rich have an advantage because they can buy more coins and maybe hodl it a little longer than the poor because they have money to spend outside but there would be rich that spends like crazy either in gambling or other addictive activities and they could not wait for their investment to grow big but they will pull out their money .
some poor investor can be better at hodling because they are hoping to change their live thru it .
Topic: Is it easier to HODL if you are already rich? - page 7. (Read 1138 times)
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In my opinion, if you are rich, holding BTC for the long term seems easier than the average person, because rich people have financial balance and don't need to use it for a long time, while others have an average standard of living they will always be afraid when prices drop or every time prices go up they will sell to cover all living expenses.
True, the rich always have spare savings that can be used for long-term investments. Rich people always have more money to invest and never find it difficult when they have to buy daily food, and other daily necessities of life.Using wealth wisely, of course, can make someone richer again and again. Good financial management can create opportunities to get better passive income. Highly volatile cryptocurrency investments, are suitable investments for the rich who never feel lost when their assets are lost.
In my opinion, if you are rich, holding BTC for the long term seems easier than the average person, because rich people have financial balance and don't need to use it for a long time, while others have an average standard of living they will always be afraid when prices drop or every time prices go up they will sell to cover all living expenses.
You can easily sleep at night if you invest only what you can afford in crypto, it has nothing to do too been rich, this is why rich men always called poor people greedy people, they don't want to take risks and they want to grow, assuming you are poor and still have 1000$ just invest 100$ into crypto, you don't have to be rich with millions before you can invest
It is partially easier
Why did I say that?
I would say that because at least they don't bother with the financial problem once they need urgent money immediately because of this investment. But stuff like profit, potential invest etc are what they are looking for when HODLing cryptocurrency. They are not trying to look for income but they are trying to save it for the better future and having secondary backup investment is good.
Why did I say that?
I would say that because at least they don't bother with the financial problem once they need urgent money immediately because of this investment. But stuff like profit, potential invest etc are what they are looking for when HODLing cryptocurrency. They are not trying to look for income but they are trying to save it for the better future and having secondary backup investment is good.
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?
If we're being realistic, regardless of how much is your net worth, even though you are a billionaire, it is not logical to hold $60k and wait until it becomes $6m specially with the current price of bitcoin. It may really give you some advantage if ever you are one of those who are up in the ladder but still you should be strategic so that you can expand your wealth even more. Risks are for everyone here in crypto, even the wealthiest still feel regret whenever they fail with their investment because their goal is to keep on progressing and not to settle on what they have even others would see it as too much already. 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 think that when we are rich or still living as usual, it is the same as when we become a hodling, we need extra patience and not to be tempted by prices when there is an increase before our target price.
but what makes the difference here is that when someone is already living with wealth we will be calmer in holding an asset because we are burdened with our needs in life because the money we invest and hold is money that is unlikely to be used for a long time. In contrast to people whose economy is not yet stable, of course they will be more concerned with their lives and think about the costs of living necessities such as food and other facilities so that they will be uncertain whether to continue hodling or the money invested will be completed and used for their daily needs.
but what makes the difference here is that when someone is already living with wealth we will be calmer in holding an asset because we are burdened with our needs in life because the money we invest and hold is money that is unlikely to be used for a long time. In contrast to people whose economy is not yet stable, of course they will be more concerned with their lives and think about the costs of living necessities such as food and other facilities so that they will be uncertain whether to continue hodling or the money invested will be completed and used for their daily needs.
It's really not about the person's total net worth that makes them want to hodl a position or not for long until they achieve their aim. It's about not allowing anxiety get in the way of one's judgment. Your friend's friends were able to block anxiety from getting to them until they achieved their target of ROI. Though they negated the principle of "Only invest money you're ready to lose." However, if they had narrowly missed their target, we would be talking about greed here. So, there's always a thin line to decisions we take between wisdom and foolishness.
Taking risks is of difference levels mate, some people don't wait to get rich before they can take risks, I have a friend whom net worth isn't up to 3000$ but he bought some stratis coin on 2017 and by January 2018 he became a millionaire, we are in crypto space a haven where anything is possible, even those that invested in crap/shitcoins still made millions
I agree with this that crypto space is different from others...it means that everyone has the opportunity to get rich from crypto that when they only have a little wealth because all they need is faith and also a strong hand on the assets they buy. but those who are rich are unlikely to sell the coins they hold to buy food, this is the only thing I think that makes a difference to the poor.
We can say holding onto investment for long period is much easier if you have deep pockets and you can back up your financial status without compromising your necessities.Rich people build their portfolio like in Bitcoin with million dollars and still left with huge sum of money with them and when prices go down they might also fear it but still can hold knowing they have extra funds with them.But risk is what makes them reach that level as many entrepreneur were not basically rich from the start.Like Warren Buffett was having net worth of $20k by the age of 21 and by 30 he was millionaire by making good investment and now his company share Berkshire Hathaway is most expensive trading stock in global market.He has said that he still holds his early share like coca-cola Worth billion dollars now just because he was patient enough to hold them.Same goes with us also and we need to have that much holding level if we have invested in BTC no matter how rich or middle class you are as adjustment needs to be done to enjoy our life later on.
Of course it's easier to hodl when you are rich, you don't have any worries if your capital is experiencing loss and the market is going down since you have other ways to make money or you just have a lot of money in the first place. Although I feel like it's not only the rich can do that because I know some people that didn't come from a regal background but they can hodl like a madman. Probably sheer will and patience is what's different between a rich hodler and a poor one.
especially for rich people $1k money is like nothing compared to poor people, of course that amount of money means a lot to them. therefore rich people will certainly have greater speculation. on the other hand with all the needs that have been met, then they will be easier to hold in the long term
I dont think when you step ahead then you will be easier get a rich, because when you take one big risk choice that means you bet for ur own achievement for a whole life. Sometimes, It will be easier to achieve than you keep something that you have. There are some cases when new rich people acted so arrogant than invested without knowledge and research, the result was really bad for their wealth
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?
Yes it is since the simple explation with that is if you are rich you are capable to buy and hold things since you csn cover up your losses if bear market occurs also you have money to flip up if certain things goes on your way. Compare to a person who only have small amount on their wallets they go bet all they have and wait for certain good market movements and once they earn they try to make their capital became more bigger and also if they lose they lose everything they have and comeback to play next time if they already saved some money and spend it on either on other forms of investment or hodling bitcoins.
Of course it's easier to hodl when you are rich, you don't have any worries if your capital is experiencing loss and the market is going down since you have other ways to make money or you just have a lot of money in the first place. Although I feel like it's not only the rich can do that because I know some people that didn't come from a regal background but they can hodl like a madman. Probably sheer will and patience is what's different between a rich hodler and a poor one.
Hold is for the rich makes me laugh 😂😂 if this is all I had in my brain in 2017 I wouldn't have make it this far, I had nothing and yet I still hold my ETH and BTC, I have so many around me discouraging me to sell because crypto is a failure but I'm glad I never listened, I survived didn't I?
Yes, it is easier to hold when you are rich even buying more coins would not be a problem due to the availability of funds. An average person or investor would have to plan well and look into the risks and time in which it will take to get quick profit so that the market will not later go against them. It is obvious that the rich are not always borded about the fluctuation in price because they have a prospect and have atime the market and set the level in price where they will take their profits.
The rich are well relax when buying Bitcoin because it's always in large amount, giving more significant profits after small move of orice. They are not emotionally borded about the market reaction compared to average traders that are always tensed doing market uncertainty. The y rich have everything it takes to make more profits in the market, having more sophisticated tools that are quick to analyze market direction.
The rich are well relax when buying Bitcoin because it's always in large amount, giving more significant profits after small move of orice. They are not emotionally borded about the market reaction compared to average traders that are always tensed doing market uncertainty. The y rich have everything it takes to make more profits in the market, having more sophisticated tools that are quick to analyze market direction.
A financially stable person has almost zero worries. They can invest their money with little to no risk into things that will eventually generate profit. As compared to a person living paycheck after check, 1 loss in investment will lead to a sufferable amount of consequences such as no payment of utility bills, no food, etc.
It is much easier to invest if you have a pile of money.
It is much easier to invest if you have a pile of money.
Nice point! People who live from day to day can't allow themselves to hold anything valuable... simply, you need to eat every day, you have to pay bills every week/month... and when you are always short on money how can you think about putting something on a side?
So rich people, who are financially stable, don't worry about basic needs, and they can afford to put some money in this and that, and simply to wait for the future to come. Like always, a nice bankroll is an advantage! That was like that before, and will be like that in the future!
More precisely doing nothing with a new investment is really hard, I find it very funny when many of my friends share that they will target some coin and wait for the price to rise, but they have a problem psychological control is not good so it fluctuates, and they always realize they are wrong because they never act but what they want. The action here is to do nothing about it.
Yeah, no doubt. I believe these financially stable ones have savings good to invest without worrying of a sure loss. They could forget they invest and hold it for years without a problem compare to those who's not having much money where you always check the price if its going up and panicking already if its going down. Its also hard to get funds for your investment if you are in a lower class family and think for food instead of preparing for the future.
A financially stable person has almost zero worries. They can invest their money with little to no risk into things that will eventually generate profit. As compared to a person living paycheck after check, 1 loss in investment will lead to a sufferable amount of consequences such as no payment of utility bills, no food, etc.
It is much easier to invest if you have a pile of money.
It is much easier to invest if you have a pile of money.
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