can be a powerful tool in pursuing a fulfilling life.