Bitcoin has hit a record high of over $120,000, ahead of a key week of crypto reforms in the US.
Starting July 14, “Crypto Week” will see lawmakers debate major bills that could reshape the global crypto market.
As the US debates sweeping crypto regulation, questions are growing about Bitcoin’s long-term potential.
Can Bitcoin make you a millionaire?
On Tuesday afternoon’s episode of The Briefing, we sat down with Investment Analyst Justin Lin about what’s driving the crypto boom and is it the new way to make a fortune?
“Bitcoin is really becoming quite a legitimate asset class… it almost doubled in 2024,” Lin said.
However, Lin warned consumers against using Bitcoin in hopes of quick profits.
“There’s really no such thing that exists in the financial sphere without the equivalent risk,” he said.
He said Bitcoin could make millions “if you have the long enough time horizon… it’s definitely possible.”
Meanwhile, the Trump administration is backing crypto heavily, including launching meme coins like $Trump.
But Lin pointed out that the Trump coin is a “meme coin” and it doesn’t really have any “functionality outside of speculation”.
“I think Trump is still positioning the Trump coin as a way to access the Trump family kind of buy interest from them and show them that you have money and influence.”
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