These cryptocurrencies can still make you a millionaire!

The year 2020 has been really unpredictable in terms of the events that happened including the COVID-19 pandemic and sudden surge in the cryptocurrency market. 

The inflation in the prices of some of the well-known cryptocurrencies has been commented upon widely and been associated with a lot of reasons including stimulus payments,  adoption of cryptocurrencies by payment platforms such as PayPal, adoption of cryptocurrencies by other platforms, companies, and even countries as a form of payment, and in fact some of the tweets on cryptocurrencies by multi- billionaires.

The prices of cryptocurrencies spiked a lot and if you are still wondering about investing in cryptocurrencies despite the surge, you are on the right webpage.

You might have heard about these cryptocurrencies but did you ever think about them like this?

If you would have invested $4000 dollars in September of last year (2020), your invested money would have risen by 340% based on the price of Bitcoin on Saturday evening. This means that your $4000 would have been turned into $17,600 which is not a huge gain, I totally get it.

But now if you would have invested in the following cryptocurrencies, you might have been standing at good standing already.

As per the price on Saturday evening:

• Dogecoin: 11870% surge 
• Solana: 5405% surge

Now that's something really big! Isn't it?

Now let's see if you would have invested $4000 into dogecoin in September of last year,  that $4000 would have turned into $478,800. Amazing, right?

For Solana, your $4000 would have turned into $216,200. That's pretty amazing too!

Now, why am I talking about these numbers when the time has already passed and we can't go back to invest money.

The answer is that it is never too late to invest provided your investment has some far-sightedness. 

The dogecoin is only at $0.24 right now and it has a lot of potential to go up while even though Solana has spiked to $177, it is not its highest price. 

According to an article of Forbes written by Billy Bambrough:

"The panel average, which puts the dogecoin price at 42 cents at the end of 2021, sees dogecoin hitting $1.21 by 2025 and $3.60 by 2030 though the experts are starkly divided with some confident the meme-based cryptocurrency will soon crash to zero and others forecasting a huge rally to $10 per dogecoin."

The price of dogecoin at $1.21 means a 60,400% surge in price compared to last September (2020). It's a huge deal and now you can imagine, the percentage spike for $10 anticipation.

The $1.21 seems reasonable and $10 still seems somewhat fabricated but you never know what cryptocurrencies have on the table for you in the upcoming years. 

If you travel back in time, bitcoin was $12.56  in 2012, and today, it is beyond the reach of many priced at $45, 395 as of Saturday evening.

So, thinking and making judgments at the right moment is highly important. There can be a few times when there will be losses and times may come when there are only losses and no gains, but the profits can be massive too.

When it comes to crypto, one thing has to be considered carefully which is that the spikes or surges in the past do not guarantee future gains, and if someone feels uncomfortable or scared of losses, it is always advised to put no more money into cryptocurrencies than an investor is comfortable losing.

If you plan to get into crypto, investing too much money all at once may not be the right choice, but instead investing through small purchases, analyzing the process, and then taking steps further might be an option worth considering.

This article/post is solely the personal opinion of the writer and should not be treated as financial advice or any form of official advice. It's just a piece of writing meant to allow critical thinking in terms of investment.