Nowadays, a lot of people get rich by investing in cryptocurrencies. 24-year-old millionaire Rahul Rai is an example, and he succeeded thanks to this strange mathematical formula.
It can be seen that digital currency is gradually becoming an investment field pursued by many people, and many people have become successful thanks to it. As cryptocurrencies become mainstream, with more and more blockchain-based applications appearing, this market grows stronger.
This means that the competition between different cryptocurrency networks for market share is hotter than ever. Currently, Ethereum is the busiest network. However, young millionaire Rahul Rai has a different opinion, and he believes that Avalanche blockchain is the network with the most potential to take the No.1.
Rahul Rai became a millionaire this past May, after he sold a crypto fund he co-founded to BlockTower Capital. In 2017, while working as an analyst at Morgan Stanley, this Indian guy founded the Gamma Point Capital cryptocurrency fund with Eash Aggarwal and Sanat Rao.
BlockTower Capital, backed by billionaire Marc Lasry, bought his company for $35 million. After this deal, Rai became a millionaire. Currently, he is the co-head of Market Neutral at BlockTower Capital, operating the BlockTower Gamma Point Market Neutral Fund.
Rai believes very strongly in the Avalanche blockchain, thinking that it has the same growth potential as Ethereum. According to statistics, Avax coin (the native coin of Avalanche) is one of the best performing cryptocurrencies in the market in 2021 with a gain of 2,000%. This is a respectable number, especially when compared to BTC at around 50% and Ether at 320%.
“Avalanche has a really good shot of – taking away a lot of liquidity and trading from ethereum,” Rai said. “These ecosystems have really attracted this huge community of (developers) and now more importantly traders and users,”. Avalanche allows users to create custom blockchains, peer-to-peer and decentralized applications.
Not to mention, Avalanche has a viable liquidity miner that rewards early participants with the blockchain’s governance token or native currency. This past August, the platform allocated a $15 million liquidity mining incentive that lasted for 3 months.
Sharing about his success, the crypto millionaire thinks he made it through a special formula. “My success so far is a validation of crypto’s potential, and I think that being in a hyper growth industry makes it much easier to build and scale rapidly,” he said.
“I feel incredibly fortunate and grateful. I definitely did not expect to be a millionaire by my age,” he added.
“When you have the right team, you can really create these “1+1+1 = 10″ situations that lead to rapid growth and innovation,” he said.