Can you make a lot of money with Crypto?

Could you elaborate on the potential financial gains associated with investing in cryptocurrencies? I've heard varying opinions on the matter, ranging from individuals claiming to have made significant profits to those warning of the risks involved. As a professional in the field of cryptocurrency and finance, I'm curious to know if there's a realistic chance of earning substantial returns, or if it's more of a speculative market where gains are uncertain. Could you provide some insight into the potential earnings one could expect, while also highlighting the risks and challenges that investors should be aware of?