Topic: Is it easier to HODL if you are already rich? - page 6. (Read 1138 times)
If i already can fulfill my financial demand then definitely i can invest some part of my wealth for gaining more handsome profit in near future.
If I were already rich, I would have a hard time being able to HODL, since I would be focusing on buying real estate properties and taking out my family on vacations around the world.
When you are rich, you must think like rich
If I was rich, I would hire an assistant and "take my family on vacation", while he purchases real estate. I dont think that it is easier to hold when the person is rich. Because when you are rich, you are invest and hold the amount you can afford to lose. If you are not rich, you would still invest and hold the amount you can afford to lose. If a rich person invests 99.99% of his assets it wont be easier for him to HOLD either.
Being rich makes it very easy to hodl bitcoin or any crypto for a very long time, because there is actually no or less things to use money for. So a rich man with so much huge funds can possibly through out $60k to bitcoin or alt without being worried because he knows surely there are lot's of reserves for his upkeeps but a poor man hardly take risk because there is always a fear in him being afraid of loosing his life savings, and the few who takes risk will surely jump out too quick to secure capital and profit being made.
Well, that only works if you are rich and you do not need the money, but being poor means you may not need the money as well and can stay for long term. I am not rich in any way or means but I did managed to hold bitcoin for over 3 years, and 2 years before that but sold at 20k when I needed it so I understand that approach as well. Basically it is not about being rich or poor, but about needing the money or not.Rich people do end up in financial problems as well, which means that there is a chance we could end up with some wealthy person not being able to hold their crypto because their business is bankrupting as well, that is a possibility, and some poor person not having anything unexpected in life and working more and more forever until they retire so they never need that extra money. That is the difference in the world where it is not about rich or poor, it is about needing that money or not.
If you are rich, then you have 1000 of alternatives to make a choice. invest any amount in Bitcoin, then it becomes a storage that is then taken anything. But with great wealth, are they ready to become long-term holders? I think as long as you have other finances, it's not a problem. You leave the asset in Bitcoin, then other finances can be processed in a different form of economic business.
However, keep in mind that the easier it is for you to make money in any sector of the economy, the easier it is for you to spend any amount.
However, keep in mind that the easier it is for you to make money in any sector of the economy, the easier it is for you to spend any amount.
It has nothing to do with being rich or poor. The rich could aswell be taking big risk if all his/her money is invested in Bitcoin at once. I think what is important is to invest part of your money or what you can afford to risk/lose, whether you're rich or not. Don't put all your eggs in one basket in an uncertainty world.
Rich or poor doesn't determine how easy you hold a crypto coin. There is no strong correlation between someone's economic level and holding. Holding is often easier if you use only the extra money for buying the coins you are holding. If you use your daily funds to buy the coins, you are absolutely to have many problems holding them. So, make sure you don't force yourself to invest, just invest after you have funds that you afford to lose.
but the case that often happens to everyone, especially beginners is that they are still confused about their economic level but are still determined to do hodling so they feel worried about what they are investing in different from those who already have excess finances who are not too worried about their lives which are still fulfilled , so they will be more consistent in hodling until the time and targets they achieve.maybe this is what the thread created by the OP meant.
because it is true that hodling and wealth have no big correlation but at least with the wealth they get it will affect concerns about hodling
One of those successful cases of bitcoin hodling was a friend of a friend. They (a couple) took an important risk by investing 60k of a dismissal compensation into bitcoin and making a x100 on it before selling half. I do not know what they did with the rest. Now, these people were not rich, they took an enormous risk compared to their total wealth. They had to really believe on the project and pass though some of bitcoins usual "tests of faith".
For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?
Everything it easier if you're already rich, and one of those things that are easier is getting even richer. With proof of stake coins, it's very obvious how this works, as if you have a lot of coins, you're rewarded even more. But it works also with investments in cryptos, of course. If you have $100k to spare, you can buy BTC and double it in a year, now having $200k. But if you have the same level of understanding the market, but only $1k to invest, you'll end up with $2k, which isn't going to improve your financial situation significantly. But the issue is not crypto-specific or investment-specific. Our whole world works this way by rewarding more generously those who are already privileged and wealthy and don't need another boost. For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?
I'm not so sure, when material needs are different, it's not necessary to put too much pressure on yourself, just understand what is enough and be satisfied with it. Whether it's $1M or $1000 it's money and if you're serious about your investment then you'll need to find a way to help it grow and also be safe.
"Is it easier to HODL if you are already rich?"
Yes.
Or if you are at least financially stable.
Yes, I agree that if you are somewhat financially stable, it will be much easier for you to HODL. Sometimes things happen in your life that needs some financing and you might end up spending out of what you already invested in crypto by selling some. This has happened to some of us no question and I believe that if we had another option, that wouldn't happen, so yes being a bit financially stable can help in hodling. Yes.
Or if you are at least financially stable.
That's why it's easier for rich people to hold crypto, because they are financially very stable and have extra money or large savings.
While the majority of us are still not financially stable, there are even some people who are still experiencing a financial crisis. So if
people whose finances are not yet stable invest in crypto, if there is an urgent need they have no other choice but to sell the coins
they have bought. In the end, people who are not financially stable rarely manage to hold coins for a long time.
Being rich makes it very easy to hodl bitcoin or any crypto for a very long time, because there is actually no or less things to use money for. So a rich man with so much huge funds can possibly through out $60k to bitcoin or alt without being worried because he knows surely there are lot's of reserves for his upkeeps but a poor man hardly take risk because there is always a fear in him being afraid of loosing his life savings, and the few who takes risk will surely jump out too quick to secure capital and profit being made.
"Is it easier to HODL if you are already rich?"
Yes.
Or if you are at least financially stable.
Yes, I agree that if you are somewhat financially stable, it will be much easier for you to HODL. Sometimes things happen in your life that needs some financing and you might end up spending out of what you already invested in crypto by selling some. This has happened to some of us no question and I believe that if we had another option, that wouldn't happen, so yes being a bit financially stable can help in hodling. Yes.
Or if you are at least financially stable.
Rich or poor doesn't determine how easy you hold a crypto coin. There is no strong correlation between someone's economic level and holding. Holding is often easier if you use only the extra money for buying the coins you are holding. If you use your daily funds to buy the coins, you are absolutely to have many problems holding them. So, make sure you don't force yourself to invest, just invest after you have funds that you afford to lose.
It is not as easy to say about holding the coin because we need to have calm when we see the price move.That can make us do something related to the current situation that happens on the market.
If you can control this, you will not feel difficult to hold your coin because you know that you want to hold it for some time and not sell your coin if the price is not hit the next high price.
Even if that is extra money that you use to buy for your investment, it does not make it easy to hold unless you prepare everything before you invest your money.
What he means is that it is easier for the wealthy to hold because they have a lot of money, which means they have a lot of spare money, whereas for the poor, it takes a lot of self-discipline and saving just to buy that coin and hold it, which is extremely difficult and time consuming, and if it is lost, it is extremely detrimental to you. When it comes to profit, the wealthy person will make more money over time because he can invest right away, whereas the poor person will take longer to save because the profit will be small if he invests now with only a small amount of money.
There is no need to get dejected. Even if a rich person has lots of money, all of it will be worthless if he is not making intelligent investments. On the other hand, investing in an asset such as Bitcoin could make a poor person millionaire in a matter of years. What the poor needs to do is to stop complaining about their poverty all the time, and take measures to become financially independent. Just want to repeat what Bill Gates told once - It’s not your fault if you’re born poor, but it is if you die poor.
Rich or poor doesn't determine how easy you hold a crypto coin. There is no strong correlation between someone's economic level and holding. Holding is often easier if you use only the extra money for buying the coins you are holding. If you use your daily funds to buy the coins, you are absolutely to have many problems holding them. So, make sure you don't force yourself to invest, just invest after you have funds that you afford to lose.
What he means is that it is easier for the wealthy to hold because they have a lot of money, which means they have a lot of spare money, whereas for the poor, it takes a lot of self-discipline and saving just to buy that coin and hold it, which is extremely difficult and time consuming, and if it is lost, it is extremely detrimental to you. When it comes to profit, the wealthy person will make more money over time because he can invest right away, whereas the poor person will take longer to save because the profit will be small if he invests now with only a small amount of money.
One of those successful cases of bitcoin hodling was a friend of a friend. They (a couple) took an important risk by investing 60k of a dismissal compensation into bitcoin and making a x100 on it before selling half. I do not know what they did with the rest. Now, these people were not rich, they took an enormous risk compared to their total wealth. They had to really believe on the project and pass though some of bitcoins usual "tests of faith".
For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?
It would definitely be easier for those with more capital to hold their coins, despite all the technical aspects that take place in the markets at the end of the day markets are made up of people and we know that our emotions play a big role in almost everything we do.For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?
Newbies have problems holding their coins not only because they do not really have a lot of knowledge about the markets and are for the most part just speculating with the price, they have problems because any entry point they choose to buy means that even the smallest drop in the price will give them losses, while those that have held their coins for long and have a great fortune already have no problem holding their coins as even a huge crash will mean nothing to them as they will still have huge profits in that scenario.
One of those successful cases of bitcoin hodling was a friend of a friend. They (a couple) took an important risk by investing 60k of a dismissal compensation into bitcoin and making a x100 on it before selling half. I do not know what they did with the rest. Now, these people were not rich, they took an enormous risk compared to their total wealth. They had to really believe on the project and pass though some of bitcoins usual "tests of faith".
For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?
Cant really deny that that being rich would always be having the advantage when it comes to investment.You wont really be bothering yourself on taking up profits no matter how long you've been waitingFor someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?
and since you do have still money to spare in terms of needs and expenses then stress is something that can really be seen on someone being rich already but for those who are just average earners or
status in life then they would really be mindful on every movement on where their investment would able to do so because that means profit and would surely count and might really be
withdrawn actively if they wanted to do so but most of the time they would really be doing it.
Rich or poor doesn't determine how easy you hold a crypto coin. There is no strong correlation between someone's economic level and holding. Holding is often easier if you use only the extra money for buying the coins you are holding. If you use your daily funds to buy the coins, you are absolutely to have many problems holding them. So, make sure you don't force yourself to invest, just invest after you have funds that you afford to lose.
One of those successful cases of bitcoin hodling was a friend of a friend. They (a couple) took an important risk by investing 60k of a dismissal compensation into bitcoin and making a x100 on it before selling half. I do not know what they did with the rest. Now, these people were not rich, they took an enormous risk compared to their total wealth. They had to really believe on the project and pass though some of bitcoins usual "tests of faith".
For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?
For someone with let´s say, a net worth of 1M USD or more plus house, hodling 60k until they became 6M would have been not that much of an stress. Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?
No, I don't think that's going to be easy since that amount of hodlings was too big to handle and you might not be capable to manage your stress. However, if you're rich already you don't rely only on that holdings just to use if for your family needs. Unlike the poor trader who doesn't have any other liabilities, I guess their anxiety could trigger them panic once price saturates during fluctuations.
My thoughts on this is that if actually the investor follows the rule of thumb of "investing only what they can afford to lose" and that is by extension funds they can leave on the network without it affecting their daily life or their basic needs, then if that's the case being rich or not doesn't matter even in the slightest bit.
I say so cause quite a lot of people pull out when they face challenges IRL and they are completely out of funds, they fall back to the stash in their wallet, another reason is if the price starts to slowly depreciate; it is on that basis I believe if the user invested paying close attention to the axiom above, they would find it easier to hold, notwithstanding their wealth status.
I say so cause quite a lot of people pull out when they face challenges IRL and they are completely out of funds, they fall back to the stash in their wallet, another reason is if the price starts to slowly depreciate; it is on that basis I believe if the user invested paying close attention to the axiom above, they would find it easier to hold, notwithstanding their wealth status.
I think rich people can hodl easy because they have lots of money that they can spend on other needs and they can spare more money on for hodl. If I am rich then I will surely hodl that amount of money to bitcoin and doesn't have a problem about financial for daily needs. Everyone have their own desires, desires and opinions.
Jump to: