If someone holds 1 bitcoin in 2023, can he call himself rich ? - page 3.

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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 ?

That depends on the country you live at. If cost of living is high then the $30k/BTC isn't going to consider you rich. But in developing countries, that's a lot of money already.

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

If not, how many bitcoins holding is equal to being rich in your opinion ?

5-10 BTC?

If you consider yourself being rich with $100k+ of savings will you say that you're rich? It depends on what classification of yours for being rich. Someone can have a lot of properties and yet don't have bitcoin yet they're rich.

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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 ?

Nope. It will always depend on the person on what is rich for them. For me, owning 1 bitcoin wouldn't make you rich. People who are in a middle class of a first world country can buy 1 bitcoin if they want to, which also in other countries like third world country but it will take much time for them to buy 1 bitcoin if they really want to. Just imagine 1 bitcoin is equal to a brand new car, having a brand new car doesn't make you rich right? Maybe having hundreds of bitcoin will make you rich if we consider my analogy.

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Depends on the country you live in. If you’re in a third world country they you might be one of those who are having a good life but will never be enough to get called rich not unless in a less civilized country. Bitcoin’s market value is limite. If ever its market price reached $1, the money will not be stagnant and there would always be a possibility of dump. Alao having a huge amount of money in a single ‘drop’ won’t make you rich unless you’d venture other investments such as businesses which could generate you a big profit in order to sustain such lifestyle as long as could possible be. Rich ones are those which are having huge amount of transactions under their name while in this case, it seems to be a one-chance opportunity for someone and his/her task is to make it bigger through things inside or outside this industry.

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Quote from: Sophokles on October 23, 2023, 01:58:50 PM

It depends on where you live and your lifestyle. In some parts of the world, $1 million isn't much, but in others, it's a lot. Also being rich means you can afford to fulfill all of your needs and your net worth is enough to lead a comfortable life for you. This number won't be the same for people who live in the USA and India. Both places economic conditions and lifestyles are different when one place's monthly wages can be equal to another's yearly wages.

If I had 1 BTC, i certainly wouldn't call myself rich. Wealth is not something that depends on your lifestyle. You are rich or you are not. For a person with a house, a car and a regular income, having 1 BTC will not add anything extra to their life and will not raise their standard of living extraordinarily. Even if a person with no material assets has 1 BTC, it will not make them rich, it will only increase their welfare level. However, i cannot say whether having 1 BTC will make us rich in the years to come. Maybe the 1 BTC we will bequeath to our grandchildren 50 years from now will make them real millionaires. It is very difficult to predict this now and we should know that wealth cannot be achieved with 1 BTC.

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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 ?

Depends. Being "rich" is relative. A poor man from Switzerland might have enough money to call himself rich in some extremely poor country like Bangladesh. Rich is a state of mind that you cannot achieve simply by making money. That is the reason why Bill Gates shows up to work everyday. Its why Elon Musk would rather throw away Billions for his own personal entertainment than worry about who has more money than him.

The only reason why humans are so starved to be rich, is because life without money (especially in a poor country) is very hard and painful. This old-age thinking fuels our fear of being poor.

But in most countries, starvation is now no longer the same problem as it was 100 years ago. Of course it still happens and therefore still exists, but it has become much rarer. That alone is proof that we need to start healing and start thinking about money in a completely different way.

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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 ?

The value of one bitcoin in Nigeria is enough for someone to buy a small accommodation, buy a car and start a business. To be rich and to be wealthy are two different things and to be rich means an abundance to afford some little luxury like owning your own accommodation, your own car and also a flourishing source of income like a good business. To have one bitcoin at a time when people are struggling to have one bitcoin means that you are rich. It is easier for someone who is rich to become poor, so it means that even though one bitcoin can give you the status to be regarded as rich, you can also become poor as it does not give financial freedom.

ZAINmalik75

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After reading some replies I can say, that everyone has a different meaning of being rich, some think, having enough money to live for a whole life makes you rich, and some say, having enough money and 1 BTC with it makes you rich. etc. But I will say, rich is one who is financially free, and BTC is making people financially free but 1 BTC is not enough to make someone rich or financially free.

Being rich or financially free are of course two different things but, in both, we have enough money that we can use to fulfill our wishes and needs. Where we don't care about paying for $10,000 in shoes or for $5 million car. Have you seen the video in which big football players like Ronaldo etc. are paying huge amounts for the shopping of shoes? In that video you can see, that there is no impression and some kind of tension on their faces after knowing the prices, they just gave their cards and made the payment.

Big celebrities who have millions of dollars, which means they own more than 1 BTC, they still consider themselves not rich. So, in short, 1 BTC is not enough to make a person rich in 2023, but maybe in 2140

Sophokles

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It depends on where you live and your lifestyle. In some parts of the world, $1 million isn't much, but in others, it's a lot. Also being rich means you can afford to fulfill all of your needs and your net worth is enough to lead a comfortable life for you. This number won't be the same for people who live in the USA and India. Both places economic conditions and lifestyles are different when one place's monthly wages can be equal to another's yearly wages.

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If you HODL 1 BTC now and then sell it at what price? Is it possible that you mean 1 BTC = $30K is called rich? Then I say it can be called rich for a moment but to stay rich until old age, it is impossible to be enough with 1 BTC.

Remember wealth is relative depending on where you live even in some countries with $30K it is not enough for 1 year so this cannot be compared unless you define yourself in a certain area and you support yourself without others.
For me it is not called rich, because wealth can be more than that if you are good at managing investments well by being able to earn all the time then it can increase your wealth.

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If a person have got everything necessary for his living and have got 1BTC in the wallet, then we can term them as rich. In my country a person having the amount of fiat equal to one bitcoin can be considered rich. Every four year in bitcoin used to be good for the holders.

The price of bitcoin varies and this determines whether you're rich or not. When the price of bitcoin was around $5000, and if one have kept hold of 1BTC then he can't be considered rich.

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Quote from: Chilwell on October 23, 2023, 10:03:02 AM

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 ?

This can depends on the location of the person, but my on side I can called myself a rich person because right now one bitcoin cost $30,799 and the rate of dollar in myself now is ₦1200 so if you multiple 30,799 by 1200 you will have ₦36,958,800 which is huge amount here in my side. Even though things are very costly with this amount now someone can achieve so many things like building a house let say three bedroom flat with complete ideas needed in a house like air condition, refrigerator, toilets fittings including hot water system, kitchen and also decorations of all the bedroom, sitting room, dinning room, even buy a simple domestic car and they will still be some changes that will remain.

This can't be called been rich, you are spending majority of that money on building a house and getting a mid range car, what happen after that? Maybe people don't know that your worth is what makes you rich, not what you use the money for, how much is on you as spare money sleeping in the bank or somewhere.

I have seen many people that rush to build house and buy car, did everything to their taste and they still turn broke, they failed to understand some fact about money, if I get access to 1 BTC and I am from Nigeria, building a house will be the last thing to come into my mind.

1 BTC is a lot in Naira but landing on someone who doesn't have anything apart from this 1 BTC doesn't make him a millionaire, if you are smart you will grow bigger with this 1 BTC, as it should be treated as your KEy to Your Financial freedom, meaning don't ever go broke again.

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Quote from: Faisal2202 on October 23, 2023, 11:20:17 AM

For me, the current dollar rate is around 288pkr and If I will convert the 1 BTC to local currency then it will become around 86,40,000 PKR, which is enough to make me rich.

32000PKR is one month minimum wage in pakistan
bitcoin: 8,841,600PKR($30,700 * 288)

8,841,600 / 32000 = 276 months = 23 years of minimum wage

Quote from: Viscore on October 23, 2023, 10:18:48 AM

1 btc to php is already 1,750,862.44 Philippine peso which means you’re already a millionaire in our country if you hold even a single bitcoin.

12400 is one month minimum wage in Philippine Peso
bitcoin: 1,749,900($30,700 * 57)

1,749,900 / 12400 = 141 months = <12 years of minimum wage

is 11-23 years of minimum wage.. 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.

Great points raised and I concur.
I may call myself rich in a developing country if I have 1 Bitcoin but in a developed and advanced country having 1 Bitcoin may not be enough to say I am rich. The economic discrepancies in both nations are wide. From the standard of living to the quality of life. They all differ. If the OP is more specific and asks the question that if someone from a developing nation holds 1 Bitcoin in 2023 can he call himself rich? My answer is yes, he can.

franky1

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define rich
lets say this, would you consider yourself rich if you lived the all of your working life (20yr->85yr) on minimum wage?.. no? ofcourse not.

now take your countries minimum wage and multiply it by 65. and the total amount is NOT rich..
if 1BTC is not above this amount, you are not rich

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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 ?

Having 1 Bitcoin may feel cool but it is far from rich, and in the country where I live, having 1 Bitcoin compared to 1 house can only create a minimalist house. However, it all depends on the country and region where you live and if you are in a remote area, maybe you can build a house that is quite luxurious but not in a busy area.
And the real advantage of owning 1 Bitcoin is that you own a unit of true wealth that is not under the control of governments and central banks, and in the long run the profits will increase which will most likely make you a little rich. And not very rich.
And having just 1 Bitcoin will make you feel financially comfortable, but having more than 10 Bitcoins will make you quite rich.

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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 ?

The answer to this query depends on many factors like the country you are living in, the inflation rate, the health of the local currency you are using, the dollar rate in your currency, etc., etc. For me, the current dollar rate is around 288pkr and If I will convert the 1 BTC to local currency then it will become around 86,40,000 PKR, which is enough to make me rich.

Well, another factor that matters here is, what are your definition of being rich is, if you think rich is having enough money to buy anything that comes to your mind, like some car, house, or brand clothes or fashion wares then 1 BTC (at current rate) is not enough even in my local currency. So, I would say, no 1 BTC will not make you rich.

But if you take rich as having enough money to fulfill only needs and no wishes then you are rich enough, to spend 8 years max and a minimum of 5 years, which are obviously not enough.

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Quote from: Chilwell on October 23, 2023, 10:03:02 AM

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 ?

This can depends on the location of the person, but my on side I can called myself a rich person because right now one bitcoin cost $30,799 and the rate of dollar in myself now is ₦1200 so if you multiple 30,799 by 1200 you will have ₦36,958,800 which is huge amount here in my side. Even though things are very costly with this amount now someone can achieve so many things like building a house let say three bedroom flat with complete ideas needed in a house like air condition, refrigerator, toilets fittings including hot water system, kitchen and also decorations of all the bedroom, sitting room, dinning room, even buy a simple domestic car and they will still be some changes that will remain.

Mate, you have used almost all the money to take care of needs that will make the money not last long. Why don't you think of investing the monet and wait for your returns, rather than rushing into spending it on things that wouldn't give you any income. Your country economy is declining and your fiat currency is also depreciating gradually.

Yes OP, if you have 1btc, you will be rich if you leave it till the next bull run and sell during that period, because there are possibilities that you will sell your bitcoin above $100 by 2025. Although, for one to see himself as being rich depends on the individual. Some persons as long as they they buy whatever they need and have a home, whereby everybody is happy and peaceful, they see it as being rich. While one the other hand, some people see riches as investments and having exotic cars and living a flamboyant life-style.

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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 ?

Being rich is relative. Again, we're yet to come to the end of 2023 to ascertain what amount per the price of Bitcoin you're looking at to guage who's rich or not. At the current price, Bitcoin is trading slightly above $30k. It wasn't so a few weeks ago. It can even go pass that a few weeks from now or relapse to the $20k region again. In my country, $30k is a substantial amount of money, and yes we can describe someone hodling one Bitcoin as rich in my country. This, of course, won't be the reality in other countries.

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Quote from: Cantsay on October 23, 2023, 10:24:38 AM

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 ?

1 BTC in my local currency is equivalent to more than 30 million in my local currency and for most Nigerians that’s more than enough for them to be considered rich so I guess you could say that having 1 BTC for some is enough to be called rich.

But there are others that won’t consider themselves rich even if they have a bitcoin in their possession, so everyone has their own opinion and their aim when it comes to wealth and the more you have the money the more you’d want to make more… which means they’ll eventually no longer be satisfied with their BTC and want to make more.

Some could have as low as 0.05 BTC and still think of themselves as been rich it all depends on what they think, what I call “rich” might be “poor” or “average” for some others.

Looks like we found a place to migrate after this coming halving. You could really spend 1BTC deliberately you can spend it all in 1 hour but with the price to reach $100K, you gonna live comfortably in your country.

Anyway, to OP don't think owning 1BTC is already you being rich. You can only consider yourself rich if you have a constant flow of money. Because you still need to work to make money then it's not something you can rely on. You best need to invest and put up a business.

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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 also depends on the country and region you live in. If you own 1BTC in my country it is very normal and you are just one of those people with average assets, you are not rich. When we talk about bitcoin it means that bitcoin has the potential to bring us high profits, not that owning 1bitcoin or 2btc will make us rich. With the current value of each bitcoin worth $30k, that's actually a pretty small number to call rich.

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