Topic: Is it easier to HODL if you are already rich? - page 8. (Read 1138 times)
I don't think rich is the word, it's more of like you are diversified because I as an example can hodl my bitcoin for how long I want because I have other ways to make money to use for expenses for daily needs like food and hygiene products. Of course rich has an edge better than anyone but it gives the wrong impression that only the rich can do the hodling.
This is indeed the case. If you are rich, it is easier to hold it for a long time. You don't need to buy and sell coins often to make a profit. They will invest in various long-term assets to get profits. They will have greater courage to take greater risks. Ordinary people will consider which currency will rise faster when investing, and should not invest too much. Because we want to maintain daily consumption.
Everything is individual. A lot depends from how to determine rich. Person can be rich if he has $1m on his bank account. Or a person can be rich if he has a lot of property. Property must be maintained - that are expenses already, so you can just sit, wait and hold.
Actually, there will no big difference between rich man holding or less rich (or I would better say regular) man holding. Rich people simply have a feeling of a stability in tomorrows day, but regular person never invest everything he has and hold it. If a rich person can invest $100k and hold it, regular person would invest $1k and worry less about chances of price drop.
Actually, there will no big difference between rich man holding or less rich (or I would better say regular) man holding. Rich people simply have a feeling of a stability in tomorrows day, but regular person never invest everything he has and hold it. If a rich person can invest $100k and hold it, regular person would invest $1k and worry less about chances of price drop.
Yes its easy to hold if you're already rich because money is not a problem. I mean, you wont get to a point wherein you're struggling financially and need to pull out your investment since its already needed. In short rich people can hold longer without worries and just waiting for their target price before they sell.
Unlike for some of us who really hope the price will skyrocket because we are relying with the profit that we might get for holding and can help to improve the way we live our lives. Unfortunately if there's an emergency that happened there's no choice but to sell regardless if you already profit or selling at loss.
Thats the difference between the rich and an average hodler when they invest in crypto.
Unlike for some of us who really hope the price will skyrocket because we are relying with the profit that we might get for holding and can help to improve the way we live our lives. Unfortunately if there's an emergency that happened there's no choice but to sell regardless if you already profit or selling at loss.
Thats the difference between the rich and an average hodler when they invest in crypto.
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?
Subjective and I feel it is more of a personal test of faith than a point of whether one is economically content.I would like to point out something else though,
Say someone got money from some "illegal" source, some that they would better not talk about and they did not work hard to earn that. It is a normal human emotion to not be attached to that money much. So if that money would be used in investing, say bitcoin, whether they would want to hold that till profits arrive or sell it even at loss would not matter much as a decision.
But for someone who has toiled long hours to get their pay, they would think twice before investing and think more than that when they are holding about not selling at a loss.
I am not saying that one who is rich has a lot of tainted money though. But when you have money that you did not earn by the sweat of your brow, you will be less attached to it.
Rich people are more likely to insist on holding, their wealth is enough to allow them to bear the risk of market fluctuations, do not have to worry about selling to meet daily needs. And holding Bitcoin for a long time will make them richer.
For ordinary people, they will limit their investment and have to consider investment risks. When the price of Bitcoin drops, they will choose to sell to ensure the funds needed for daily life.
For ordinary people, they will limit their investment and have to consider investment risks. When the price of Bitcoin drops, they will choose to sell to ensure the funds needed for daily life.
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
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If you already have a lot of money and want to invest, that will not be a problem for you to hold your investment until the investment can profit. But common people will not think like that because if they still need to struggle to fill their daily needs, they will not think about the investment (although they really want to have that investment).
But those people can start an investment as long as they can manage their money and have a list of what they need to buy and see how much money they still hold monthly. After that, they can start to invest based on their capability.
Those common people will also think about the risk before they invest because if they know how much money they should use to have the investment, they will know to manage their money.
But those people can start an investment as long as they can manage their money and have a list of what they need to buy and see how much money they still hold monthly. After that, they can start to invest based on their capability.
Those common people will also think about the risk before they invest because if they know how much money they should use to have the investment, they will know to manage their money.
I think if the thread had a poll, it would have won overwhelmingly the "yes" option. The case told by the OP is not the norm. People who don't have a lot of money tend to sell as their investment goes up. It is difficult to hold on and not sell for profit because you expect it to go up more in the future if you are not rich. What if it goes down? What if it doesn't go as you expect? You can sell now and enjoy the money.
On the other hand, someone who is rich, as he does not risk so much in relation to his fortune, it is easier to hold on. If he comes from a rich family or has financial education even more, because he knows that premium assets are not sold. You make more money by holding.
On the other hand, someone who is rich, as he does not risk so much in relation to his fortune, it is easier to hold on. If he comes from a rich family or has financial education even more, because he knows that premium assets are not sold. You make more money by holding.
The rich generally want to get richer. This makes them want to risk some of their funds. Being rich in the first place simply makes them risk more. I do not think it helps you hodl
Agree mostly those people can afford the money to lose unlike to us we do have a money but if it will get lose then we are dead because that is all of our money which mostly people said that "invest what you can afford to lose" so we could invest only gain small amount of profit unlike those rich that they can easily do a capital with a large amount of money and also gain profits thats why rich are getting richer because they do have source unlike to those unwealthy that will grind for a long period of time.
The rich generally want to get richer. This makes them want to risk some of their funds. Being rich in the first place simply makes them risk more. I do not think it helps you hodl
That is the case with all the investment options, and not just with Bitcoin. Let's not forget the fact that close to half of the world's population doesn't have any significant savings, because they can't afford to save from their earnings. And for those who can afford to save, if the fund availability is low, then the preference is always for low-risk assets (bank deposits treasury bonds and bullion). The golden rule with cryptocurrency is that you should invest only as much as you can afford to lose. And for the poor people, unfortunately they can't afford to lose even a penny from their savings.
Easy to hold for the rich they have no shortage of money they make money by investing and also have sources of income from other sites so it is easy for them to hold on but for the traders who earn by trading in the market every day long term hold is very profitable. As the value of currencies increases to keep them longer it helps them to become richer their capital is much less, small capital makes them feel comfortable.
It is an easy thing for the rich to hold, because the investment is from the amount they've made excess meeting all the needs. They'll be having separate funds for emergency and other miscellaneous needs.
With the middle class, they sacrifice something or limit themselves to make an investment. At times on emergency or urgent need they're in a situation to withdraw funds from the investment/long term holding. This is the reason why rich feel comfortable in holding and has the mind to risk big.
With the middle class, they sacrifice something or limit themselves to make an investment. At times on emergency or urgent need they're in a situation to withdraw funds from the investment/long term holding. This is the reason why rich feel comfortable in holding and has the mind to risk big.
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when you have more money or a stable income then you don't need to sell your coins for your daily needs. i'm one of those people who are lucky enough to have a stable income so i don't have to sell the crypto assets that i hold. but those who are not rich enough can also benefit from long term investments if they believe in what they are investing in.
It is a way I guess on how we encourage ourselves and have to consider investing in Bitcoin is just the same saving money in the banks. Rich people do and poor people can do as well if they want to. That really became a test of faith for the poor people but as I've said, it doesn't matter if we are willing to face the consequences and have to think of a better life in the future with the help of Bitcoin.
What IF, What IF...it all just a matter of how entrusted Bitcoin and holding will seems to be easy.
What IF, What IF...it all just a matter of how entrusted Bitcoin and holding will seems to be easy.
No, I do not think how rich one is plays a part besides giving them more amounts to invest in. How easy it is to hodl depends on wise investments;
• Same way someone with a $1 million networth can invest $60k with not stress,
• Someone with a $100k networth can invest $6k and,
• Someone with a $10k networth can invest $600.
Same percentage of their networth invested and presumably same ease of holding, if that the reasonable amount they are willing to spare. If $600 did ×100 like in the example you gave, that's a return of $6,000, which is a very significant amount.
The important thing is not to see Bitcoin as a get rich quick scheme if you view it as an investment; invest amounts you can afford to lose and find other means of generating wealth.
Is it the same though?• Same way someone with a $1 million networth can invest $60k with not stress,
• Someone with a $100k networth can invest $6k and,
• Someone with a $10k networth can invest $600.
Same percentage of their networth invested and presumably same ease of holding, if that the reasonable amount they are willing to spare. If $600 did ×100 like in the example you gave, that's a return of $6,000, which is a very significant amount.
The important thing is not to see Bitcoin as a get rich quick scheme if you view it as an investment; invest amounts you can afford to lose and find other means of generating wealth.
From your own example: I think, many would agree that a person that invests $60k has much more motivation to do so as compared to the one that can only afford $600. Before the latter, a question arises: is it even worth it? While for the first one it certainly is.
And about the % of net worth, it sounds logical, but when it comes to real life the things are somewhat different. The thing is, that $600 to a person with $10k can mean a lot more than $60k to a person with $1 million. Why?
Ask yourself, what will the poor one lose in case the investment is unsuccessful? It can be a monthly rent or a very long desired vacation. What will the rich one lose? Maybe wouldn’t buy that 20th car or a yacht, I’m sure one can survive that
Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?
I think that purchasing Bitcoin is not considered a risky investment nowadays, so your friends came to the right conclusion when buying very cheap coins in the early times. In my opinion, $60K is a significant amount of money. To make a x100 profit, they most likely bought BTC in at least 2016.
This is a good example of how smart people get richer by investing in Bitcoin. They were strong-willed persons and easily held coins over the years, so they finally achieved their economic goals.
I do not know what they did with the rest.
Who knows, maybe your friends are still holding the rest coins. My guess is that they will slowly sell their BTC on demand. This would be a wise financial strategy.
The amount you are using as an example are even high for an average person.
One of the reasons why I didn't made much in the just last ended bull run was because I was inpatient. I was doing that not because I didn't knows that there may be higher chances of going upper but due to the fact that I was broke and I needed money to fund my self. So, I sell at every small I see in the market but on doing them, I get to realise that to enjoy Cryptocurrency, you gave to hold continuously until when it's so pump before one can think of selling them.
I'm into that journey right now. I have some coins I'm willing to sacrifice for long term.
One of the reasons why I didn't made much in the just last ended bull run was because I was inpatient. I was doing that not because I didn't knows that there may be higher chances of going upper but due to the fact that I was broke and I needed money to fund my self. So, I sell at every small I see in the market but on doing them, I get to realise that to enjoy Cryptocurrency, you gave to hold continuously until when it's so pump before one can think of selling them.
I'm into that journey right now. I have some coins I'm willing to sacrifice for long term.
It is.
Because you're not needing those money that have been put into bitcoin unless you really want to sell them and you're in need. But since you're rich, you are in a rush and you're willing to wait until the value of your investment in bitcoin bears fruit.
I'm not rich but I'm totally fine waiting until my holdings goes to a certain high.
Because you're not needing those money that have been put into bitcoin unless you really want to sell them and you're in need. But since you're rich, you are in a rush and you're willing to wait until the value of your investment in bitcoin bears fruit.
I'm not rich but I'm totally fine waiting until my holdings goes to a certain high.
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