People are getting rich off cryptocurrency, especially those who took a chance on it early.
One high school dropout who invested in Bitcoin when it was just $12 per token became a millionaire at age 18. The Winklevoss twins, who owned more than $11 million worth of cryptocurrency in 2013, became the world’s first Bitcoin billionaires in 2017.
San Francisco-based millennial Grant Hummer has also made a small fortune off cryptocurrency, and he’s angling to turn that into an even larger one. As Nellie Bowles of the New York Times reports, Hummer and his co-founder James Fickel “committed $40 million of their own crypto-made money to their new $100 million hedge fund, Chromatic Capital,” a cryptocurrency asset management firm based in the Bay Area.
The value of digital currency has been on a roller coaster ride over the past year. In 2017, Bitcoin went from $830 to $19,300. On Wednesday, it fell below $10,000 for the first time since November 2017 and more than $30 billion was shaved off of its market value in 24 hours.