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Let’s say you are investing $ 5,000 in Bitcoin right now. At the time of writing, that would buy you around 0.13 of a Bitcoin. If Bitcoin comes back to $ 60,000 a coin and you sell it, you’ll pocket around $ 2,800 in profit. It’s not bad, but it won’t make you a millionaire.
A single Bitcoin is trading for just under $ 39,000 as of this writing. Even if you had a whole coin, you would only earn around $ 61,000 if Bitcoin hit $ 100,000 a coin. You will have to buy more than 16 Bitcoins to make a million dollar profit if Bitcoin hits $ 100,000, which means coughing up over $ 620,000 right now. It is not an easy task for many people.
You might be able to make a million dollar profit with less Bitcoin if it ends up being worth more than $ 100,000 a coin, but now we come up against our second problem.
2. More and more businesses need to embrace Bitcoin
The current value of Bitcoin is largely determined by speculation. Few companies currently allow customers to pay for products with Bitcoin or any other cryptocurrency, so its practical value is limited. That could change if the cryptocurrency is adopted more widely over the next few years, but there’s no way of knowing if that will actually happen.
There are legitimate concerns about the widespread adoption of cryptocurrency, including:
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