It’s almost a decade and a half since the emergence of cryptocurrencies, and many events have come and passed during this period. This era has created a new class of wealthy individuals known as crypto millionaires who made substantial profits by investing in Bitcoin and others. However, the cryptocurrency crash of 2022 left people questioning whether the age of crypto millionaires is over. While some cast doubts, others, such as Avorak AI and Algorand, believe otherwise. Let’s examine the perspectives of Avorak AI and Algorand and the reasons they are confident the age of crypto millionaires is not yet over.
What Is Algorand?
Algorand (ALGO) is a cryptocurrency and blockchain platform created by Silvio Micali to develop dApps, digital assets, and smart contracts. Algorand strives for fast transaction speeds, achieving block finality in under five seconds. This makes it well-suited for use cases such as real-time payments, micropayments, and other applications requiring high throughput and low latency. The ALGO token helps pay transaction fees and as a means of exchange on the Algorand network. Users can also stake it, participate in the consensus process, and earn rewards.
What Is Avorak AI?
Avorak AI (AVRK) is a platform reigniting the crypto space with cutting-edge AI tools that simplify processes and allow everyone to make it in crypto trading. For example, its trade bot, Avorak Trade, with easy-to-use controls, can be used by all users regardless of their technical knowledge. The trading bot monitors the market 24/7 and handles the challenges of processing voluminous data.
Avorak AI token AVRK is going at $0.145 in phase three of its running ICO. The ICO performance has been outstanding as Avorak AI gears for listing in the Azbit exchange after launch.
Users can also find value in other Avorak AI’s user-friendly tools, such as chatbots and image and text generators. The text generation tool is a revolution as it addresses the plagiarism and repetition challenges of the existing tools.
How many crypto millionaires are there?
It is challenging to determine the exact number of crypto millionaires as no centralized database or registry tracks the wealth of cryptocurrency holders. However, it is estimated that thousands have become millionaires through cryptocurrency investments; similarly, thousands have gone to oblivion during adverse markets.
According to industry experts, there are approximately 32,583 cryptocurrency millionaires based on wallet addresses holding at least $1 million worth of Bitcoin, Ethereum, Altcoins, meme coins, and stablecoins. In addition, some individuals may hold their wealth across multiple cryptocurrencies. It is worth noting that the number of crypto millionaires is constantly changing due to the volatile nature of the cryptocurrency market. A significant price movement in a particular cryptocurrency can create new millionaires or wipe out existing ones.
What to do if you become a crypto millionaire?
If you become a crypto millionaire, there are several things you should consider doing to manage your newfound wealth. It is paramount to consult with a trusted financial advisor who can help you develop a financial plan that considers your goals, risk tolerance, and tax obligations. The advisors can also help you diversify your portfolio and manage your investments.
As a new millionaire, you must secure and protect your funds from hackers and other threats. Consider a hardware wallet to store your cryptocurrencies offline or use multi-factor authentication to secure your accounts. Cryptocurrency transactions are subject to taxation in many jurisdictions, and failing to report your crypto earnings could result in legal trouble. Consider using some of your wealth to support causes involving charities, research, or social or environmental causes. Finally, do not overindulge, but enjoy your wealth responsibly by living within your means.
Avorak AI and Algorand thrive in limitless possibilities and believe there is still growth potential in the cryptocurrency market. AVRK and ALGO believe their platforms will make more crypto millionaires. Avorak AI tools are made for the future with the potential to predict market behavior and innovate solutions to cushion oneself against adverse eventualities.
Learn more on Avorak AI here:-
Buy AVRK: https://invest.avorak.ai/register