No matter what type of investor you are, Bitcoin (CRYPTO:BTC) has probably caught your attention, thanks to its rapid ascent to over $60,000 a coin in just a few years. It’s natural to wonder if you should add it to your portfolio, especially as some optimistic investors claim its value could one day exceed $100,000 per coin.
But if you’re hoping to become a Bitcoin millionaire, you can’t put your cart before your horse. Two things need to happen before you can make a fortune off Bitcoin or any other cryptocurrency.
1. You have to invest in Bitcoin
Let’s start with the obvious: You’re never going to make any money off of Bitcoin if you don’t own any tokens. If you’re just interested in purchasing a small amount of Bitcoin, that’s not too difficult to do. Most cryptocurrency exchanges enable you to purchase partial coins, so you don’t need thousands of dollars to get started. And you can still make a handsome little profit, even if you don’t own a whole coin.
Let’s say you invest $5,000 in Bitcoin right now. At the time of writing, that would