Bitcoin Pioneer Wealth: Three Recipes for Crypto Billionaire Success

Turn 100 euros into millions – those who invested in Bitcoin cryptocurrency in time could realize such dreams. t-online shows three recipes for crypto-billionaire success.

At first, the crypto market was only about currencies like Bitcoin or ether nor a lottery game, some critics still claim so today.

A lucky few have brought the new asset class to untold fortunes, while much of the world has missed out on the growth of supposedly “worthless” coins. And for many, the sense of missed opportunities remains – and the sight falls on those who were in the right place at the right time.

The rise of these people can be told in many individual stories. Like the Swiss Dadvan Yousuf: the crypto-magician’s apprentice, as the Swiss media call him – probably also because of widespread doubts about the 22-year-old’s ability to manage his sudden wealth.

The Illustrated Story of a Bitcoin Billionaire

According to his own testimony, the child of Iraqi immigrants sold his toys at the age of only eleven in order to buy his first bitcoins for 15 euros. According to his own statements, he is now a billionaire – although some in his home country doubt it. His tax return should only suggest a single-digit million, writes the “Neue Züricher Zeitung”.

Whether it’s billions or millions. Bitcoin has given the young man a luxury that would otherwise have been denied him forever: he stays in five-star hotels, travels in private jets and has a huge following on social media.

2011 – the year Yousuf first bought bitcoin – was a unit of the cryptocurrency can still be purchased for one US dollar at times during the year, the amount rose to almost $30, then fell back to $2.05 by the end of the year.

A story too good to be true?

So if you had bought ten Bitcoins at the time, you would have accumulated assets of almost $408,000 by April 2022 – for an initial investment of between $10 and $300. Brave people who would have bought 100 Bitcoins would already be millionaires today.

According to his story, the Swiss sorcerer’s apprentice did not acquire his wealth through a one-time investment. Over the years, he continued to invest in the crypto market and thus accumulated his fortune. According to Yousuf, he wants to use his Dohrnii Foundation to help others achieve similar wealth.

Swiss financial regulator Finma, on the other hand, is more critical of the young crypto investor’s business ideas. According to Swiss media, in April 2022, the authority blocked Yousuf from going public and froze part of his funds. The story of the sorcerer’s apprentice could therefore take a new turn.

From supposed losers to stars of the crypto scene

Also for them Winklevoss twins their first bitcoin investment marked a turning point in their lives. Once upon a time, Cameron and Tyler Winklevoss were best known around the world for the movie ‘The Social Network’ – which told millions of viewers how the twins created the business idea of ​​the decade during their lost college years: they fought against Mark Zuckerberg for Facebook rights.

Scene from the movie “The Social Network”: Cameron Winklevoss, played by Armie Hammer, fought with his brother Tyler for the rights to the idea behind the social network Facebook. (Credit: Mary Evans/AF/Columbia Pictures Archive/imago images)

These days, all they can do is smile gently. It is true that their assets, estimated at three billion dollars per person, do not exceed those of Facebook CEO Zuckerberg.

But as Facebook struggles with declining user numbers, the twins have used their $65 million lawsuit settlement to position themselves as frontrunners in the crypto space. In 2012, they reportedly invested nearly ten million dollars in the then largely unknown bitcoin, at the time the price was around $8 per unit.

Zuckerberg becomes Winkelvoss competitor again

However, the Winkelvos have not only shaped the industry through their investments, but have also been active in shaping the crypto industry. For example, they founded the crypto exchange Gemini and bought the auction platform Nifty Gateway.

Stars of the crypto world: The Winklevoss twins use their compensation from the Facebook dispute to invest in Bitcoin.  Now they are actively shaping the industry.  (Credit: Getty Images/Joe Raedle)Stars of the crypto world: The Winklevoss twins use their compensation from the Facebook dispute to invest in Bitcoin. Now they are actively shaping the industry. (Credit: Joe Raedle/Getty Images)

Ironically, years later, their former competitor is now pushing into the same industry with the Meta-Verse, Zuckerberg’s new hope. But the twins are no longer in the Facebook CEO’s shadow.

Brian Armstrong: The businessman with the right instincts

While the Winkelvoss twins got a significant boost in the early Bitcoin years with the settlement of a million-dollar Facebook legal dispute, another entrepreneur, alone with the right business instincts, managed to make a fortune yet again. bigger than the two Winkelvoss together.

The CEO of the American crypto exchange Coinbase, Brian Armstrong, took its company public last year, and today it is listed on the Nasdaq technology exchange alongside Apple, Netflix and Microsoft. Armstrong’s net worth is estimated at $6.5 billion.

Armstrong came into contact with Bitcoin early on. In 2010, he read the cryptocurrency white paper for the first time and initially programmed his own node – that is, an interface to the blockchain – on his computer.

From Airbnb developer to multi-billionaire

He tried to make it easier to invest and trade in cryptocurrencies – but he was initially hesitant to found his own exchange. “I knew it would be a big responsibility to manage other people’s money. A business like this could also become very big,” he says, reflecting on Coinbase’s early days in an interview with entrepreneur Garry Tan. He was right: today, Coinbase is valued at $20.61 billion on the stock exchange.

A sought-after conversation partner: Coinbase CEO Brian Armstrong is one of the most successful entrepreneurs in the young crypto scene (Source: Getty Images/Anthony Harvey)A sought-after speaker: Coinbase CEO Brian Armstrong is one of the youngest crypto scene’s most successful entrepreneurs (Source: Anthony Harvey/Getty Images)

Armstrong quit his developer job at Airbnb in 2012 to build Coinbase with former Goldman Sachs trader Fred Ehrsam. Today, more than 89 million customers use the crypto exchange to trade cryptocurrencies through their mobile phones (How to create such an account yourself, read here).

Coinbase is active in over 100 countries and already employs over 3,700 people. With the banner year of 2021, many new clients have started to take an interest in investing in cryptocurrencies – and there are good signs that cryptocurrencies will establish themselves as fixed asset classes in the future.

Cryptocurrencies stand out as an investment

Even classic cooperative banks such as some savings banks or individual Volksbanks are already starting to advise their customers on certain cryptocurrencies. For Armstrong, this suggests further growth with Coinbase – and therefore a continuation of his personal bitcoin success story.

One of many over the years – but they also face many stories of loss and bad luck. Because many have saved their first heritage on old hard drives or USB sticks that have been thrown away over the years or whose owners have forgotten the passwords (Learn more here). For them, there is no bitcoin fairy tale.

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