Rolexes, homes, and financial security: What bitcoin's latest rally has bought for some patient retail bulls

• Bitcoin's 116% climb in 2024 made fortunes for many individual investors.
• Retail investors say they've used the money for cars, homes, and financial freedom.
• Even as the crypto sees big ups and downs, many say they'll hold onto some bitcoin forever.

Bitcoin's stunning 2024 rally minted fortunes for many everyday traders, some of whom, after years of facing off with skeptics, say they've used the cryptocurrency to buy Rolexes, pay for homes, engagement rings, and peace of mind.

Business Insider spoke with investors who got in on bitcoin before the hype — and won big amid the crypto's dizzying 116% rally last year.

Many of them, whose gains were verified through brokerage and account statements reviewed by BI, extolled the investment as life-changing—and emphasized that they plan to keep holding at least some of the crypto forever.

Shaun, a retail trader who first bought bitcoin in 2013, estimates he's made over $300,000 from the crypto on a total investment of $25,000 over a decade.

He first got into bitcoin when he funded a wallet to play online poker. When he stopped playing, he had around $100 worth of bitcoin, which he forgot about until he stumbled across a news article about the token in 2016.

He continued to buy more bitcoin, funneling several hundred dollars every time its price dipped. By 2017, the year bitcoin rocketed 1,338%, he realized he had struck gold.

"I was like seeing myself retiring as this multimillionaire. Like, oh my god, I don't even care about my job right now," he said. "It was somewhere in the mid-twenties, and I was like, oh my God, this is amazing."

In 2020, he cashed out around $25,000 to purchase a Rolex, his first big-ticket purchase. Several years later, he cashed out another $30,000 to purchase an engagement ring for his wife and more to help fund his wedding, which he said cost around $80,000.

For Shaun, the gains were staggering. Growing up, his family was lower-income, and he knew nothing about investing.

"My mom always jokes that one of the reasons I like luxury things now … it's because we grew up so poor. I now value the finer things in life, things I never would've."

In November, as bitcoin was sprinting toward $100,000, Shaun sold another $200,000 for a down payment on a million-dollar investment property with his wife. He still holds around $100,000 worth of bitcoin.

"If it goes to zero, at least I was able to use it to buy something that will literally provide income forever," he said.

Some investors told BI that bitcoin has helped them feel more financially secure, particularly for retirement or for taking care of their families.

One bitcoin trader, who asked to remain anonymous for privacy reasons, said he made around $100,000 investing in bitcoin, which allowed him to pay off his car. Though he got into bitcoin relatively late— in 2022—his $16,000 investment ballooned to more than $120,000 by the end of 2024, statements viewed by BI show.

"I could hear my mom saying that investments were meant to be sold when you need the money. So, I took some profits," he said.

The majority of the investment remains untouched. Still, it gave him enough financial security to travel and spend three years taking care of a sick family member full-time.

"It's more so a life insurance policy for me, where if I passed away, I can give it off to my immediate family," he said.

Another trader who requested to remain anonymous but shared his account statements with BI said he was able to quit his job and retire early after he began investing in bitcoin in 2011. His total holdings were worth around $13.8 million when he spoke to BI.

He said he was recently able to quit his job and retire early. He now spends most of his time with his family and working on his hobbies.

"Refreshing and stress-free, knowing I don't need to deal with other people [and] work problems," he said, when asked about how his quality of life since his windfall. "Secure knowing my family is financially covered and if anything happens to me, my wife doesn't need to worry."

A retail trader named Keaton has made around $100,000 on bitcoin since he first invested in the crypto after graduating from high school at the end of the 2010s.

He made a small investment after a friend told him about bitcoin, and began putting in more money after tuning in to talks from Michael Saylor, the founder of business software firm Microstrategy and a highly vocal bitcoin evangelist.

When the Federal Reserve began to cut interest rates this year, Keaton took out around $35,000 in debt and put it into bitcoin. When he spoke to Business Insider, his holdings were worth nearly $130,000.

The money hasn't drastically changed his day-to-day life, he said, but the nest egg has given him confidence that he can put down a down payment for a home and support his family in the future.

"It is life-changing money in the sense that I can do a lot more things with it," he said. " I'm in a position where I could put a substantial amount down for a house. I can pay off my car loan if I wanted. I can be completely debt-free."

Bitcoin has stumbled in recent weeks, dropping around 8% from its all-time high above $108,000 reached in mid-December.

But many of the bulls say selling is out of the question, staying loyal to the mindset of HODL — a deliberate misspelling of "hold" that's as also an acronym in crypto circles for "hold on for dear life."

Keaton says he plans to keep at least one full bitcoin—worth about $97,800 on Friday—after paying off his credit card debt.

"I just think there's no other investment," he said, pointing to bitcoin's decentralized nature. "I just think that when I look at all the other assets, there's really no other asset I want to park money for an extended period of time."

Shaun, whose finances are already in order for retirement, says he'll hold onto his remaining bitcoin. He continues to purchase around $500 worth of bitcoin a month and doesn't plan to stop anytime soon.

"Bitcoin is an amazing investment," Shaun said.