Bitcoin has long been a digital gold rush—a volatile, high-stakes arena where fortunes are made and lost in the blink of an eye. For some, it’s a life-changing investment. For others, a cautionary tale of risk and regret. This is the story of two men from the same generation, drawn into the world of cryptocurrency, who experienced wildly different outcomes.
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The Rise of a Young Crypto Pioneer
Lung Yujiang, a millennial entrepreneur born in the mid-1980s, achieved what many only dream of: earning over $10 million before turning 25. While running a tech startup as his main business, Lung was also one of the earliest participants in the Bitcoin community.
His journey began in 2011 when he stumbled upon Satoshi Nakamoto’s whitepaper on a foreign tech forum. Intrigued by the concept of decentralized digital currency, he started mining Bitcoin using his personal computer—treating it at first like a background game.
“You know how people run games on auto-pilot? That’s exactly how I saw Bitcoin mining back then,” Lung recalled in a 2021 interview. With multiple high-performance computers running 24/7 for his flight simulator projects, he had the perfect setup for mining without extra cost.
How Bitcoin Mining Works
Bitcoin mining involves solving complex mathematical problems to validate transactions on the blockchain network. Miners compete to find the correct hash value, and the first to succeed adds a new block to the chain and receives newly minted Bitcoin as a reward.
In the early days, the difficulty was low. A standard PC could mine 50 BTC every 15 minutes. As more users joined, the network automatically adjusted the difficulty to maintain a consistent block time of approximately 10 minutes.
From 2011 to 2013, Lung continued mining passively. By 2013, he sold his holdings during a major price surge, netting over 100 million RMB (roughly $14 million USD at the time). Many of his peers in the crypto community also reaped significant rewards during this period.
The Halving Effect and Scarcity Model
One of Bitcoin’s most powerful features is its built-in scarcity mechanism. Every four years, the block reward is cut in half—a process known as "halving." This reduces the rate at which new coins are created, mimicking the extraction of finite resources like gold.
- 2009: 50 BTC per block
- 2012: 25 BTC per block
- 2016: 12.5 BTC per block
- 2020: 6.25 BTC per block
- Next halving (expected 2024): 3.125 BTC per block
With a hard cap of 21 million coins, about 19 million have already been mined as of 2025. The remaining supply becomes increasingly difficult and costly to extract, contributing to upward price pressure over time.
Despite stepping away from active trading, Lung has recently been contacted by old friends asking whether it’s still worth investing in Bitcoin amid renewed price momentum.
“I’m honest with them,” he said. “The early movers hold most of the power. Many whales still hold vast amounts off-market—some lost, some hoarded. Latecomers often end up as the ones absorbing volatility.”
The Dark Side: A Trader’s Downfall
Not everyone finds success in the crypto world. Take Liu Yu (a pseudonym), another 85s who entered the scene in 2018 out of curiosity.
“I just wanted to understand this new thing,” Liu said. In late 2017, amid a massive bull run, he invested nearly 100,000 RMB ($14,000) in Bitcoin through spot trading.
The results were intoxicating.
“I opened the app and watched my gains jump from 1% to 20%, then 80%, then 150% in just three hours,” Liu recalled. “I made tens of thousands in paper profits—more than half a year’s salary.”
Fueled by adrenaline and peer influence, he moved into futures and leveraged contracts.
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His account balance swelled to around 150,000 RMB in unrealized profits—until October 2019.
“I woke up at 7 a.m., got two alert messages, and had a sinking feeling,” Liu said. When he checked his app, his balance read zero.
He had been liquidated—wiped out by a sudden market reversal and excessive leverage.
“That moment shattered my dream of getting rich quick,” he admitted. “Paper wealth can vanish overnight.”
Liu uninstalled all crypto apps and hasn’t looked back since.
“If I had to label Bitcoin traders, I’d call most of them gamblers,” he said. “It’s not investing—it’s speculation with fire.”
Bitcoin Reclaims $40,000: Market Frenzy Returns
On February 6, 2025, Bitcoin surged past $40,000 again—a level last seen in January. At press time, BTC traded at $40,175.30, up 6%, with a year-on-year increase of nearly 292%.
Many seasoned traders didn’t expect this milestone so soon.
“This rally came faster than anticipated,” one veteran investor noted. “We thought $40K wouldn’t return until 2026 or later.”
With the price surge came massive liquidations. According to real-time data:
- $30.8 million liquidated in one hour
- $509 million wiped out in 24 hours
- Over 89,000 traders margin-called
While painful for short-sellers and leveraged longs alike, such events often signal strong market momentum.
Is Bitcoin Still a Viable Long-Term Asset?
Despite volatility, Bitcoin continues to attract global investors due to several key factors:
Core Keywords:
- Bitcoin
- Cryptocurrency
- Blockchain technology
- Bitcoin mining
- Digital gold
- Crypto investment
- Leverage trading
- Market volatility
These keywords reflect both technical and emotional aspects of Bitcoin adoption—from its foundational technology to investor behavior.
Why People Still Believe in Bitcoin
- Scarcity & Store of Value
Like gold, Bitcoin is scarce and durable. Its predictable issuance model makes it resistant to inflation. - Growing Institutional Adoption
Major financial firms now offer Bitcoin ETFs, custody services, and trading desks—legitimizing its role in portfolios. - Technological Evolution
Upgrades like SegWit and the Lightning Network improve transaction speed and scalability. - Philosophical Appeal
Many support Bitcoin not just as an asset but as a movement—decentralization, financial sovereignty, resistance to censorship.
However, critics argue that Bitcoin lacks intrinsic value and remains highly speculative. Regulatory uncertainty in various countries adds risk.
Frequently Asked Questions
Q: Can you still make money mining Bitcoin today?
A: Solo mining with a regular PC is no longer feasible due to extreme difficulty and competition. Most miners now join large-scale operations using specialized ASIC hardware and cheap electricity.
Q: What does 'halving' mean for Bitcoin price?
A: Historically, each halving has preceded major bull runs due to reduced supply inflation. However, past performance doesn’t guarantee future results.
Q: Is buying Bitcoin safe?
A: It depends on your risk tolerance. While secure when stored properly (e.g., cold wallets), prices can drop sharply. Only invest what you can afford to lose.
Q: Why do so many people lose money in crypto?
A: Over-leverage, emotional trading, lack of research, and chasing hype often lead to losses—especially in derivatives markets.
Q: Can Bitcoin replace traditional money?
A: Not yet widely. While accepted by some merchants and nations (like El Salvador), volatility and scalability issues limit everyday use.
Q: Should I invest in Bitcoin now?
A: There’s no universal answer. Consider your financial goals, risk appetite, and do thorough research before entering the market.
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Final Thoughts
Bitcoin remains one of the most polarizing assets of the digital age. For pioneers like Lung Yujiang, it delivered generational wealth through early access and patience. For others like Liu Yu, it became a painful lesson in greed and overconfidence.
The technology behind it—blockchain—is undeniably transformative. Whether Bitcoin itself will endure as “digital gold” or fade into history as a speculative bubble remains to be seen.
What’s clear is this: entering the world of crypto requires more than capital—it demands education, discipline, and emotional resilience.
For those considering participation, proceed with caution—and never stop learning.