Topic: A bullish case: HOW MUCH #BITCOIN to get rich and fund your lifestyle? - page 2. (Read 332 times)

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.

If measured by the current price of Bitcoin, I only need ten units of Bitcoin to become rich and make my life more luxurious. Because with ten units of Bitcoin I can already buy a new house, a new car and also new fields and fields for farming. But it looks like it will be difficult for me to make it happen in the near future because remembering the difficulty of getting profits and competition in making money is always in life.

For a decent lifestyle, 0.6 BTC will be more than enough, but that much Bitcoin will still be lacking if someone spends on luxury items that can be used for their lives. Although for me the amount of 0.6 BTC is quite a lot now.

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.

I also believe that even if you own not one bitcoin, but only a fractional part of a bitcoin, you will become a very rich person (in the future). 

Bitcoin is a deflationary asset that constantly increases in value over time.  In addition, Bitcoin is a decentralized asset, independent of politics, which allows it to be used by a wide variety of market entities. 

At the same time, I cannot answer the question - when will the price of Bitcoin exceed 1,000,000 US dollars?  The last Bitcoin will be mined only in 2140.

Yes, the price of Bitcoin will exceed $1,000,000, but it is not known exactly when this will happen.  You and I may have to wait a very long time for this event.

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?

Until recently, I felt rich for myself and my wife. Make a prosperous life and be able to meet daily needs without the need to make loans to other people or banks. So in general to others it might not be considered rich but with the freedom and ownership of Bitcoin I feel I will definitely be rich in the future. With the principle of continuing to believe and always accumulate every week or month in Bitcoin. Personally, I enjoy it and find a rich path to a better life.

Yeah.

People buying a few $1000 of BTC now and expecting it to return several million dollars of their investment in 20-30 years are in for the reality that it's just not going to happen at this point, as BTC becomes less and less volatile (plus you have the greed factor where the person trying to get rich loses all their money in an industrial sinkhole such the NFT marketplace, or in scams, during that process).

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.

"get rich and fund your lifestyle"? Come on, you can do better than that.

Just having a lot of assets with zero cash flow (the bitcoin price increases are NOT cash flow) will not be enough to save you if you are hit with a series of large and unexpected bills during a bear market.

Having a 200% yield in any other financial assets it going to be spectacular, only for bitcoin 3x is considered "meh".
The point is you are thinking on a too short time horizon. We are talking about intergenerational wealth here.