As a general disclaimer, anyone looking at cryptocurrencies as a way to get rich quickly is likely to end up disappointed. To confidently approach cryptocurrency investments, investors must understand that the cryptos to buy to become a millionaire take time to mature. Moreover, the potential for making $1 million varies from crypto to crypto and also depends on the amount of cash you’re willing to risk upfront.
As such, the three cryptocurrencies discussed in this article have the potential to provide stunning returns in the decade to come, depending on when you buy and at what price. We will be looking at trading history and periods of growth to forecast the millionaire-making potential of these three cryptos using a standard investment of $10,000 as our baseline starting point. Furthermore, the purpose of this article is entirely speculative and these hypothetical investment scenarios should by no means be taken as factual.
Polygon Ecosystem Token (POL-USD)
The Polygon Ecosystem Token (POL-USD) is the new native token designed to replace Polygon (MATIC-USD). If you had bought $10,000 worth the original Polygon token back when it hit its all-time low in 2019, your investment would be worth $1.82 million right now thanks to the 18,329% increase since then. Now to replicate that with the new ecosystem token, POL, which currently trades around 57 cents will be difficult but not impossible.
To turn $10,000 into a million dollars, POL would need to hit around $60 per token. The reason for POL replacing MATIC, however, is to enable just this kind of growth in the protocol’s Value Layer. Currently, the Polygon team envisions the POL token as a driver of value creation in the web3 version of the internet.
What this means is deriving tokens from the free exchange of information that currently occurs on the internet by validating the passing of information from one individual to the next. It’s certainly an ethereal high-risk, high-reward play that requires a deep commitment to the idea of a decentralized internet via the web3 infrastructure among cryptos to buy to become a millionaire.
VeChain (VET-USD)
VeChain (VET-USD) is designed to operate as an enterprise-grade layer-1 smart contract platform. The crypto has been around since 2015 as a private consortium chain and then became a public blockchain in 2017 by adopting the ERC-20 token VEN, before launching a token of its own in 2018 now called VET.
Today, VeChain’s application focuses on the real-world data management problems that plague global industries like medicine and energy. To achieve this, the developers use a theory called distributed governance, integrated into internet of things (IoT) networks to streamline data processing for the aforementioned industries. Moreover, VeChain uses what it calls “trustless data” which is a network that runs parallel to your internet network to improve its interaction security without needing central verification.
The current VET token trades at 2.5 cents and could turn $10,000 into a million dollars just by reaching $2.50 which is very feasible should it reach the level of adoption it aims for.
Bitcoin (BTC-USD)
I’d like to preface the Bitcoin (BTC-USD) section with the fact that now might not be the exact best time to put money into BTC, as it is trading close to its all-time high. That said, should Bitcoin drop below $50,000 again, it will likely be a strong contender among cryptos to buy to become a millionaire.
The reason I say this stems from the speculation on what Bitcoin’s true future value could be. Some analysts speculate $100,000 is possible this year, with questions if the coin will ever hit $1 million. Considering that its current market cap is nearing $1.3 trillion, the coin would need to eclipse the U.S. economy in market cap to hit that valuation.
There’s a chance this could happen in the next 20 years if the BTC mining industry remains vibrant and Bitcoin becomes a global tender. Though it is impossible to predict, it’s certainly feasible should inflation wipe out fiat currencies.
On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Viktor Zarev did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
