Topic: A bullish case: HOW MUCH #BITCOIN to get rich and fund your lifestyle? (Read 181 times)

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. 

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.

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.

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.

 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

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.

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.

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

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.

In the meantime, here you have a customisable version of the spreadsheet he used for his thread:



I am going to add some interesting feature soon.

I beg to differ. Yes, being in the right place at the right time, have the right idea, luck, skill... these are not things that come easy.
Just think if Leo Messi would have been having an accident and lose a leg. Great skill gone down the drain. And many are in similar situation, had some of the ingredients, but didn't get them all or didn't mix them well.
Imho it is difficult to get rich.

Staying rich is imho the easier part. Having the money you can hire the right people who - for the right salary and fees - will grow that money in ways you could not even imagine.


Bitcoin can be both.
Imho it still can be the tool to get wealthy without having the right skill, knowledge, idea or connections, just now one obviously needs significantly bigger starting funds than he needed 5-7-10 years ago.
And clearly it can the tool for securing one's wealth. Buying at least 10-20 BTC is already something significant for us, but for wealthy people it's not; and even more, they don't care that much of the price fluctuations, not on short term. But, if somebody rich has hired the right people, he already have bitcoins in his portfolio, maybe even without knowing it.

Many people have missed out on the opportunity in the times when purchasing a tangible bitcoin can make you rich which was back then when the bitcoin price was very low but at this current price of bitcoin it will only make a little different added to the capital you used in buying and that too is under probability as we can only experienced this when bitcoin reaches another ATH. Today it just feels like its only the rich folks that can have the capital to purchase bitcoin that will give them a good profit when the price goes up because the lower class like myself can only  buy bitcoin according to the money my hands can get and you don't expect me who is not rich to purchase  and have up to 1btc for a good profit when the price goes up. So i just bought the little i can and pray that bitcoin can beat its ATH soon because with the price value of bitcoin to my country currency i can atleast live a comfortable life when its reaches another ATH.

These were also the words that were uttered back in 2018 when bitcoin already broke the $20k mark.

"We won't see anything past $20k"
"It's literally impossible to make money on bitcoin after the ATH has been reached"

Blah blah.

Yet we managed to cross $60k which is more or less triple the amount of the ATH that everyone was hyped about. Short-term, I think we won't be able to make that much money off of bitcoin like the way we could have during 2015 - 2017, but it's never really wrong to keep some bitcoins on your stash just in case. After all, at this point most people who understand the dynamics of bitcoin use it to keep value and not necessarily to make money, unless you're an active day trader who fiddles with these coins for profit.

In Indonesia, you are already a rich man if you have 1 BTC at the current price. And if the price of BTC returns to $69k, that means you're a richer person than before. But since human nature is greedy, we want to collect more BTC.

With 0.6 BTC equal to $13,789, it means enough to live on for maybe a year or more if he can save money. You can buy many luxurious things for your lifestyle.

You can never have enough since your lifestyle will constantly change whenever you have money to support your wants in life. Sooner when you find out you have a ton of BTC, you may decide to fly to Hawaii and then Monaco to find out how good it is to eat the most expensive cheese in the world.

Learning that you have 1000BTC, your will eventually, you will pamper yourself. Unless you really can control and still live the way you do today.

While it's a nice big pat on the back to agree with some of those numbers (the 75k sat one really sticks out to me), that would require me to assume the majority of people on this forum are then able to live more luxuriously than upper middle class today. And I know for sure that's not true!

I get that lifestyle is vastly different in expanse and cost, depending on where you are, how old, and your education and opportunities, but we've got to be realistic. As someone pointed out above, even if you buy today and we get an ATH of 3x the last, that's barely 9 times your wealth multiplied.

And who here even has the money to go out and buy 1 BTC? At 9x, that couldn't even support my entire family living on a bare lifestyle in a small country for... a decade. That's without even owning the house or land we'll live on.

That's the problem for most get-rich-quick types:


Source

Also:

Here’s why lottery winners go broke

Those who get rich the slow way I have explained above do not have that happen to them.

There is some truth in that, although only a small percentage of people manage to find the perfect combination that consists of a top idea, a way to finance that idea and an element of luck without which it is difficult for it to succeed. Admittedly, some people are just lucky and become rich because they won the lottery or a rich relative left them a large fortune that they didn't even know existed.

Staying rich is really a problem for some, because I remember an example when an elderly man in my country won the main lottery prize (about a million euros) and after a few years appeared in the newspaper with a story about how he was left with nothing.

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It is hard for me to say at this moment how much BTC I would need to feel rich, although I am not one of those who would like to have some kind of status symbols that determine how rich you are, such as yachts, luxury villas or expensive cars. For most of us who live in the EU or the US, having one BTC is not a fortune considering the prices we pay, maybe if the price of BTC would go up at least x20, but for someone who lives in a country with a low standard, 1 BTC is already a real fortune today which can enable you to buy a house, a solid car and more.

I somehow doubt that 0.6 BTC would be enough for a slightly better lifestyle in countries with high standards, at least not in the near future. However, maybe one day that amount will really be enough, but only if the demand is so great that it pushes the price to heights that few people talk about in a serious tone today.

Well, doing a x3 per cycle, and decreasing surely each cycle, if you invest $50 is not going to change your life radically, if that's what we're talking about here.

Then you have to think about something else: the person who invests $1k in Bitcoin, who normally does it because he cannot invest $10k or $100k, how long can he hold on without selling when it goes up? It is normal that if it makes a x5 or x10 at most 99% of people sell. You have to have a lot of patience and know about personal finance as well as good management to see it go down from the peak without having sold and endure 4 years of bear market.


Without becoming very rich, everyone can become rich without having a special talent, simply by spending less than their earn and investing their savings. Month by month, year by year, investing and reinvesting.

This is reflected in the book The Millionaire Next Door, which was criticized at the time as having a small sample size of less than 1,000 people. Years later the book Everyday Millionaires: How Ordinary People Built Extraordinary Wealth--And How You Can Too with a sample of 10,000 people had very similar results.

Regarding the Twitter thread, it's not the first time I've seen a thread like that, and just now after how disappointing this cycle has been in terms of returns, I'm not getting my hopes up too high. Besides for me Bitcoin is just a part of my wealth building plan, which I have been following for a long time, copying what those two books reflect and which is a safe but monotonous way to get rich.

Since I became interested in personal finance many things have changed in my life. At the beginning everything seemed very difficult and I started with what everyone does: saving, then I controlled expenses, then I started investing, and to top it all off I came up with ways to get paid more for my main job and to obtain other sources of income. At the end there comes a time when everything becomes easier because you control income, reduce expenses and make more money month after month, year after year. What happens to a person who does that? They become rich. And this taking into account that I donate regularly, I take it as an expense like paying the electricity, yes I donate, I give money, every month, and every time I get richer.

I also support Fivestar4ever's opinion that Bitcoin made those who invested early extremely rich in a period of a few years. However, I don't believe that's the case now. I read the complete article and find it extremely exaggerated. It's claiming that as little as 0.001 BTC can make you in the top 50%, while any amount over 0.1 BTC will make you in the top 1%. I find it completely doubtful that such an amount of BTC could be changed live. It can certainly assist your financial situation, but it won't change your life completely. If that's the case, I'll be in the top 1% in just a few years, probably not.