HBAR is the native token of the public network based on the distributed ledger technology Hedera Hashgraph. Despite the impressive growth of the crypto market in recent months, it is still trading 85% below its historical peak reached in January 2020.
Significant price drops often cause panic among newcomers, leading them to hastily sell tokens. However, experienced traders view such events as an opportunity to build a reliable medium or long-term portfolio and acquire desired coins at a discount.
Let’s delve into how much you need to invest in HBAR now to become a millionaire during a bull run.
What is Hedera? The Hedera platform is based on the Hashgraph protocol patented by Swirlds in 2016. Developers launched the public version of the network in 2019.
Hedera Hashgraph uses a data structure different from blockchain called a Directed Acyclic Graph (DAG). Blocks with transactions and other information in a DAG do not follow a strict linear sequence but are recorded in the ledger independently of order.
Developers position the project as a business-focused platform, thus the network has several important features. To gain full access to Hedera services, one needs to create a personal account and undergo a verification process—after which a user can issue tokens, including NFTs, create and deploy smart contracts using Solidity and Vyper, conduct various operations with file services, and more.
The native token HBAR is used to pay transaction fees. At the time of writing, the asset ranks 40th in the top 100 cryptocurrencies, with a market capitalization of $3.049 billion.
How much HBAR to buy to become a millionaire To calculate the amount of tokens needed to buy to become a millionaire when HBAR returns to its historical peak, you can use the following formula:
Number of tokens = Target amount / Expected future price,
where:
Target amount = $1 million Expected future price = historical peak $0.5692 Therefore, to see a round sum of $1 million in your account, you need to purchase approximately 1,756,033 tokens. At the current price of $0.085, the cost of coins will be $149,106.
However, investors should understand that the crypto market can be extremely volatile and susceptible to ‘black swan’ events. The calculations provided are based solely on current data and assumptions. Always remember to adhere to risk and money management principles and only trade with money you can afford to lose.