Miles, a 37-year-old NHS doctor from London, has been trying to convince friends to buy cryptocurrencies for years. In recent weeks, the “Trump pump” on crypto prices has made them envious. “They watched in frustration as my gamble paid off,” he says.
Despite cashing out around £600,000 to buy a house earlier this year, Miles' crypto portfolio is now worth £2.3 million. Miles, who invested £4,000 in Bitcoin in 2012, said: 'It's defined my life. My pot fluctuates by hundreds of thousands every day and I've been through periods of volatility over the years. ” he says.
A number of Miles told the Guardian why they became private investors in cryptocurrencies (regular people who buy digital blockchain currencies) and how their investments have paid off over time. I was one of ten people.
Investors see Donald Trump’s return to the White House as a harbinger of a crypto-friendly climate. Photo: Mark Humphrey/AP
Bitcoin's price has fallen to $97,000 (76,500 sterling) and hit a new all-time high. The Financial Conduct Authority (FCA) has revealed that 12% of UK adults own cryptocurrencies.
The majority of respondents said they entered the cryptocurrency market within the past four years, with some using surplus funds saved during the coronavirus lockdown to improve their previous blockchain currency acquisition process. Some people also purchased coins via user-friendly apps and platforms.
The responses also reflect a growing trend of professionals working in professions such as teaching, banking, nursing, and IT investing, rather than the “tech bros” that have historically been associated with the crypto space. They argue that investing was their best or only option. Building meaningful personal wealth.
A large number of middle-class respondents lost faith in the existing system and turned to cryptocurrencies in the hope that it would help them achieve life goals such as having children, buying a home, and traveling. He said that he aimed at
I was concerned that my savings were effectively paying no interest.
Julian, a 57-year-old draftsman, homeowner and father of four from Nottingham, was one of several respondents who said they bought Bitcoin in anticipation of a spike in inflation.
“Not only has the interest paid on my savings become virtually zero because the government was willing to print money to bail out the banks, but the value of every pound I own has also been reduced by quantitative easing. “I was becoming more and more anxious about what was going on,” he says. Say.
Julian decided to invest most of his savings. “The price crashed soon afterwards, down 50% for over a year, but I never once considered selling because I had done my homework and knew this was performance,” he says.
After four years of consistent “buying on the edge”, his Bitcoin stack performed extremely well.
“I have no plans to sell it and consider it as an inheritance for my children, but I am confident that this asset will continue to increase in value. How much Bitcoin do I have? Not enough.”
If the United States adopts Bitcoin as a national reserve asset, the sky is the limit.
Many armchair investors have expressed hope that Bitcoin could reach record heights of over $120,000 by the first quarter of 2025.
“Once the US adopts Bitcoin as a financial reserve asset, the sky is the limit,” says one Dublin lawyer. A €40,000 Bitcoin investment reached a value of €62,000 last week.
Cyrus Gunn, 18, from North Yorkshire, shared this confidence. Gunn bought his first Bitcoin about three years ago after learning about it through YouTube.
“I have invested around £5,000 in cryptocurrencies and currently have a portfolio of around £95,000,” he says. Gunn expects this to rise to £500,000 by the end of Bitcoin's current four-year halving cycle, a phenomenon that will have a huge impact on price predictions and trading behavior.
Many in the crypto community believe that the incoming Trump administration will abolish the U.S. Securities and Exchange Commission's “regulation by enforcement” approach to the crypto industry over the past four years, meaning case-by-case legal action against interested parties in place of rules. I hope that you will. To make.
It would be difficult to make this much money any other way today.
Claire, a 50-year-old nurse from New Zealand who started investing in cryptocurrencies about 10 years ago, was one of many respondents worried about benefiting from President Trump's election victory. .
“With Trump's re-election, my wealth has increased significantly. I feel a little guilty because it feels like dirty money,” she says.
Claire believes in cryptocurrencies as a philosophical project of decentralized reorganization and is always confident in its success, but plans to cash out soon.
“It's been a lot of fun. I really need to be a little smarter now, so I might buy property instead,” she says.
Elon Musk touted Dogecoin as “the people’s cryptocurrency.” Photo: Dado Lubitsch/Reuters
Claire believes the average crypto investor has changed over time. “It’s amazing how many doctors and nurses are investing in cryptocurrencies, because it’s hard to make that much money any other way these days.”
While thousands of amateur investors like Clare are making huge profits in the cryptocurrency space, others are only losing money.
I've made countless stupid mistakes, had my crypto stolen, and lost faith in Bitcoin.
Mark, a children's cycling instructor from the north of England, started buying cryptocurrencies in 2013. “The gradual acceptance of Bitcoin by the traditional financial world has increased my confidence in Bitcoin,” he says.
“But I've made endless stupid mistakes, had my cryptocurrency stolen, lost faith in Bitcoin, sold it, and bought it again at a higher price. I've tried trading, but miserable I've been sitting idle since 2017, and this is the best financial decision I've ever made.
Many respondents felt that a thorough understanding of blockchain technology and the cryptocurrency market is essential for successful investing. Others attributed their crypto wealth to “just luck.”
Mitchell, a 30-year-old from Minnesota who earns $100,000 a year in the tech industry, acquired 16,000 Dogecoins, touted by Elon Musk as “the people's cryptocurrency,” for $1,300 in 2021-2022. did. Today, its value is about $6,000.
“I thought even if we hit $100 per coin, it could easily become $1 million,” he says. “Now that we have a better understanding of cryptocurrencies, we now know that Dogecoin will almost certainly never reach those heights.”
In December 2023, seeing home prices rising faster than he could save, Mitchell took a “desperate bet” and bought 1 Bitcoin for $42,000, he says. . In less than a year, the investment more than doubled to $90,000.
Mitchell is currently concerned about a “massive” crash in cryptocurrencies in the near future, but has decided not to sell for now.
“I think I’m holding on to this idea in hopes that the analysts’ predictions of Bitcoin reaching mid-$100,000 by the end of 2025 are correct. “The biggest thing is that no one has made such predictions,” he says. “I have no idea what they're saying.”
“But if they're right, you might finally be able to afford that house.”
