The number of crypto millionaires is on the rise as Bitcoin’s price reaches all-time highs, with approximately 1,500 new “millionaire wallets” being created daily, according to data from crypto analytics firm Kaiko Research. This highlights the increasing wealth of individuals in the crypto space. The CNBC Millionaire Survey conducted during the 2021 Bitcoin bull market revealed that 83% of millennial millionaires own cryptocurrencies. As Bitcoin experiences a bull run and various factors like the halving, crypto ETFs, and political changes in Washington come into play, many expect this trend to continue. The question then arises: what happens when you become a crypto millionaire and what is the psychological impact? To find out, we spoke to some crypto millionaires.
Erik Finman, who became one of the youngest Bitcoin millionaires by the age of 18, shared how his newfound wealth changed his perspective on the world. He experienced the opening of doors that were previously unattainable and saw once-distant possibilities become realistic. He even bought a brand-new Audi R8 with a custom license plate as a symbol of his success.
Chris Dunn, a crypto investor and Bitcoin educator, fulfilled a lifelong dream of buying his dream house thanks to an ETH trade during the 2021 cycle. Despite facing skepticism from his peers in the traditional finance industry, he proved them wrong and showed them the potential of cryptocurrencies. He now looks back at those who doubted him and asks, “Who’s laughing now?”
One anonymous crypto millionaire, who goes by the name ‘Gonzo’, enjoys the anonymity that comes with being wealthy in the crypto space. He finds pleasure in the fact that people around him probably think he’s not successful, as he intentionally dresses down and pretends to be poor. This allows him to remain grounded and unaffected by his wealth.
Becoming a crypto millionaire comes with its own set of challenges and responsibilities. Dunn highlights the need to protect oneself from security threats, as losing a crypto wallet is similar to losing a real-life wallet filled with a million dollars. Millionaires also face the burden of managing taxes and dealing with the psychological impact of sudden wealth. The constant volatility of the crypto market can take a toll on one’s mental health, requiring a solid mindset to navigate the ups and downs.
However, despite these challenges, the crypto millionaires we spoke to remain grounded and conscious of their expenses. They prioritize smart investments and are careful about avoiding frivolous spending. They also emphasize the importance of maintaining mental soundness and conviction in one’s beliefs.
While becoming a crypto millionaire may bring financial freedom, it does not guarantee happiness or fulfillment. Mental health professional Elizabeth Sterbenz warns against tying happiness solely to wealth and advises individuals to focus on their values and the meaning they give to their lives. It is important to build a fulfilling life beyond materialistic goals and to make choices that align with one’s values.
Becoming a crypto millionaire is not just a materialistic upgrade, but a journey of self-discovery marked by both highs and lows. While wealth can provide increased freedom, it is up to individuals to use this tool to pursue a fulfilling and meaningful life.