If someone holds 1 bitcoin in 2023, can he call himself rich ?

jasonjm

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

It depends on various factors: locality, overall economic well-being, inflation, currency devaluation, expense, financial goals and lifestyle. In third-world countries, a person having one BTC in a wallet will be considered a rich person because the amount is significant in their local currency, while in developed countries, one BTC is equal to just a few months' savings. So, it is subjective to one's country and living standard.
BTC can be considered a good option for investment in the long term and will make you rich in the coming years. It does not matter if you are in a developed country or an underdeveloped country; just accumulate bitcoin for your future.

dezoel

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I think that depends on where the holder is living. There are first-world countries where the worth of 1 Bitcoin isn't really going to make you a rich person. However, there are countries, mostly third-world countries, where the worth of 1 Bitcoin can actually make you a millionaire, even if not too rich but you will have a lot of money if you have 1 Bitcoin and you are living in a third-world country because the rate of the local currencies against USD in third-world countries is pretty high.

So, when someone converts that Bitcoin to USD and then converts those into their local currency, they will have a few million in their local currency which surely makes them rich at some level. Some would say it depends on how much money people actually should have to be considered rich, but I think if you have a considerable amount, you are rich.

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1 Bitcoin is a millionaire here, to define rich well quite depends on it. If you have this number of bitcoin but you don't know what are the things you need to become more millionaire and how to have a good cashflow sooner or later you will spend all of those money and gets back of bring broke.
Just my cents you will become rich enough if you have the capability to survive on your own, make a multiple assets and sustain your daily needs and wants with the help of 1 Bitcoin you can use this as your prior miles stone to achieve more than that.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

It depends on which country you come from. The value of 1 BTC to our country is worth a Million and having a million in your bank is enough to live a comfortable life but much better if you allocate your money to different types of investment and build your own business so that you can earn more because the inflation rate in our country is not a joke, everything is so expensive nowadays. You can consider yourself "rich" as long as you know how to manage that 1 BTC that you have, remember that bitcoin has the potential to pump and dump its price so much safer if you hold half of it and the remaining will be used to your personal investment and business.

EluguHcman

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Holding a 1 Bitcoin is a good go to richness statusco but even rich investors want to go richer become at the moment you finds your rate value stagnant, you feels poor this is why no do live to settle by the less despite it's value rate.

To be called rich with a 1 Bitcoin holding in 2023 is depended on a a starting point value (capital) and your sales value (profit) hence, it all lies on when what the coin value would be if targeting an entire 2023 due to the volatility of the currency so... It is undetermined but first to be considered is how much and capital invested and when was the kickstart point (date) and the coins value of the coin then and the end value of the coin at the end dated of 2023 is most to be considered before determining if to be called a 1 BTC holder "a rich investor" but however, in life you grows rich by advancing according to your formal state of being (value)

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Quote from: seoincorporation on October 23, 2023, 09:59:53 AM

~snip~
And since BTC price is $30k then 1 btc is not enough to be rich, you need at least 45BTC to be rich with bitcoin.

Many members of this forum will not agree with this statement, because we live in different parts of the world and for someone even 1 BTC at a price of $30k is real wealth that can fundamentally change their life. 45 BTC at a price of $30k is $1.35 million, and if you really want to be "rich" then maybe that is too small an amount to be able to buy expensive cars, apartments, yachts and similar things.

But given that Bitcoin has the potential to increase its price in the future, even those who have 1 BTC today can hope that one day it will be worth much more than it is today. In addition, anyone who owns Bitcoin (private key) in a non-custodial wallet can be considered "rich" in some way, although of course this does not necessarily have a direct connection with the value, but with complete control of their digital assets.

Bitco55

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I think this very much depends on his/ her environment. In my country, yeah , you're pretty much rich in 2023, and if you continue hodling it , you're going to be really wealthy by 2030

SmartCharpa

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

It all depends on the location and how much it is worth in your country, now that bitcoin price is keeping on pumping, but in my country, everyone who has one bitcoin has become wealthy since, regardless of how it is held, the owner will have a variety of assets that will improve his quality of life, including a home, a car, and other necessities. No matter how pricey anything is, the organization is what matters. In my country, the price of a bitcoin rate now is about 41,480,000, therefore you are already a millionaire at that point. I merely think that the other half will be invest because he won't keep one bitcoin in his hand. Before referring to oneself as a rich guy because he owns bitcoin, the person may have other things to do in life. If that is the only bitcoin the person owns, it won't be enough to qualify them as wealthy.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

if this is for me? sure that I am completely a rich person ..
and also nowadays it is not that easy to gather that such amount because like now that bitcoin amounting
30k and above , this is a 5 months Salary from my end if i will work of having this meaning making 1 bitcoin this year and will wait
till 2024-25? for sure I will be rich person(at least in my country )and what more if we can keep holding till next halving (the one
next to 2024) that many thinks or predict bitcoin will surely cross 6 digits and if lucky up to 7 digits?

many of our Bitcoin holders have only small part of Bitcoin in their wallets now
because we have just crossed the 2019 Pandemic and admit it that majority of us have spent their holdings because of that said
worldwide Nightmare.but definitely I am rich at least for my own belief and living.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

Until now I don't know the benchmark for someone who is rich
makes it so important. Yes, 1 BTC can be considered rich or not. But is it important? I, who only hold a few sats, am very proud of what I have achieved. Even though in the eyes of other people it can't be called rich. Because the fact is I don't care at all. 1 BTC and holding it for the next 10 years will prove everything.

This morning I woke up to see the price of Bitcoin rising significantly in a short period of time after several attempts to break through the resistance line. In the midst of crises and conflicts, Bitcoin has become a safe storage option. We continue to get positive news so for those who have held 1 BTC this year I congratulate them.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

Perhaps looking at the issue of wealth beyond the scope of material things (money), it also includes other intangible things that we accidentally forget such as intelligence, health, spirit,... Evaluating an individual based on their assets to conclude wealth is a lame comparison in many places. I think it would be similar to the fact that your spending in a luxury city like New York would be completely different from Monrovia Liberia, and this appears on a global scale, making it even more difficult to give a convincing answer. But considering the logic, if you own BTC and have access to investment, it is always an opportunity for you to have a life with more money.

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Quote from: bakasabo on October 24, 2023, 02:27:27 AM

I think no one holding only 1 BTC is ever going to be rich.

Unless it becomes $1M per Bitcoin then everyone that holds at least 0.1 bitcoin can be said the start of being rich up to being outright rich.
But we're not yet there and the others telling that it depends on where you are residing is true. $30k can be that much in third world countries but not in first world countries. Anyway, I don't think that there's much difference anymore because of the high inflation rate.

bakasabo

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I think no one holding only 1 BTC is ever going to be rich. 1 BTC is 34k USD or around 2.8k as a monthly salary. 3k USD is a good European salary that allow yourself to feel free or independent. But that is far from being rich. I would say that holding 1 BTC will only allow to person to live 1 year without bothering much. 34k is not enough to make an investment that will change your life or start a business. Even though "rich" has rather relative meaning, 1 BTC is not enough to be rich.

Publictalk792

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It depends on one's definition of rich as there is no set amount of bitcoin that guarantees wealth. However with the potential increase in bitcoin value.
By the way I don't know holding 1 Bitcoin in 2023 will decide your richness or not. But I will say that this will be a good investment for coming years and this will make you rich in future.

Cvetik56

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Of course not. Not even when it gets to $100k. 30-40 BTC will be enough to call yourself rich in the future, but not right now.

panganib999

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Depends on where you live, how hard it is to live in your country economically, and other financial factors. To some people a bitcoin is worth a million of their local currency, which makes them effectively a local millionaire, and makes their money that valuable from where they live. Coincidentally, when you live in a country like USA per se, the money is still worth something but it's definitely not enough to call yourself rich. It's all a very subjective matter when you come to think of it, and for the most part the only thing that really separates you from being a millionaire is where you live. In the Philippines that's more than a million pesos, in Iceland, that's not even worth a hundred thousand.

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Quote from: fokinlipat on October 23, 2023, 09:46:27 AM

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

It will really depend on which country he lives in and how old he is, if he is a citizen of a prosperous country then having 1 Bitcoin is normal, especially if he is still young and has a lot of income but if he is a citizen of a poor or at least developing country and he is older entering retirement then he can be said to be rich because I am quite sure that people who live in poor countries and are old enough will face difficulties in being able to have savings or investments worth tens of thousands of dollars, even when they are still young and have an income, there is a big possibility it is still difficult to meet his living needs, so tens of thousands of dollars might be very big and could make him one of the richest people in his area but the opposite could happen in other areas.

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The answer is relative to @OP. In some countries, owning 1 Bitcoin can be considered rich. They can buy various goods and still be able to support their families in the long term. That's because the price of Bitcoin, which has reached $34k, is very large in their country.

They can use it for various things. People must have more than 10 Bitcoins before being considered rich. Otherwise, they could be considered as people who were below the rich and were on their way there. And everything will depend on what the price of Bitcoin is. Maybe in the future, people who own Bitcoin will be rich.

But I don't want to call myself rich because that would make me a target for bad people. It's better not to say things about Bitcoin to people so we can be free to go wherever we want.

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Everyone can call themselves whatever they want, it is another thing if what they call themselves has more or less to do with reality. As already mentioned, the answer to the OP's question is relative, but I would like to clarify that this is as of today. Let's wait a couple of cycles or three and I think there will be no place in the world where someone holding an entire Bitcoin won't be considered rich.

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Quote from: rat03gopoh on October 23, 2023, 10:14:55 AM

Judging richness is relative, it depends on the principles you judge it from, and several other supporting things. Put it this way, a comparison of two people in a drought-stricken country: someone who only has an old, active well will be considered richer by those around him than someone who has 1 ton of gold.

Right, from which point of view we stand and look. The example in which the tone is conveyed is also very rational. If OP means that if we had bought BTC at yesterday's lowest price, for example just 1 BTC at $16,500 at the beginning of 2023, today there would have been a significant profit, not to mention if it was in early 2024, although in reality it cannot be guessed exactly how much. But, today BTC has proven that BTC has been a safe and profitable choice from the start when invested.

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