Bitcoin's Stunning 2024 Rally Minted Fortunes for Many Everyday Traders

Some of whom, after years of facing off with skeptics, say they've used the cryptocurrency to buy Rolexes, pay for homes, engagement rings, and peace of mind.

Bitcoin's stunning rally in 2024 has minted fortunes for many everyday traders. Some of these traders, who got in on bitcoin before the hype, have used their gains to buy Rolexes, pay for homes, engagement rings, and more.

For many of these traders, the gains have been life-changing. But despite their newfound wealth, many of them say they plan to keep holding at least some of their bitcoin forever.

Here are four stories from bitcoin traders who struck gold in 2024.

‘I don't even care about my job right now'

Shaun, a retail trader who first bought bitcoin in 2013, estimates he's made over $300,000 from the crypto on a total investment of $25,000 over a decade.

He first got into bitcoin when he funded a wallet to play online poker. But when he stopped playing, he had around $100 worth of bitcoin, which he forgot about until he stumbled across a news article about the token in 2016.

He continued to buy more bitcoin, funneling several hundred dollars every time its price dipped. By 2017, the year bitcoin rocketed 1,338%, he realized he had struck gold.

“I was like seeing myself retiring as this multimillionaire. Like, oh my god, I don't even care about my job right now,” he said. “It was somewhere in the mid-twenties, and I was like, oh my God, this is amazing.”

In 2020, he cashed out around $25,000 to purchase a Rolex, his first big-ticket purchase. Several years later, he cashed out another $30,000 to purchase an engagement ring for his wife and more to help fund his wedding, which he said cost around $80,000.

For Shaun, the gains were staggering. Growing up, his family was lower-income, and he knew nothing about investing.

“My mom always jokes that one of the reasons I like luxury things now … it's because we grew up so poor. I now value the finer things in life, things I never would've.”

In November, as bitcoin was sprinting toward $100,000, Shaun sold another $200,000 for a down payment on a million-dollar investment property with his wife. He still holds around $100,000 worth of bitcoin.

“If it goes to zero, at least I was able to use it to buy something that will literally provide income forever,” he said.

‘It's more so a life insurance policy for me'

Some investors told BI that bitcoin has helped them feel more financially secure, particularly for retirement or for taking care of their families.

One bitcoin trader, who asked to remain anonymous for privacy reasons, said he made around $100,000 investing in bitcoin, which allowed him to pay off his car. Though he got into bitcoin relatively late— in 2022—his $16,000 investment ballooned to more than $120,000 by the end of 2024, statements viewed by BI show.

“I could hear my mom saying that investments were meant to be sold when you need the money. So, I took some profits,” he said.

The majority of the investment remains untouched. Still, it gave him enough financial security to travel and spend three years taking care of a sick family member full-time.

“It's more so a life insurance policy for me, where if I passed away, I can give it off to my immediate family,” he said.

Another trader who requested to remain anonymous but shared his account statements with BI said he was able to quit his job and retire early after he began investing in bitcoin in 2011. His total holdings were worth around $13.8 million when he spoke to BI.

He said he was recently able to quit his job and retire early. He now spends most of his time with his family and working on his hobbies.

“Refreshing and stress-free, knowing I don't need to deal with other people [and] work problems,” he said, when asked about how his quality of life since his windfall. “Secure knowing my family is financially covered and if anything happens to me, my wife doesn't need to worry.”

‘I can put a substantial amount down for a house'

A retail trader named Keaton has made around $100,000 on bitcoin since he first invested in the crypto after graduating from high school at the end of the 2010s.

He made a small investment after a friend