Billionaires: Out with the old, in with the new. The potential to become a crypto billionaire is now a tantalizing possibility.
Crypto gods Sam Bankman-Fried (CEO of FTX) and Changpeng Zhao (CEO of Binance) are already billionaires on par with any billionaire in any field other than crypto. But maybe this generation of billionaires is just beginning.
A glimpse into the future from the perspective of some Bitcoin advocates suggests that in the near future, crypto billionaires will be as numerous as today’s tech billionaires.
Billionaires with a vision
Recently, Wells Fargo published a report acknowledging that the evolution of technology and the crypto market is following a pattern similar to that of the internet 20 years ago. Wells Fargo is an American multinational financial services company with corporate headquarters in San Francisco. It has assets under management of $1.955 billion in 2020.
There is good reason to think that the growth of crypto users will be stronger than the explosion of internet users. The number of internet users is limited because they need to pay for a computer. Components are not as abundant and cheap as they used to be, and new users need time to learn how to use the internet. But now, the internet is mainstream.
The internet premise creates a strong premise for crypto to advance to the “boom point” even faster than the internet did. Imagine what the price of Bitcoin (and many other altcoins) will be like if in the next 10-20 years the number of crypto users reaches 5,000,000,000 people like the internet. This suggests that you have the ability to become a millionaire if you buy a small “sample” of BTC now.
But aside from that, it must be admitted: If the boom of tech companies has gone through the process of rising price bubbles, then crypto will be no exception.
Expectations for growth following the S-curve
The S-shaped growth curve depicts a pattern of growth that initially accelerates and then slows down. Carl Spackler (@BushwoodCapital on Twitter) agrees that the new crypto market is only at the starting point of the S-curve, compared to the growth of other important sectors of humanity.
There’s a lot of growth that follows this model. It represents an urgent human need in terms of mass application. The history is there: Electricity, telephone, car, color TV, internet, radio…. and now crypto.
The true value of Bitcoin in particular and Crypto in general is always debated (or disputed). But while the controversy rages on, the price of BTC has now gone from double digits to five figures. Just like that, new zeros are added.
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