If I had bought bitcoin 10 years ago, I would have been a millionaire: Not true

Digitalbitcoin

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

I would like to add some more precious things as not just buying and holding Bitcoin for 10+ years rather switching it to the right cryptocurrency timely to get much higher returns on occupied assets in the real world. As for now, we are seeing many altcoins already jumped like a skyrocket boost. Investing in such valuable coins can also make anyone, not just a millionaire even a billionaire or trillionaire.

Still crypto is the initial phase, and since it comes to market, it has opened many new doors with new dimensions of business. Nowadays Defi, NFT, LP, Minting, Staking are on the fly. And in the coming future, there will be definitely a new era of the decentralized world that will explore new business models to the world.

Molinology

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@Rufsilf I agree no one has that kind of patience that is needed. If someone was able to hold the bitcoin he surely would have been a millionaire as I also think the same today.
But it wasn’t easy for people like me to hold for such a long period due to the falling value. Everyone can not bear the losses.

Rufsilf

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

I could not agree with you more, it's in the nature of the people to sell it if they manage to make their profits to as much as 3x. And really, there's only few who manage to hold their investments for 10years and that falls on the category of people who make many investments other than cryptocurrency. Also, bitcoin isn't that quite famous and trustworthy 10 years ago than it what it is now. The idea of holding bitcoin for a few years was I think only began on 2016 up until now and only sell the profits.

Shagnasty

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If some rich or middle class person invested $1,000 or $10,000 into BTC early, they had no reason to liquidate at 2x profit, because they didn't need those money anytime soon and could afford to risk and wait more. I won't be surprised if that's how many of the current whales were made - they kept hodling because they could afford to lose their investment

tulusikhlas

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

When I bought bitcoin 10 years ago, I would have been a millionaire. I said it was the right thing. I speculate that this statement speaks not of who holds it the longest, but the profit it makes if we sell it now. When it comes to, very few people will last very long, that's a real thing. But in this context they are two different things.

Ultegra134

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Quote from: maju69 on December 26, 2021, 01:43:29 AM

Quote from: Wexnident on December 16, 2021, 03:26:46 AM

If you had bought Bitcoin 10 years ago AND forgot all about it, you might have been a millionaire, would probably sound more realistic tbh. Realistic investors would mostly want to double or triple their investments as op have said, and would probably buy in every now and then at dumps and sell in pumps. Still, idk if that kind of process would actually reveal that one would be a millionaire or not, though I reckon he'd have a pretty sizeable profit by then if he continued doing so from start to today.

But in reality very few people are able to survive that far, I take some examples from the environment where I write this. When the price of bitcoin goes up, many people take advantage of it. I don't think it's a mistake, because it's possible that they've already got the results they wanted. Again this is my perspective.

I also doubt that there are people who have held for that long, the number is definitely small. However, I'm almost certain that most forgotten wallets were dug at 2017's ATH, which was phenomenal for that time being. Definitely, there were a few found at last December's ATH, I even found myself two wallets with balance in them, but the number of people who suddenly remembered that Bitcoin exists is slim.

galambo

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Quote from: JohnBitCo on December 26, 2021, 05:02:24 AM

This just goes to shows that anyone can become a millionaire if they invest wisely in crypto and bitcoin. People normally waste their investments by selling it too early and are happy with few X profits when they could literally make much more than that. There are many coins which can still make us millionaire, but we need to invest wisely.

In crypto we dont know wts the top and wts the bottom, in fact we cant say this in any form of trading. I say about myself, I set a target price on which to sell the coin usually its about 20 - 40% gain. We cant hold a coin for indefinite period of time since we have invested money and need profit for our living. IMO there is no point in hodling coin forever.

blockman

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Well, in fact, it is. 10 years ago, after all, bitcoin was worth very different money. And buying bitcoin at that time was a very profitable and correct decision.

That's fact but another fact is that there's low in confidence and many were confused and unsure about the future of bitcoin. So, those who have sold into the ATHs of the past were witness of it. They thought that it's not going anywhere and those ATHs in the past were already the top of it.
While those who really have held for a long time, they're the ones that likely have forgotten their wallets and the others are really faithful and belief to the future of bitcoin.

JohnBitCo

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

This just goes to shows that anyone can become a millionaire if they invest wisely in crypto and bitcoin. People normally waste their investments by selling it too early and are happy with few X profits when they could literally make much more than that. There are many coins which can still make us millionaire, but we need to invest wisely.

RichardM

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Quote from: fata37 on December 25, 2021, 03:21:36 AM

Buying bitcoin 10 years ago doesn't mean it's a reason to be rich, but it also requires a belief in bitcoin itself. Those who sell panic are those with low confidence.

In 2009, this cryptocurrency was worth only a few cents. Today it is worth over 50,000.

Akash1243

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This is completely true and in a way logical,there are very few assets be it equity,crypto,etc. which have potentials to give good returns.For traders a 5% return is considered good and equity investors consider a return of 12% to be a good year.
There would be very few people who wouldve voluntarily left their money invested without forgetting it.And in all fairness it is logical a 2x-3x return is excellent and we can always re-invest instead of hoping for a 10000x and hoping for a miracle.

Ring_Lord

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Quote from: fokinlipat on December 16, 2021, 02:18:13 AM

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

If you had bought bitcoin 10 years ago, you would be a millionaire by today if you have held it of course.
Holding is the key in this.

bonyaserg

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It’s a pity that I couldn’t buy bitcoins ten years ago. Now I would be one of the richest people. Since I and many other people simply did not believe in this cryptocurrency. And they thought it was just a hoax. And now, when bitcoin has grown in price very much, many regret that they have lost such an amazing opportunity to buy bitcoin at a very low price. Now I always listen very carefully to new business projects that have good potential in order to make excellent profits in the future.

maju69

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Quote from: Wexnident on December 16, 2021, 03:26:46 AM

If you had bought Bitcoin 10 years ago AND forgot all about it, you might have been a millionaire, would probably sound more realistic tbh. Realistic investors would mostly want to double or triple their investments as op have said, and would probably buy in every now and then at dumps and sell in pumps. Still, idk if that kind of process would actually reveal that one would be a millionaire or not, though I reckon he'd have a pretty sizeable profit by then if he continued doing so from start to today.

But in reality very few people are able to survive that far, I take some examples from the environment where I write this. When the price of bitcoin goes up, many people take advantage of it. I don't think it's a mistake, because it's possible that they've already got the results they wanted. Again this is my perspective.

Obito

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Quote from: Dhaniii on December 25, 2021, 05:59:30 AM

Those who could buy it 10 years ago but can't keep it are the same as buying today but if they can hold on to it they will most likely be a millionaire by now. I think only a few people can hold bitcoins for a very long time and it's people who really don't need to spend money.

I totally agree that only a few and what OP claims that buying bitcoin 10 years ago wouldn't make you a millionaire is totally not true since there's people that have managed to do so, yes it's impossible but given how young bitcoin is and the timespan, we just couldn't perceive how patient some people are to wait for their investment to go up.

Emitdama

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Quote from: TheNineClub on December 25, 2021, 07:02:51 AM

Oh, I'm not sure they wouldn't be able to hold on for 10 years, it ain't that long of a period. If anything, if it was bought in the early stages of bitcoin, good chances some might even forget they got it 5 years in, and then they could hold on to it for another 5 years and that's it. At least that seems plausible to me. And if some of them are serious investors, then they might be used to long term investments.

What the op has said is true. Although there might be people who would be able to hold for long term, but it would be just very few of them. The people who are saying that they regret not buying and holding for ten years are only saying that because of how far that bitcoin n has gone, and because they have seen that the price increased and some got rich through it.

If it was never like that, all these people wouldn’t come out to say such and they would even be happy that they didn’t invest in it or that they sold on time. Back then Bitcoin was still new and none of them had it in mind that it would grow this and any slightest increase would make them to sell their coins for sure, to get profit.

Distinctin

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Quote from: Dhaniii on December 25, 2021, 05:59:30 AM

Those who could buy it 10 years ago but can't keep it are the same as buying today but if they can hold on to it they will most likely be a millionaire by now. I think only a few people can hold bitcoins for a very long time and it's people who really don't need to spend money.

10 years is already a very long time of waiting, but certainly worth the wait. Although holding for long term is more common with current investors, but in this very long time frame, a lot of chances to make profits has been very visible in the market. And mostly investors and holders take every opportunities that can certainly offer them huge profits after hodling. This is the reason why only few millionaires arise from 10 year hodling because of lack of patience and perseverance.

HUSTLER

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not all of that is very true if we bought bitcoin 10 years ago then we will automatically become millionaires and even billionaires at this time where the current bitcoin price reaches 100% from 2010 where bitcoin was not yet known by many people where we can become a millionaire at that time when we bought bitcoin and sold it today but what can we do not know anything about bitcoin at that time

TheNineClub

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Oh, I'm not sure they wouldn't be able to hold on for 10 years, it ain't that long of a period. If anything, if it was bought in the early stages of bitcoin, good chances some might even forget they got it 5 years in, and then they could hold on to it for another 5 years and that's it. At least that seems plausible to me. And if some of them are serious investors, then they might be used to long term investments.

Dhaniii

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Those who could buy it 10 years ago but can't keep it are the same as buying today but if they can hold on to it they will most likely be a millionaire by now. I think only a few people can hold bitcoins for a very long time and it's people who really don't need to spend money.

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