Rick Ross has some questions for crypto-millionaires.
“That’s the thing about Rick Ross — that’s the thing about the bawse,” he said in a recent Instagram story. “The metaverse. Crypto. Y’all gettin’ so much money, where you at? Where you at? Show us! And I don’t mean ‘I’m tryna get money.’ Yo, man, I got a lot of money … But show us. Show my homies what the metaverse [is] about. Y’all big boy crypto dudes! … All that fake rich money, where it’s at?”
Check out the video of Ross calling out pump-faking crypto-millionaires below.
To a certain degree, Ross does have a point. There is no shortage of crypto scams out there, and they can most especially be found on your friendly neighborhood Instagram page where “ForEx professionals” offer to make you untold amounts of money for a “small fee,” only to run off with your funds, never to be seen again.
And, certainly, some professionals question the longevity of the NFT space, which is grouped into “crypto,” though the reality is a lot more nuanced than that.
But that said, there’s certainly no shortage of stories regarding newly-minted crypto-millionaires. AfroTech previously shared the story of 22-year-old Sultan Gustaf Al Ghozali, who joined that growing club when he turned his selfies into NFTs.
And these are far from the only examples.
So, for the benefit of Rick Ross — and others — let’s take a look at the dollars and cents behind the crypto world.
Crypto-Millionaires: Becoming More Common
All signs point to crypto-millionaires becoming more common.
In addition to a myriad of stories available on AfroTech about the phenomenon — such as the stories of Elise Swopes, Nyla Hayes, and others — many major investing sites are pointing out that today’s investors are diversifying their portfolios to include the crypto world.
In December 2021, CNBC reported that many of today’s millennial millionaires (nearly half of them, to be more precise) had some part of their portfolio in crypto. And, going into 2022, the trend seems to be moving upwards toward an additional crypto investment as time went on.
Recent Crypto-Problems
This is not, however, to suggest that crypto-millionaires aren’t subjected to targeted scams.
In April 2022, The Verge reported that a thief recently stole more than $1 million worth of NFTs from Bored Ape Yacht Club — whose celebrity clientele includes the likes of Snoop Dogg, Wiz Khalifa, and Timbaland — resulting in some priceless NFTs being transferred to the hacker’s wallet.
'Pump-Faking' Millionaire Status
And, to be fair to Rick Ross, he does have a point.
The reason many of these stories about crypto-millionaires make headlines is that they’re uncommon. Yes, it’s possible to make some money in the crypto world, but like everything else, it has its risks and rewards. And it goes without saying that it’s essential to talk to your trusted financial advisor before making any sort of investment.
