5 ordinary people who are now crypto millionaires

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By CNBCTV18.com IST (Published)

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Here is a list of five ordinary people and how they became crypto millionaires in the last decade:

We have all heard stories of the rich getting richer through Bitcoin and other cryptocurrencies. In some cases, these digital assets have even turned millionaires into billionaires. However, reports of normal people finding their way to big bucks are not that common, but they do exist. And to prove it, we rounded up five ordinary people who are now millionaires, all thanks to ingenious investments made in the digital asset space. Let’s start:

1. Glauber Contessoto:

Also known as the ‘SlumDoge Millionaire,’ Glauber Contessoto’s rags-to-riches story is the kind that draws people to cryptocurrencies. Contessoto comes from a humble background. His family moved to the US from Brazil and he said he was “really poor” in an interview with CNBC. Before becoming a millionaire, Contessoto worked at a music company and had also dabbled in stocks for a brief period.

In early 2021, Contessoto found out about Doge and decided to endorse the meme coin. However, with no disposable income to start investing with, he sold almost all of his shares and even borrowed money (in the form of margin) from the Robinhood app to buy Dogecoin from him. Then Elon Musk’s tweets sent prices skyrocketing, and just over two months later, Glauber Contessoto was a crypto millionaire.

2. Erik Finman: In 2010, Erik Finman was 11 years old and hated going to school. He had big dreams, but his teacher believed that he would never “achieve anything else in life.” One day, he accompanied his older brother to a protest in Washington DC, where he saw a man wearing a Bitcoin T-shirt. When he asked his brother what that was, his brother said, “He’s going to take down Wall Street.”

He was inspired, and in 2011, he took $1,000 his grandmother had given him and invested it all in Bitcoin, which was trading at around $10 at the time. We all know how Bitcoin has skyrocketed in the last 10 years, making Finman a crypto millionaire. At the age of 15, he sold $100,000 worth of BTC, started an educational platform called Botangle (inspired by his negative school experience), and sold it for 300 BTC a few years later, further expanding his bitcoin holdings.

3. Rachel Siegel: Today, Rachel Siegel is a well-known personality in the cryptosphere. She is a Bitcoin millionaire and founder of Crypto Finally, a platform that works for the mass adoption of blockchain technology. However, things were not always so good.

In 2017, she was just a substitute teacher living “paycheck to paycheck” in a dark apartment in New York. However, her life changed after attending the after party of a cryptocurrency conference. From then on, Siegel decided to put the leftovers from her weekly paycheck, about $25, into cryptocurrency. Over time, her holdings increased in value, touching the low seven-figure range in February 2022.

4.Kane Ellis: Kane Ellis is now a Bitcoin millionaire and even owns a Maserati. However, his fortune did not come from investment. Instead, he took the back door and made his money through mining. In 2011, Ellis was an 18-year-old high school dropout who learned about mining through his IT work. While I was working, his computer kept mining BTC.

Initially, he was only earning around 4 BTC per day, equivalent to around $8 at the time. This was a decent passive income, but Ellis anticipated how lucrative it could be in the future, and it worked out perfectly for him. With the BTC earnings from him, he started CarSwap, a leading global platform for trading/selling/buying cars. And his Maserati bears the license plate “BANKRPT”.

5. Tommy and James (last names withheld for privacy reasons): Last year, CNN Business ran a story about two brothers from Westchester, New York, who went from barely out of work to millionaires overnight. They both liked wedding photography and filming, but with the COVID-19 lockdowns in place, work was hard to come by.

Then, in February 2021, a friend told Tommy and James about the Shiba Inu, a coin that could one day be a real source of income. They rolled the dice on the meme coin, thinking of it as “a lottery ticket that wouldn’t expire.” At first, the brothers managed to scrape together $200 and bought a ton of SHIB, which was worth a fraction of a penny at the time. After just a few weeks, his investment had grown 300 percent. Encouraged by this growth, they managed to get their mother and her sister to invest as well, and two months later, they woke up as millionaires.

While these stories may make you want to buy some crypto asap, it’s important to remember that things don’t always turn out the same way. On the other hand, people can even lose all their savings overnight in cryptocurrencies or any form of investment. So, before trying your luck with cryptocurrencies, do your research and remember to invest only what you can afford to lose.

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