Many people have taken the opportunity with cryptocurrency to get rich quickly, but this one making tool does not come without a large amount of risks too. Several investors in the cryptocurrency space have stated that they will lose and gain a large amount of money throughout the day in their portfolio. Two relatively well known individuals in the crypto space, the Winklevoss twins, have reportedly owned millions in cryptocurrency since 2013, became the world’s first bitcoin billionaires back in 2017.
Several people in the cryptocurrency industry have made fortunes because of this massive amount of volatility, but others have lost it all. James Fickel and Nellie Bowles of stated that the Hummer and it’s co founders have “committed $40 million of their own crypto-made money to their new $100 million hedge fund, Chromatic Capital.” Investors like the above Hummer, have been apart of these massive price swings. Hummer stated that “my neurons are fried from all the volatility. I don’t even care at this point. I’m numb to it.
I’ll lose a million dollars in a day and I’m like, OK.” Cryptocurrencies are notably extremely volatile. This has been the way that so many individuals have benefitted off of it, and the reason that many have also lost a large amount of money from the industry. The industry on cryptocurrency is still relatively new, which means that this volatility is likely to stay at least for this point in time. As the industry grows, the hopes are that it will stabilize to some point, and be able to become one of the best systems we will use in the future for the transfer of money and so on. Until that comes, it will be difficult to determine where the future of cryptocurrency will go.