The short answer is yes. But it could take a lot longer than you might like.
If you had invested less than $2,000 in Bitcoin (BTC 3.14%) when it first began trading, you'd now be a millionaire. That's assuming that you held onto your digital coins, of course.
Buying Dogecoin (DOGE 2.25%) could also have made you a millionaire. An investment of less than $2,800 in the digital tokens in late 2013 would now be worth $1 million.
But, as the old saying goes, that's all water under the bridge.Could Bitcoin and Dogecoin still be millionaire-makers?
Image source: Getty Images.
Keys to their success
To determine the likelihood of future success, it's important to understand the keys to the past success of Bitcoin and Dogecoin. There's at least one common denominator for the two cryptocurrencies -- their novelty.
Bitcoin was the world's first cryptocurrency. The concept of a blockchain (and even the word "blockchain" itself) didn't exist before Bitcoin.
Dogecoin had a different kind of novelty factor. It was created as a fun alternative to Bitcoin. The Shiba Inu dog on the Dogecoin logo became a popular internet meme. Tweets and support from Elon Musk contributed heavily to Dogecoin's popularity. Musk personally owns Dogecoin as well as Bitcoin and Ethereum (ETH 7.55%).
Novelty only goes so far, though. Both cryptocurrencies also gained adoption beyond just trading. Bitcoin is by far the biggest winner on this front. It's accepted as a form of payment by more than 15,000 businesses. Some investors view it as an inflation hedge.
Dogecoin isn't as widely accepted by merchants as Bitcoin. However, the cryptocurrency has picked up more support in recent months. It's also used for tipping on Reddit and Twitter.
Current and future challenges
The current and future challenges for Bitcoin and Dogecoin directly relate to the keys behind their past success. Neither are the shiny new coins that they once were. The novelty factor has waned for both.
Sure, Bitcoin remains the biggest cryptocurrency based on market cap. DogeCoin ranks in the top 10. However, there are plenty of digital coins vying to become "the next Bitcoin." And DogeCoin faces several rival meme coins. Shiba Inu supporters even call the token the "Dogecoin killer."
More importantly, the real-world utility of Bitcoin and Dogecoin is being surpassed. For example, Ethereum's blockchain paved the way for non-fungible tokens (NFTs) and a wave of new cryptocurrencies. Many of the most popular digital coins on the market today are built on the Ethereum platform.
There could even be a challenge to Bitcoin's status as the best cryptocurrency for hedging against inflation. A recent study conducted by researchers at the University of Sydney and Macquarie University suggests that Ethereum could be an even better inflation hedge than Bitcoin.
Still millionaire-makers?
Neither Bitcoin nor Dogecoin has as easy of a path going forward as they've enjoyed in the past. Does that mean that the two cryptocurrencies aren't still millionaire-makers? Not necessarily.
Any asset at least theoretically holds the potential to make $1 million. You might have to invest an extraordinarily large initial amount and/or have to waita really long time for it to happen, though.
From that standpoint, both Bitcoin and Dogecoin could still be millionaire-makers over the long term. However, don't count on either of the cryptocurrencies to grow an initial investment of less than $2,800 into $1 million within the next decade or even the next 30 years.
Keith Speights has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Bitcoin, Ethereum, and Twitter. The Motley Fool has a disclosure policy.
FAQs
The next crypto that will make you rich today is InsanityBets. It revolutionizes the CasinoFi and GameFi space to offer users a platform to become 'the house. ' The platform's native token, IBET, was recently launched via a presale and has seen high investor traction.
How much is Dogecoin worth in 2030? ›
Ambcrypto.com predicts that Dogecoin could reach $0.34 to $0.52 by 2030.
Can DOGE skyrocket? ›
Looking at the trader's chart, he seems to predict that DOGE will meteorically rise in the next month or so after moving above its range resistance, similar to what happened in 2017 and 2021. DOGE is trading at $0.167 at time of writing. Martinez isn't the only analyst to predict a $1 DOGE price.
Will DOGE ever go back up? ›
The broader crypto market's performance is essential for Dogecoin's success; a new crypto bull market could lead to a significant increase in DOGE's price. While short-term algorithmic forecasts suggest potential growth in Dogecoin's price, long-term predictions indicate it may trade close to its current price by 2030.
Which crypto will give 1000x in 2024? ›
Sponge (SPONGE): A Meme Coin with Innovation
This surge is fueled by a combination of innovative tokenomics, an ambitious roadmap and a growing community. SPONGE has attracted significant buying pressure early on by offering some of the highest staking rewards in the meme coin space.
Which coin can give 1000x? ›
Which Crypto Will Give 1000x?
- Dogeverse (DOGEVERSE) – Most likely crypto with 1000x with over 600,000% staking APY.
- WienerAI (WAI) – Potential 1000x coin merging meme coins with AI.
- Slothana (SLOTH) – New Solana-based meme coin with an explosive launch.
CoinMarketCap analysts expect Dogecoin to remain a major player in the cryptocurrency market for years to come and foresee that its price could reach up to $4,423 by 2050. According to CoinCodex analysts, the DOGE price would be $1.61 in 2050, assuming the S&P 500's average yearly growth rate of 11.8%.
Should I hold or sell my Dogecoin? ›
The Dogecoin cryptocurrency holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the cryptocurrency giving a more negative forecast for the stock.
Where will Dogecoin be in 5 years? ›
Dogecoin (DOGE) Price Prediction 2030
| Year | Price |
|---|
| 2024 | $ 0.149247 |
| 2025 | $ 0.156709 |
| 2026 | $ 0.164545 |
| 2027 | $ 0.172772 |
1 more rowHolding 10,000 Dogecoin Could Make You A Millionaire, Predicts Crypto Analyst. Since 2021, Dogecoin (DOGE) has consistently been one of the largest cryptocurrencies in the market. The token has attracted tens of billions in investment and is up more than 27,000% since its launch.
Dogecoin price may reach a maximum of $0.3751 by the end of 2024. With a potential surge, DOGE price may achieve its $1 mark by 2029, with a potential high of $1.19 for the year. The price of Dogecoin today is $ 0.14858319.
Can DOGE reach a dollar? ›
For Dogecoin's price to skyrocket, demand would need to outpace rising supply. That's a tall task. In my view, then, there are no fundamental reasons to be long-term bullish about Dogecoin. In fact, it's very unlikely the token will rise 600% to reach $1 by 2030.
Which crypto is the next Bitcoin? ›
Like BTC, ETH is up sharply so far in 2024, surging 53.6% through April 1. These two cryptos are undoubtedly the best in their asset class. Some market watchers speculate that Ethereum ETFs will be the next step in crypto's mainstream adoption, and if any digital currency is next in line, it's undoubtedly Ether.
How much will Dogecoin be worth in 2040? ›
DOGE price predictions 2040
CoinMarketCap forecasts Dogecoin's value to surge, potentially hitting an all-time high of approximately $2.107 as demand continues to rise. Coinjournal offers a more bullish outlook, projecting a price of around $4.70 for Dogecoin in 2040.
How much will 1 Ethereum be worth in 2030? ›
Ethereum (ETH) Price Prediction 2030
| Year | Price |
|---|
| 2025 | $ 3,143.79 |
| 2026 | $ 3,300.98 |
| 2027 | $ 3,466.03 |
| 2030 | $ 4,012.36 |
1 more rowMost Profitable Crypto List
- Lucky Block – Crypto casino with an exciting opportunity to earn up to 200% bonus.
- Bitcoin – Biggest crypto in the world, has a market cap of more than $1 trillion.
- Ethereum – #1 altcoin in terms of market cap, supports smart contracts.
Which Altcoin To Buy in The Next Crypto Bull Run
- Ethereum (ETH) Market cap: $352.50 billion. ...
- Solana (SOL) Market cap: $59.55 billion. ...
- Dogecoin (DOGE) Market cap: $0.1294. ...
- Cosmos (ATOM-USD) Market cap: $8.94 billion. ...
- Kaspa (KAS-USD) Market cap: $2.53 billion. ...
- Stellar (XLM-USD) Market cap: $3.92 billion.
The 17 Crypto That Could Make You Rich
Dogeverse – Top multi-chain Doge coin can make you rich. Get 1,600% staking APYs. WienerAI – Dog-themed meme coin, offering over 3,500% staking APY. MegaDice Token – New CasinoFi crypto with daily rewards, get in-game discounts and NFTs.
Which crypto will make you rich in 2025? ›
Smog Token and Bitcoin Minetrix gained attention, while Sponge V2 and Meme Kombat offered innovative features. Verasity and Beam addressed ad fraud and gaming respectively. These altcoins under $1 show potential for growth.
