Can owning 1 Bitcoin make you rich in 2023? - page 3.

Hypnosis00

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Quote from: Litzki1990 on April 14, 2023, 10:00:40 PM

No matter what country you live in, in the current context, you cannot write your name on the list of riches with one BTC. Now the price of one Bitcoin is around $31$. Let's assume that by the end of this year, one BTC will be worth $60K. If you convert this $60K to the local currency of your country, your life will not be single with the amount of money. But I think you should never think that you will become rich with one BTC.

You could not because nobody asked you to do that and announce that you own 1BTC in the first place. Perhaps, you believe in yourself that you are rich already and no need to tell others that you are rich. Unless you really wanted to grab attention and praise your achievements. But I don't think it was a great idea as you are making yourself a target to other people.

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Bitcoin is what you choose as your freedom. And use that one btc in different businesses without throwing it away. And try to earn money with that money hope one day you will be a successful person.

Meaning, you convert your Bitcoin into fiat money and start a business. And it means that you are not a Bitcoin investor anymore.

Doan9269

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If you even have lesser than one bitcoin from what you can invest is still ok and fine, that's not too bad, it depends on the level of our understanding of how we make things work out for us as expected, but if you can make a good number of investment base on your capacity, not by the quantity or rate but the understanding of when to invest and how to monitor your investment, it is profitable only if you know how to invest and speculate.

DevilSlayer

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For me it is a yes because it is one of the best investment nowadays because its price is keep appreciating unlike if you just hold your dollar and save it in the bank wherein you may experience some losses rather than profit. 1 bitcoin is now around $30,000 and it price is keep pumping and remember that we are still in the beginning of the bull market so there are more room for the price to grow. $30,000 is something you cannot just pick up in anywhere and for me it is a big amount of money especially if you are in a country with low minimum wage.

If you are talking about financial rich then I can agree that you can be rich by just having 1 bitcoin. The price may go above its current ATH around $60,000 so for me the reward is really great if we own just 1 bitcoin. There are many people who are still not making any investment in bitcoin and my advise for them is they should now start making investment on it because the potential rewards that they can get is so big. My friend recently put money on bitcoin and he chatted me this past day and he said that he is really grateful and he did the right thing by following my advices because he is now up with his investment.

gunhell16

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I think that the question is not correct if Bitcoin can give you the life you've been dreaming about since you were a child. Bitcoin is just one of the solutions or instruments that can help you achieve your dreams in life if you know the right way to use it.

There are many ways for us to achieve financial freedom, now you just buy from them which one of them. For example, if you believe that Bitcoin can be the key to your dreams, you cannot just believe in Bitcoin, you must know how to have Bitcoin. And for you to have it, first study and find out what it is. how can this help you? Why is it favored by well-known businessmen? these are just some of the examples you should know.

Japinat

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Quote from: Weawant on April 15, 2023, 02:58:02 AM

Quote from: Litzki1990 on April 14, 2023, 10:00:40 PM

No matter what country you live in, in the current context, you cannot write your name on the list of riches with one BTC. Now the price of one Bitcoin is around $31$. Let's assume that by the end of this year, one BTC will be worth $60K. If you convert this $60K to the local currency of your country, your life will not be single with the amount of money. But I think you should never think that you will become rich with one BTC.

We have third world countries individuals on the forum and that $60k is worth millions in their country. After they convert the Bitcoin to their local currencies, they don't have to spend all the Bitcoin. They can reinvest in other things that can make them rich.

Or they can continue holding the Bitcoin until it increases higher in price, Bitcoin is predicted to reach $100k in the next bull market and with $100k in some of this countries is a very big money that they can be called millionaires.

But I don't think we can achieve this in 2023, it'll take more than the end of year for Bitcoin to increase to a good amount to give us good profits, we have to wait for the bull market to come before we can estimate how high Bitcoin can go.

Yes, it's already millions to them and you should be rich enough before you can able to buy a whole 1 bitcoin but since a lot of us here doesn't have that much privilege in life, what we can only do is to buy it by fraction with the hopes that we can buy as much as we could while the market is still red. And maybe that bull run will happen after the bitcoin halving which is somewhere mid 2024 to early 2025 because as of now, there are no signs at all that the raging bull is coming.

Anyway, back to the OP's question, 1 bitcoin is not that enough to make you rich or sustain that status as you need more than that. No need to rush OP, just hold it until you can because somewhere in the future, a whole 1 bitcoin will be worth 6 digits in US dollar.

fuguebtc

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Quote from: pmemorex on April 15, 2023, 03:08:52 AM

... However, if Bitcoin continues to grow in popularity and adoption, and more institutions and businesses start accepting it as a legitimate form of payment, the value of the cryptocurrency could increase significantly, resulting in substantial profits for those who hold it. Ultimately, whether owning 1 Bitcoin makes you rich in 2023 will depend on the market conditions and how the cryptocurrency ecosystem evolves.

There is no doubt, this is bound to happen, and it is happening right now. You don't need to doubt, and neither do we need to worry about it. The important thing that we should care about is how much bitcoin we will own until the whole world accepts and uses bitcoin. Because owning 1 bitcoin today is difficult, and if you do not take advantage of the opportunity, owning 1 BTC in the future is even more impossible. Owning 1 BTC in 2023 may not bring us wealth yet, but in the future, it is very likely.

hZti

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Quote from: Obito on April 15, 2023, 03:20:19 AM

Depends on where you live, if you're from my country which is considered a third-world country then that can be considered rich in some cities especially provinces but if you're in Singapore or somewhere that has a lot of rich people and have a huge personal spending per person then probably you're not considered rich with just 1 bitcoin.

The issue with that is that you will have a hard time to reach one bitcoin in a third world country and in Singapore it is quiete easy to reach that amount. So if you want to invest one Bitcoin in your country you already need a fortune to begin with which will make it hard to invest from the beginning. I think in a 3rd world country you can stick with 0.1 bitcoin and have a very good profit if Bitcoin rises.

Marvell1

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Quote from: Weawant on April 15, 2023, 02:58:02 AM

Quote from: Litzki1990 on April 14, 2023, 10:00:40 PM

No matter what country you live in, in the current context, you cannot write your name on the list of riches with one BTC. Now the price of one Bitcoin is around $31$. Let's assume that by the end of this year, one BTC will be worth $60K. If you convert this $60K to the local currency of your country, your life will not be single with the amount of money. But I think you should never think that you will become rich with one BTC.

We have third world countries individuals on the forum and that $60k is worth millions in their country. After they convert the Bitcoin to their local currencies, they don't have to spend all the Bitcoin. They can reinvest in other things that can make them rich.

Or they can continue holding the Bitcoin until it increases higher in price, Bitcoin is predicted to reach $100k in the next bull market and with $100k in some of this countries is a very big money that they can be called millionaires.

But I don't think we can achieve this in 2023, it'll take more than the end of year for Bitcoin to increase to a good amount to give us good profits, we have to wait for the bull market to come before we can estimate how high Bitcoin can go.

I come from a 3rd world country, and if to compare the cost of living in my country, $100k is still not a millionaire. That is quite many money for you to do many things, but becoming a millionaire is impossible.
We all invest in bitcoin to have a richer life, which means a better life than the present and past. But we can't expect investing in bitcoin to make us millionaires, or billionaires, it never will. Unless you have millions of dollars invested in the first place. Bitcoin is not an asset that can increase x100, x1000 for us to become millionaires.

Obito

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Depends on where you live, if you're from my country which is considered a third-world country then that can be considered rich in some cities especially provinces but if you're in Singapore or somewhere that has a lot of rich people and have a huge personal spending per person then probably you're not considered rich with just 1 bitcoin.

pmemorex

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While owning 1 Bitcoin in 2023 can potentially bring you substantial financial gains, it's difficult to say for sure whether it will make you rich. Bitcoin's value is highly volatile and subject to fluctuations, influenced by various factors such as market demand, global events, and regulatory changes. However, if Bitcoin continues to grow in popularity and adoption, and more institutions and businesses start accepting it as a legitimate form of payment, the value of the cryptocurrency could increase significantly, resulting in substantial profits for those who hold it. Ultimately, whether owning 1 Bitcoin makes you rich in 2023 will depend on the market conditions and how the cryptocurrency ecosystem evolves.

Weawant

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Quote from: Litzki1990 on April 14, 2023, 10:00:40 PM

No matter what country you live in, in the current context, you cannot write your name on the list of riches with one BTC. Now the price of one Bitcoin is around $31$. Let's assume that by the end of this year, one BTC will be worth $60K. If you convert this $60K to the local currency of your country, your life will not be single with the amount of money. But I think you should never think that you will become rich with one BTC.

We have third world countries individuals on the forum and that $60k is worth millions in their country. After they convert the Bitcoin to their local currencies, they don't have to spend all the Bitcoin. They can reinvest in other things that can make them rich.

Or they can continue holding the Bitcoin until it increases higher in price, Bitcoin is predicted to reach $100k in the next bull market and with $100k in some of this countries is a very big money that they can be called millionaires.

But I don't think we can achieve this in 2023, it'll take more than the end of year for Bitcoin to increase to a good amount to give us good profits, we have to wait for the bull market to come before we can estimate how high Bitcoin can go.

AicecreaME

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This would be entirely depends on how you define "rich" but if you do have the money to buy 1 Bitcoin, you're definitely not poor but not rich either, maybe in the middle. Also, owning 1 Bitcoin could not make you rich if you don't know how to make your profit circulates so you could have more. It is important that you know how to manage your money, because even if you have like $1M and you have to knowledge on how to make it grow, your $1M would vanish in no time because of unplanned spending.

LogitechMouse

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Quote from: Bureau on April 11, 2023, 09:34:54 AM

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So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?

Yes Bitcoin can help you to give a life that you want. However, it will not as easy as you think it will, and TBH, 1 Bitcoin isn't enough for you to achieve financial freedom.
Let's take the definition of financial freedom on one website: LINK

Quote

Financial freedom means having enough passive income from investments, savings, and other assets to support your dream lifestyle.

I will base on that definition of Financial Freedom. Will 1 Bitcoin enough for you to support your dream lifestyle? For me who is living in a third world country, 1 Bitcoin is enough already to support my dream lifestyle, but I will not just simply hold 1 Bitcoin and let it support my lifestyle, but I will use it to buy stocks that will give me annual dividends. In that way, it will be the one who will support my lifestyle, and that's my definition of financial freedom.

Now I don't know how your lifestyle is, and what are your monthly expenses, but depending on that 2 factors, 1 Bitcoin might be enough for you to achieve financial freedom. Now it all depends on you on how you will use it to support your lifestyle. I already shared mine, and I hope you can get some strategies here for you to achieve it.

Litzki1990

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No matter what country you live in, in the current context, you cannot write your name on the list of riches with one BTC. Now the price of one Bitcoin is around $31$. Let's assume that by the end of this year, one BTC will be worth $60K. If you convert this $60K to the local currency of your country, your life will not be single with the amount of money. But I think you should never think that you will become rich with one BTC.

Bitcoin is what you choose as your freedom. And use that one btc in different businesses without throwing it away. And try to earn money with that money hope one day you will be a successful person.

Party24*7

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Quote from: WeThePe0ple on April 14, 2023, 09:55:54 AM

How concerned are all of you about the exchanges facing lawsuits vs the government?

Binance and Coinbase are under serious attack, which I always expected to happen. If/when they go down, how large would the impact on BTC value be? FTX's collapse caused a 25% drop in value overnight, from 20k to 15k at the time.

And clearly it is not an option to hold any BTC on any exchange. BTC on an exchange is like an egg in a nest, with an eagle (the government) flying around it.
Soon they will attack

Most are civil and government lawsuits that only require Coinbase or Binance to pay fines and comply with the law. That won't cause any effect on the market. You are too delusional because CEX will never disappear from the market, CEX is the only door for governments to enter the crypto industry to regulate us all. What the government is trying to do is control us.

Hispo

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Quote from: WeThePe0ple on April 14, 2023, 09:55:54 AM

How concerned are all of you about the exchanges facing lawsuits vs the government?

Binance and Coinbase are under serious attack, which I always expected to happen. If/when they go down, how large would the impact on BTC value be? FTX's collapse caused a 25% drop in value overnight, from 20k to 15k at the time.

And clearly it is not an option to hold any BTC on any exchange. BTC on an exchange is like an egg in a nest, with an eagle (the government) flying around it.
Soon they will attack

The impact of the exchanges can have over the price of Bitcoin has mostly to do with the access to liquidity and nothing to do with flaws within the network/protocol.
The traders demand liquidity and if Binance/coinbase cannot longer provide it, the demand will make new providers to appear in the market, the dips which could be caused by closures are temporary, since the Bitcoin supply and halving schedule would continue to be unaffected.

It would be painful for the market, but it can be solved. On the other hand, I agree with you: no worth it to keep most of the coins in those accounts.

PS: No financial advice whatsoever, just my opinion.

Bazzu

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Quote from: Cantsay on April 11, 2023, 10:02:54 AM

First of all, to be able to buy one bitcoin you must be rich you can't possibly purchase something worth ~$30,000 when you don't have up to that amount in your possession and in my country if I should convert that money into my local currency that's a lot of cash.

If you're the type of bitcoin investor that's looking to go in for the long term, then there is a high chance of you hitting big if the price of bitcoin moves in the uptrend.

Another thing you should not is that it's never too late to invest in bitcoin, if you look at the price change of bitcoin several months ago you'll see that it has increased significantly so assuming you bought one Bitcoin three months ago you'd have had plus ~$10,000 profit.

I agree with your opinion, indeed now BTC is in the price range of 30,000. and
lots of investors bought btc when the price was 20000. some were even below 20000. like 19000. surely now they are getting big profits.
and in my opinion also investing in btc has the potential to get rich let alone holding btc for a long time like 15 years.

Bushdark

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Quote from: Bazzu on April 12, 2023, 08:28:53 PM

In my opinion, if we only have 1 bitcoin, I think it will be difficult to get rich, unless in 2023 or 2024 the price of bitcoin rises to 10,000,000 dollars. and we sell btc for 10,000,000 dollars. then in my opinion it can be called Rich, just by having 1 btc.

but getting rich is everyone's wish I hope we all get rich from investing in bitcoin.

Holding one Bitcoin is a lot of money for me and that Bitcoin can be invested and used to make more money at the long run since Bitcoin Vue keep increasing everyday. If I am given one Bitcoin, I think I will have to use the money carefully in a way that I will invest some in altcoin and use some part to do physical business that wi yield physical money to me while holding some unit of Bitcoin.
The price of Bitcoin is still raining from $28k to $30K and if used in a good way would yield more Bitcoin to us. Someone holding one Bitcoin is a rich person and could multiply the money to give 3 Bitcoin if used in an appropriate manner.

WeThePe0ple

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Quote from: peter0425 on April 13, 2023, 11:20:57 PM

actually owning 1 bitcoin is already consider to be rich as you (as of this moment) are holding more than 30k usd in which in 3rd world country considered to be rich.

But that 30k dollars of wealth that we hold now, is about to be evaporated through hyperinflation as soon as the fed starts another round of quantitative easing.
In any possible scenario the federal reserve will end up devaluing our currency because printing loads of money is the only way they can keep the banking system alive.

We can only run to BTC or precious metals as stores of value.
And when the crisis really hits its peak, precious metals will no longer be available due to high demand.
I believe that this peak of the crisis will also be the moment when exchanges are closed via regulation (the current lawsuits), leaving people no choice but CBDC's and devalued currencies. At this point the government's confiscation of wealth and their introduction to monetary slavery will be complete.

WeThePe0ple

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How concerned are all of you about the exchanges facing lawsuits vs the government?

Binance and Coinbase are under serious attack, which I always expected to happen. If/when they go down, how large would the impact on BTC value be? FTX's collapse caused a 25% drop in value overnight, from 20k to 15k at the time.

And clearly it is not an option to hold any BTC on any exchange. BTC on an exchange is like an egg in a nest, with an eagle (the government) flying around it.
Soon they will attack

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