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From May 2020 through May 2021, the crypto market has grown considerably. With COVID-19 being the headliner for 2020, it was difficult to find anything positive during that challenging time. However, there was a gift delivered to us when markets dropped to levels that even the most timid investor couldn’t ignore. In this article, I want to explore a "what if" scenario. Basically, I want to see how much money would have needed to be initially invested in crypto projects in 2020 to be worth a million dollars today.
Cardano
May 1, 2020: $0.05
May 1, 2021: $1.32
Initial Investment Needed: $37,878.78
Doge Coin
May 1, 2020: $0.002
May 1, 2021: $0.37
Initial Investment Needed: $5,405.40
Vechain
May 1, 2020: $0.004
May 1, 2021: $0.21
Initial Investment Needed: $19,047.61
Voyager Token
May 1, 2020: $0.03
May 1, 2021: $4.48
Initial Investment: $6,696.57
Now you see what type of capital would have been needed to make $1 million based on those prices in May 2020. To get the future price for hitting a million dollars with current prices, use this formula:
1) Take your initial capital and divide it by the current price.
Initial Capital / Current Price = Number of Coins
2) Divide $1,000,000 by the Number of Coins from the first step. This will give you the future price the asset must go to in order to make $1 million.
$1,000,000 / Number of Coins = Future Price
Example: I have $5,000 to place into a coin that is currently $0.05. Investing this amount will give me 100,000 coins. If I divide $1,000,000 by 100,000, the answer is $10. This means that the price of the coin must reach $10 in order for my initial investment to turn into $1 million.
$5,000 / $0.05 = 100,000 (Number of Coins)
$1,000,000 / 100,000 coins = $10 (Future Price)
Now, go set your goals and let's make these millions!