(Image Source: www.cryptocoinsnews.com)
While I can't claim that I am a millionaire, this year I am quite lucky to have crossed path with many millionaires who are my clients. Their insights to the world of investments are rare and precious. When you have a real life "rich dad" and "poor dad" scenario like the ones of Robert Kiyosaki, you often wonder how life could be so different for the rich, while us commoners live life averagely and sometimes left with nothing to spare.
Having conversations with my millionaire friends, you noticed a lot of them are very humble, mostly because they started just like anybody else, from scratch. Getting deeper into conversations, I found a common trait among the many millionaires. They invest!
And boy, I could tell you the one thing they invest these days are cryptocurrencies! Someone once told me, if you want to be a great photographer; learn from an award winning photographer! I guess you could say the same for acquiring wealth. If you want to be rich, learn from a wealthy man!
From various discussions, here are some of the reasons why millionaires are investing in cryptocurrency lately:
A. It has proven to make people rich
- Looking at the case of the Winklevoss twins, who failed to take control of Facebook alleging that it had been appropriated from them, had invested 11 million into Bitcoin and they are now billionaires!
B. Fear of missing out
- Apparently, rich people are afraid of missing out too! No we are not talking about missing some posh party with luxury cars and girls, but cryptocurrency investment.
C. Small capital compared to property and a startup investment
- Investing in Bitcoin, Ethereum and other cryptocurrency does not require a huge commitment. It's money that they can afford to burn! For example, a bitcoin now costs USD 16,500. But do you know you could buy them partially not having to buy a whole coin? Well of course, the millionaires are buying more, but it is a good entry chance for us who aren't millionaires yet. If you're complaining that Bitcoin is too expensive, buy Ethereum. If Ethereum takes too much of your salary, try Steemit. All you need is to invest your time and effort.
The rich hustles and the poor complains. Fundamentally, I believe this is one of the reason why the rich gets richer and the poor gets poorer. Ride the trend, we might be headed for the skies!