It is not impossible to make 10 million by speculating in cryptocurrencies, but it is extremely difficult and requires high risk tolerance, deep market knowledge and luck.

Case: Early Investors in Bitcoin

Erik Finman, an early Bitcoin investor, is a typical success story. In 2011, he bought $1,000 worth of Bitcoin at $12 per unit, and held it until 2017 when the price of Bitcoin reached $20,000, and his assets appreciated to $20 million.

Success factors

1. Early entry: Finman bought Bitcoin when its value was low and seized the opportunity of soaring prices.

2. Long-term holding: He insisted on holding on during price fluctuations and did not sell due to short-term fluctuations.

3. Market research: He has an in-depth understanding of Bitcoin and blockchain technology and sees its potential.

Risks and challenges

1. Market volatility: The cryptocurrency market fluctuates violently, with prices soaring and plummeting, making it difficult for ordinary investors to accurately grasp the timing of buying and selling.

2. Regulatory risk: Governments’ regulatory policies on cryptocurrencies may change at any time, affecting market conditions.

3. Security risks: Cryptocurrency exchanges and wallets are at risk of being hacked, and investors may face asset loss.

Although there are cases of people making huge profits from cryptocurrency trading, the probability of success is extremely low and they have to face high risks and huge pressure. Most people are likely to suffer losses rather than profits.