At just 15 years-old, Idaho native Erik Finman bet his parents that he’d be a millionaire by the age of 18. When his eighteenth birthday rolled around, his folks acceded defeat by allowing him to skip college. So how did a teenage high school dropout end up pocketing over one million dollars? By investing in Bitcoin of course.
The cryptocurrency boom is taking the world by surprise as assets like Bitcoin, Etherium, Ripple and Litecoin seem to be going from strength to strength. Just consider the following: If you were to have bought one Bitcoin in 2011, you’d be up over $5,000 profit. If you bought ten Bitcoins for just $10, you’d have made over $50,000. According to millionaire investors like Mr Finman, cryptocurrencies like Bitcoin are just getting started. In an interview with CNBC, Finman predicted: “Personally, I think Bitcoin is going to be worth a couple hundred thousand to a million dollars a coin”.
The List Goes on
Jeremy Gardner is another notable Bitcoin-millionaire. At only 25-years young, the two-time college dropout bought the token when it was selling for just $200 a coin. He also believes that Bitcoin’s best days are ahead of them telling Business Insider that he ’expects Bitcoin will reach a value of $10,000 per coin in the next five to 10 years.’
Not All Share the Enthusiasm
But not everyone is as optimistic about the crypto currency’s fate. World-renowned economist Peter Schiff calls Bitcoin a ‘bubble’ comparing its unprecedented success to ‘Pets.com’. Pets.com was a dot-com era company who sold pet supplies online. At one point, they enjoyed a post-IPO valuation of $290 million only to crash and go bankrupt almost immediately after.
So is Bitcoin and other cryptocurrencies like Ethereum, Litecoin and Ripple only getting started? Or is it a bubble whose value will plummet as quickly as it soared?
Here’s the bad news
If you decide to buy Bitcoins, you only profit if their value rises
Here’s the good news
If you trade Bitcoin as a Contract for Difference (CFD), you can profit whether its value goes up or down as long as you make the right prediction.
That’s because when you trade CFDs, if you correctly predict that the price of an asset like Bitcoin will rise, you can profit just like the Bitcoin millionaires did. But even if you agree with Mr Schiff and you believe that the price will drop, if you’re right, you can profit as well. That’s because with CFDs, as long as you guess the correct direction (up or down), you profit. The online trading platforms allow you to trade the hottest cryptos like Bitcitcoin, Ethereum, Ripple and Litecoin from your browser or mobile device.