A bullish case: HOW MUCH #BITCOIN to get rich and fund your lifestyle?

Leviathan.007

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Quote from: adaseb on January 26, 2023, 12:21:58 AM

As many think “crypto will make me rich” it’s definitely not going to be Bitcoin. Even if it hits a new ATH and you buy here at $24K, you will maybe make 3x. Unless you buy millions you won’t get rich this way.

Bitcoin and ETH would of made you rich back in 2015 or so. You could of invested $10K in both and would of made great sums of money as long as you held. Gone are those days.

Not sure about other cryptocurrencies and how they may work and how they can make people rich because there are many other cryptocurrencies that may have pump dump and after that, some people can get rich if they invest enough in it and they have the knowledge of the cryptocurrencies. But speaking of bitcoin, I don't think investing just a few dollars on bitcoin can make anyone rich even in long term, to be more realistic bitcoin has grown up and reached many high prices but you cannot expect to see investing a few dollars on bitcoin make anyone rich in this time.

Oceat

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I think it's a hard question to those who wants more after experiencing a luxurious lifestyle or maybe it depends on someone on what kind of lifestyle they want but my only answer would be, no matter how rich you are if you can't think of something to do with your money it will one day be gone and you will find yourself looking back to what you wasted. Thus, you will need a continuous passive income and not just a steady wealth that doesn't grow then you might retire one day and spend your wealth while funding your lifestyle choices.

Although, with all of that computation I think it's too much but who would wait till their BTC hit that high when we are getting older. Huh

Yatsan

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That would depend on your lifestyle. If you would hve multiple Bitcoins but your lifestyle would also adjust to a more luxurious, you'd end up with nothing for sure. Keep in mind that the market peice is not continuously increasing on a consistent manner. But if you will have somewhat of an 'average lifestyle' I guess 10 BTC would be good to go to give you a decent life as well as to your family especially if you will 'run' that asset to be more profitable such as with investment diverification. But if it is assurance you are looking for, engage to stock or property investments. This industry has a huge potential but has its own kind of risk, so you decide.

DiMarxist

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At least 5 BTC is enough to be call a Rich man in you locality. Though all depends on the exchange rate of the country but any how 5btc unit is big enough. We should also remember that BTC price is not stable so when the price comes down the unit of BTC should also increase to have the equation or equilibrium of the riches.

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Quote from: Captain Corporate on January 27, 2023, 02:29:01 PM

As someone living in Turkey, about 1000 dollars per month is more than enough to live a decent life, it wouldn't be like kings or anything but it would be quite easy. I have been making around that much for a year now, between my work and also the signature campaigns here, and I can say that it has been quite good enough. I see plenty of people living much worse lives than me and I can only be thankful. However, you could also "survive" for 500 dollars as well, wouldn't be a good life, just basically staying alive but that's about it. This is why I believe that we shouldn't be putting all these numbers into same column, it changes from nation to nation.

Nation to nation indeed because not all is really that recieving on the same numbers if we do speak about getting some paycheck from our day job which is something differs on every place in the world plus having

that monetary value on how much you are earning basing up on local fiat.In some places it might that be much but when you are on a place where wages are really that standard then living situation and conditions
will really reflect into that.This is why we cant really tell on which one is big and which one is small or not enough. $1000 indeed here on my place is something a salary that would make you live but on a standard
condition and not that lavish.$500 would do but this is already that struggling or in the most thin margine for you not to be able to eat well. Cheesy

Scripture

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.1BTC is already enough to live for at least 5 months in my country, and it will always depend on your lifestyle and on where you live. Being rich means being able to buy all your wants so there is no certain amount for this as many still aim for more and don’t want to be contented of what they have. Bitcoin is not a rich quick scheme though, there are things that you need to sacrifice in order to achieve your target Bitcoin.

ajiz138

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For me, as long as you still hold bitcoin, you can get rich and all costs can be funded with bitcoin, as long as we still have it when the price is high.
Currently I still have .36 BTC as long as the results invested until now but to become rich is impossible because the price is still low while for rich potential it is clear that we can as long as we can wait to reach ATH again so a piece of bitcoin is more valuable and even become a billionaire.
But with .36 BTC to fund this lifestyle it is more than enough to last 1 year, but I always put off the fun for now and continue to earn as much bitcoin as possible, I want to be rich so I will multiply bitcoin.

1BTC = 1 Billionaire? I believe it Cheesy

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Quote from: adaseb on January 26, 2023, 12:21:58 AM

As many think “crypto will make me rich” it’s definitely not going to be Bitcoin. Even if it hits a new ATH and you buy here at $24K, you will maybe make 3x. Unless you buy millions you won’t get rich this way.

Bitcoin and ETH would of made you rich back in 2015 or so. You could of invested $10K in both and would of made great sums of money as long as you held. Gone are those days.

I'm afraid you're operating with incorrect numbers. $24k x3 = $72k that will be the previous cycle's ATH (roughly). Don't forget we're in a new cycle and ATH of this cycle can easily reach $240k which is x10. But I won't be surprised if we'll reach $400-500k this cycle. And that's a whopping x20 profit! So, even today (and especially today with these low BTC prices) we can get rich by investing in King Daddy. Shitcoins promise you crazy gains, but most probably will leave you penniless. Cool

Captain Corporate

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As someone living in Turkey, about 1000 dollars per month is more than enough to live a decent life, it wouldn't be like kings or anything but it would be quite easy. I have been making around that much for a year now, between my work and also the signature campaigns here, and I can say that it has been quite good enough. I see plenty of people living much worse lives than me and I can only be thankful. However, you could also "survive" for 500 dollars as well, wouldn't be a good life, just basically staying alive but that's about it. This is why I believe that we shouldn't be putting all these numbers into same column, it changes from nation to nation.

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I have to say I seem to be on the upper scale of upper middle class, just below where really wealthy people start, and yet I am so bad at finance that I barely live. Like buying the brand new macbook m2 max laptop would be unachievable dream for me, hell I am having trouble with buying a new monitor for my PC these days, not impossible of course I can get it but it is really not worth the extra stress on my finances.

It means that the calculation is either wrong, or majority of people are living in literal poverty. Like just food+clothes+shelter+bills, that's it, nothing else is left, that is the bare minimum to survive, that must be 95% of the population with this calculation. I agree there are a lot of people in poverty but not this much, that must be wrong.

coolcoinz

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Quote from: Fivestar4everMVP on January 26, 2023, 03:21:26 AM

In my own personal opinion, Bitcoin has made those who invested in it early rich already, right now, buying an average $100 to $1000 worth of bitcoin will never make the individual buying it rich, even if the price of bitcoin hit $100,000, except the individual is ready to wait till the year the price of 1Bitcoin hit $5,000,000 or more, which to me, is unlikely to happen in the lifetime of that individual, even in the next 100 years, its still unlikely to me.

And on the other hand, investing hundreds of thousands of dollars or even millions of dollars means the individual doing that is already rich, he or she is just looking for some, its like buying an item and reselling it for a higher price for some profit, so it is with the already rich people buying bitcoin, they are not buying it because they want to become rich, but buying to resell for profit.

This is the thing, you underestimate bitcoin, pretty much like people who in 2010 and 2011 were hoping for a milestone of $100 and in their wildest dreams thought of 1k high.
Bitcoin went wild in the next few years, hitting $300 in early 2013 and then people started thinking a step forward, about 10k, but the next big thing was 20k. 10k was never a big top.
The majority of people always look a step forward and only exceptional visionaries manage to see beyond that.

Say you'd spent $100k in bitcoin last year at 15k and your end game happened to be 250k, which by all means is achievable in the next 10 years. Would you say that it didn't make you rich? That would be 1.6 million. Enough to live happily ever after in most parts of the world, assuming that you're not completely broke and in debt before bitcoin hits that level.

Poker Player

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Quote from: hatshepsut93 on January 26, 2023, 01:42:55 PM

Bitcoiners do love modeling how rich they will be when Bitcoin replaces fiat money, but they always skip the part that describes how exactly would it happen. Just because they believe that Bitcoin is better than fiat, doesn't mean that the rest of the world will do it too. This reminds me of how communists predict that capitalism will inevitably collapse soon, and in 170 years their prediction still haven't materialized.

Yeah, for me it's not so much: you're going to have x Bitcoin? You will be rich. But more: you will have x Bitcoin+ x of other assets + 7 sources of income? Then you will be rich.

I put 7 because they are the average sources of income that a millionaire has, although normally one is the one that accounts for 80% of income or more.

What happens is that in this forum it is normal that everything is seen from the prism of Bitcoin. There are people who have 100% of their net worth in Bitcoin, said in this forum. For me that is too risky, but if you do well you will certainly become richer than someone who diversifies more.

Solosanz

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The interesting part from the spreadsheet is millionaire/companies class only hold average of 0.06 BTC which is only $1,400 at the current rate, actually it's really low amount since millionaire at least have $1,000,000. I believe most users in this forum already own 0.06 BTC, you might not yet a millionaire in terms of fiat, but you're already have a same Bitcoin investment like a millionaire.

If we talking how much Bitcoin we need to get rich and fund our lifestyle, the answer will be varies between each user. But I think if you own at least 1 Bitcoin you will be rich in any third world country. I don't really care with lifestyle, sometime branded clothes and new products are trick to make people become poor, not to mention there's a chance you can buy a fake product.

ancafe

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Quote from: fillippone on January 25, 2023, 06:29:09 PM

Today I stumbled in a Twitter thread that was quite astonishingly bullish:

HOW MUCH #BITCOIN to get rich and fund your lifestyle?

It's only a matter of time, even you and them can live life with only 0.6 Btc. The rich are only looking to make a profit in bitcoin investments, whatever the price is if it is profitable they will sell it. But not here is the essence of living a luxurious life having only 0.6 Btc, I believe it is not about the price but more about the value because Btc is not only seen by the price, but rather a more important role to fulfill 0.6 is value in the future.

It is this relevance that makes people believe more in collecting bitcoins and we also understand more and more that 0% risk even though bitcoin is trending towards 0 price. If you don't take part today, then in the next few years it will be even more difficult to collect bitcoins.

Darker45

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Quote from: The Sceptical Chymist on January 26, 2023, 06:39:57 AM

Quote from: Darker45 on January 25, 2023, 11:12:48 PM

Notwithstanding his math, which carries a bit of exaggeration, these are all pure speculations.

Uh, yeah. This is nothing but extremely optimistic, borderline nutty speculation. This very much reminds me of the big bull run in gold and silver leading up to 2011 when I was a member of a coin collecting forum. People would be in fantasy land, making outrageous price predictions if everyone in the world bought just one ounce of silver.

And by the way, does anyone think they would have seen a tweet like this one about two weeks ago? You only see crap like this when bitcoin is taking off like a rocket, because the euphoria clouds people's judgement. But hey, 0.6BTC might eventually make someone wealthy. Who knows?

Yeah, three generations from now, 0.6BTC might indeed be a huge amount, enough to make somebody wealthy. As a matter of fact, if we consider the cheaper cost of living in some developing countries, we don't have to wait for 2 or 3 generations to pass. We only have to wait for that $100,000 to finally arrive for that 0.6BTC to be able to give a family a nice house and a nice car.

But Luke is basically looking at the farther future, past our lifetimes or even our children's lifetimes, so, yeah, 0.6BTC could indeed be a huge wealth at that point.

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But why this hypothesis that Bitcoin alone can achieve the required luxury for anyone in any society in our current era? Bitcoin can achieve financial stability if it was invested in it earlier and achieve profits at the present time.
In addition, Bitcoin can contribute to the financial stability of an individual if it is used in business to save payment and transfer costs.

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Quote from: fillippone on January 26, 2023, 08:28:16 AM

Quote from: Fivestar4everMVP on January 26, 2023, 03:21:26 AM

And on the other hand, investing hundreds of thousands of dollars or even millions of dollars means the individual doing that is already rich

Becoming rich is not that difficult, in the big scheme of things. One good idea, a bit of luck, or an incredible skill (think of Leo Messi) can lead you to become very rich.
The difficult part is staying rich. Securing such a luck to your heritage.
This is what Bitcoin si for.

Of course to be richer must be from the rich. Because to make more money with just money. Very few people have the luck to become rich without sufficient capital.
Imagine if we only have $100 capital and invest in Bitcoin. As fast as lightning the bull runs, with a capital of $ 100 the highest profit we can make is $ 300, of course this has increased 200%. lol.
But if they have a lot of money, and invest in Bitcoin. I think it only took 1 year to get the billionaire title. Because they can invest tens to hundreds of Bitcoins. So, if we don't have capital, maybe getting rich is only a dream, unless we have other skills, like a world-class soccer player as you say.
Not pessimistic, but generally so. Maybe we can see this from the lives of the people around us. Only the rich get richer, while the poor keep their title, poor.
But the most important thing is the passion to work, because that's part of the main capital to get rich.
Look for happiness in life, because it can't be bought even though we are already rich.

o48o

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Quote from: Darker45 on January 25, 2023, 11:12:48 PM

-cut-
Therefore, it is probably not enough to ask how much Bitcoin is enough. After all, there's no stopping now. I simply can't go like, "I already have 0.008BTC or 0.00075BTC or "0.12%" or 1% of my entire worth in Bitcoin, I could stop stacking Sats now."

And then there's the question when this magical time is in the future. Is is somthing my childrens are going to enjoy when i am dead?
Even if it's always fun to read insaly bullish predictions, i am going to take Luke's "mind blowing math" with a grain of salt.

And as Luke is quoting sources like Wicked throwing away phrases like "when fiat dies" in the chart
(which could mean anything to losin purchasing power to destruction of capitalism):

Then i remember that some of these people making peredictions are maybe relying too much on the libertarian dream where governments don't have stabilization plans. Where nations fall but bitcoins stays.
I have more trust on the keynesian economics then any anarco capitalism taking over but maybe i am naive.

Zilon

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A good skill with high pay can start a Bitcoin investment that will eventually turn into an amount that can guarantee a comfortable life style in the future. People who believe Bitcoin cannot make them rich again only depend on signature earned coin. If as an investor with a high demand skill that pays well. It will be much easier to take from your earning to buy as much Bitcoin as possible by gradually accumulating them until it becomes enough to afford what ever life style that anyone can picture.

I so believe it is never too late to get rich through Bitcoin it all depends on planning and capital. Gradual accumulation of Sats can eventually turn into piles of coins. Been intentional with the investment plan differentiates those who make it big through Bitcoin and those who earn based on their portfolio

hatshepsut93

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Bitcoiners do love modeling how rich they will be when Bitcoin replaces fiat money, but they always skip the part that describes how exactly would it happen. Just because they believe that Bitcoin is better than fiat, doesn't mean that the rest of the world will do it too. This reminds me of how communists predict that capitalism will inevitably collapse soon, and in 170 years their prediction still haven't materialized.

Topic: A bullish case: HOW MUCH #BITCOIN to get rich and fund your lifestyle? (Read 332 times)