Cryptocurrencies allow anyone in the world to make a lot of money over time. All that is required is some initial capital, a lot of patience, and not falling for novice trader mistakes. That is all easier said than done, but Jordan Travers has showed it can be achieved. Jordan invested US$2,000 into Ethereum four years ago and has seen his investment grow to over US$1 million by doing absolutely nothing.
Another Young Millionaire Is Created Thanks to Ethereum
People who invest in cryptocurrencies at opportune times will often reap the rewards in just a few years. Speculators who purchased Bitcoin in the very early days are now sitting on multi-million dollar investments, with its value continuing to go up as time progresses. However, Bitcoin is not the only cryptocurrency worth investing in these days, since Ethereum has also proven to be a lucrative endeavor.
Jordan Travers explained to the world how he turned US$2,000 into slightly over US$1 million. This investment resulted in a nice financial gain over the course of four years. This is especially true when considering how Travers did not have to do anything to amass his fortune. All he did was purchase Ethereum at a cheap rate, store the balance somewhere safe, and watch the total value go up over time.
Travers is only 21 years old today, and he made a solid investment for the future. Buying Ethereum at a time when the project was still in its ICO phase — judging by the time period presented in the original article — was a risky decision. Ethereum could have fallen flat and lost all of its value during those four years. Despite some of the glaring flaws the ecosystem presents, its value has skyrocketed in recent months.
Turning US$2,000 into US$1 million over the course of four years by partially ignoring the investment has been the best decision of Travers’s young life so far. When he checked the price in April of this year, he noted how Ether had risen to US$50 suddenly. However, he held onto the funds for a few more weeks, eventually cashing out when Ether hit and surpassed US$300. That was another smart decision, as there is no reason to sell a cryptocurrency for cheap when a market appears bullish.
Travers cashed out US$719,000 at the time, and still holds around one-third of his investment in Ether right now. Given Ethereum’s recent price struggles, selling at US$300 and higher may have been the smarter decision. Then again, the money he’s earned so far is pure profit, and any funds kept in reserve is “play money.” Travers won’t be putting more money into Ethereum and Bitcoin, though, as he feels that “lightning won’t strike twice.”
As this shows, investing in cryptocurrency is never a bad idea. Although the price of Bitcoin might seem high right now, it may be a lot higher a few years from now. Indeed, there is no limit as to what prices can be achieved in the coming years. Now is still a good time to buy any cryptocurrency, assuming one believes in the project and technology. It will be interesting to see what the future holds for both Bitcoin and Ethereum, as well as for all other currencies.
This is not investment advice; always do your own independent research.