There are a lot of skeptics out there when it comes to Bitcoin. This is especially true in the banking and business industries. For example, Jamie Dimon, chairman and CEO of JPMorgan Chase, believes that cryptocurrency is fraudulent and will eventually cave in. He believes in this so strongly that he said if anyone at JPMorgan traded Bitcoin, he would fire them for their stupidity.
The wealth some people have earned with Bitcoin is intoxicating. Investors often compare it to the dot-com bubble of the 90’s. But although Bitcoin comes with a lot less overhead, it is still unclear how it’s all going to turn out.
There are believers out there. With the run Bitcoin has seen, it’s hard to believe that it’s not an incredible investment opportunity. At the beginning of 2017, Bitcoin rose from $830 to $19,300. It is currently sitting at $14,000. It’s an impressive jump for those who had a few thousand dollars to invest and are now rich beyond their wildest dreams. Bitcoin allows for anonymity, but some people have publicly revealed their usage of the currency.
The people who have taken advantage of cryptocurrency are a tight group. They are developers, people who avidly use Reddit and cypherpunks. These individuals have known each other for a long time through meetups and conferences as well as forums. They join anonymous group chats to discuss how to decentralize power and wealth through cryptocurrency, all in hopes of changing the world order.
Those in the financial industry and the stock exchange often feel passionately opposed. Perhaps some are threatened by this new way of banking. Even so, here are some of the top guys who made a killing off cryptocurrency.
1. Mr. Smith
The first multi-millionaire on this list prefers to remain anonymous. An interview with Mr. Smith took place on the 56th floor Horizon Club Lounge on the island of Shangri-La in Hong Kong. He was clearly a rich guy, and it all came from Bitcoin. Throughout the past four years, he has been living a life of luxury.
Mr. Smith only flies first class and stays in exclusive five-star resorts around the world. As of the time of the interview, he had been to Singapore, NYC, Vegas, Monaco, Moscow, Zurich and Hong Kong – all in a 30-day period. Smith was a software engineer for a technology company in the Silicon Valley. He enjoyed his work and got close with many of his coworkers.
His geeky friends told him about Bitcoin when the first big increase occurred with the currency. This is when it jumped from $0.008 to $0.08 in a five-day period. When Smith heard about this, he was intrigued. He kept his eye on it for a few months before jumping in. But Smith wanted to better understand the technology behind the currency first.
In October 2010, Mr. Smith made his first investment of $3,000. He paid $0.15 per Bitcoin, giving him nearly 20,000 shares. Nobody believed in it at the time, and he didn’t expect to get any major return on his investment. He checked his investment every few months, believing it would be a long game and wanted to see how high it would go. Over a three-year span, Smith continued to work at his day job and barely thought about the investment.
This went on until the Bitcoin price leap made the news in 2013. At this point, he started to pay attention and was nearly in disbelief at how quickly it was appreciating. It began rising by 10 percent daily. The price per share hit $350, which was more than 2,000 times what he paid for it.
Then Smith sold 2,000 shares of his early stock. A few days later, it hit $800 and he sold 2,000 more. That was how Smith got $2.3 million richer. He then quit his job and went on a luxurious round-the-world trip the very next week.