If someone holds 1 bitcoin in 2023, can he call himself rich ? - page 4.

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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 level of well-being in each individual country will differ and therefore, the threshold for joining the ranks of the rich will vary depending on the country of residence. As you remember, there are countries with developed and developing economies, with the same amount of money (bitcoins in our case) you will either be rich or barely reach the middle class.

1BTC now sells for $30.000. In 2023, this can hardly be called wealth. How much will a bitcoin cost in 10, 20, 50 years? If the predictions that 1BTC will be worth $1.000.000 are correct, then someday those who own 1BTC will be considered rich.

Perhaps, owning 10BTC or more can now be called wealth to one degree or another (depending on the country of residence) at the current exchange rate.

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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 ?

Well, it depends on your location as in some countries a single Bitcoin is enough to be rich while in other countries you may require multiple Bitcoin to be rich. If you live in poor countries of Africa then surely 1 Bitcoin is a sign of richness and there are a few countries in Asia where holding 1 Bitcoin will make you a rich person.

On the other hand if you're living in a country like United States, Canada, United Kingdom, United Arab Emirates, then 1 Bitcoin won't make you rich at all. The current value of one Bitcoin is over 30k and if someone has 30k in a poor country like South Sudan then that person is surely among the rich ones and if someone has 30k in a rich country like Luxembourg then that person can't be called as a rich person.

The level of richness varies from one location to other location so in one country someone with $20k is considered as a wealthy person while in other country someone with $20k is not considered as a wealthy person.

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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 ?

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.

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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 ?

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. So how much more if you hold more of it, then you’ll be a billionaire once you decide to sell it and gain huge profits. That amount can already buy you house and lot, and luxury cars and live a very comfortable life.

However, if you hold your bitcoin and decide to panic sell at a bearish price, then most likely the value will also depreciate. If that happens, instead of earning a million, your profits will certainly decrease because you sell your bitcoin at a very wrong timing.

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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.

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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 ?

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.

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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 ?

To answer your question we have to define the "Rich" concept, i was reading a Forbes article that explains how the different generations have different concepts of how much you need to be rich:

Millennials (de 24 a 39 years): 1,4 mdd
X Gen (40 - 55 years): 1,9 mdd
Baby boomers (56 - 74 years): 2.5 mdd

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.

Source: https://www.forbes.com.mx/cuanto-dinero-debes-de-tener-para-ser-considerado-rico/

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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 ?

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