Crypto Hodlers stories
Crypto is synonymous with disruptive technologies and a new future in digital finance. As expected of any emerging trend, there are divergent views even among established asset managers on whether or not cryptocurrencies are a viable vehicle to wealth creation. That notwithstanding, there is a group of future-oriented investors who have thrown their hat in the ring. They are solidly behind cryptocurrencies as an asset class worth HODling.
According to a recent CNBC Millionaire Survey, close to half of millennial millionaires have invested heavily in crypto. About 25% of their wealth comes from their crypto holdings. Bitinfocharts, a cryptocurrency data tracking firm, states that over 100,000 people have bitcoin HODlings valued at $1 million or more.
It is a breath of fresh air to note that despite talks of volatility, illegitimacy, and risk, there are people who have, in our lifetime, become millionaires from crypto HODling, by the way, here is the full story of hodl meaning. Read on to find out the faces behind these figures, the types of crypto they’ve invested in, their holding periods and a thing or two we can learn from them.
If you think you are too young to invest in crypto, Erik Finman, a 22-year-old bitcoin millionaire from Coeur d’Alene, Idaho has some news for you. Finman started investing in bitcoin in 2011 when he was 12, thanks to a $1000 gift from his grandma. At age 18, he became the youngest bitcoin millionaire holding 431 bitcoins, valued at $27,000 per coin at the time.
Finman believes that crypto is the largest wealth transfer this generation has ever seen. According to him, it is an opportunity for young people to attain wealth and change economic classes quickly.
His first crypto HODlings were 100 coins valued at $1000. In 2013, he liquidated $100,000 worth of coins priced at $1200 per coin. He used the money to establish Botangle, a global online learning company in 2014 which he later, in 2017, sold for 300 bitcoins. Today, Finman has grown his portfolio to more than 446 bitcoins estimated to be worth $5million.
His other endeavours include CoinBits and Metal Pay, both crypto trading platforms which he launched in 2019.
Many people would almost immediately associate Saddington, a computer programmer, with serial entrepreneurship. While that is true, few may know that his crypto journey began in 2011 when he bought his first bitcoins at $2.52 per coin. His interest in crypto was piqued in 2014 when the price of bitcoin went up to $250 per coin. Since then, Saddington has pronounced himself as a HODler, 100% behind cryptocurrencies. Even though he hasn’t disclosed how many bitcoins he bought at the time, his holdings are estimated at 1000 bitcoins or more.
In the fall of 2014, Saddington was in the news thanks to his Lamborghini Huracan LP 610-4 purchase that cost him 45 bitcoins. In 2011-dollar terms, the purchase cost him only $115 for the $200,000 sports car.
As a long-term HODler, Saddington says that he has been accumulating as much as he can since 2011. He created an investment culture where for five years, he consistently bought bitcoin every Friday. This level of consistency is a definite take home for anyone looking to make it big in crypto.
To further advance his crypto craze, Saddington launched The Bitcoin Pub, a social network for crypto enthusiasts. He also runs two YouTube channels. His advice to upcoming investors is to start small and target solid coins with growth prospects.
Ver, also known as “Bitcoin Jesus”, is one of the earliest crypto adopters. He made his first investment in bitcoin in 2011 at the age of 32. The price per coin then was just $1. Over time he has grown his portfolio to almost 400,000 coins if not more.
While Ver has seen the good and bad times of crypto, his resolve to buy and hold is what has largely catapulted him into millionaire status. In 2019, his bitcoins holdings were valued at $179 million up from just $25,000 in 2011.
At present, his wealth stands at $430 million and has made significant investments in bitcoin-related startups and foundations such as the Bitcoin Foundation. He serves as the executive chairman of Bitcoin.com, a crypto investment platform.
Shrem is a staunch supporter of the crypto space and especially bitcoin. He has been through it all, the good, the bad and the ugly in crypto investing, but today stands as a towering figure in crypto.
He stumbled upon bitcoin in 2011 while in college and invested almost immediately. Unfortunately, his crypto storage crashed, and he lost his holdings. However, he wasn’t dampened by the incident. Instead, he went on to co-found BitInstant, a platform that exchanged cash for bitcoin. Down the road in 2013, BitInstant was shut down by regulators due to financial irregularities. Consequently, Shrem was imprisoned for two years.
Despite all that, Shem, now Crypto.IQ’s Chief Visionary Officer remains a self-proclaimed “Bitcoin purist”. He advises investors to buy and hold crypto for at least five years. Coming from a millionaire HODler who purchased bitcoin when it was trading at $3-4 per coin, this advice is invaluable.
Even though bitcoin is the largest crypto by market cap – $1.11T, it is not the only crypto turning ordinary people into millionaires. Ether with a market cap of $510 billion is also a home to millionaire HODlers.
Turley invested in both bitcoin and ether when they were trading at $2000 and $100 respectively. According to Turley, his holdings have now grown to be worth seven figures.
The 25-year-old started investing in crypto while studying at the University of Colorado Denver in 2017. Buoyed by the functionality of the Ethereum blockchain beyond crypto, Turley has seen his holdings rise in value over the past couple of years. He has also bought into USDC, a stablecoin pegged to the dollar.
In a bid to support the industry, Turley has invested in over 20 crypto projects and contributed to more than 50 others.
There you have it, millionaires made from ordinary people, some having gone through bad seasons and bounced back. If you are looking into dipping your feet into the crypto HODling, stories as insightful yet so real as these can give you that much-needed nudge.