"Is it easier to HODL if you are already rich?"
Yes.
Or if you are at least financially stable.
Topic: Is it easier to HODL if you are already rich? - page 9. (Read 1138 times)
There are probably a lot of people already doing this imo. It doesn't matter how wealthy you are though really, I'd much rather look at how - if a loss is made - easy it'd be to get the funds back too...
Diversification has always been said to be a leader, especially if the things you're diversifying in are quite well hyped. Higher net worths probably have access to more fixed income streams too.
Most wealthy people don't know how to adapt to these sorts of things also ($1m is probably the low end of being wealthy too in a lot of places - you probably won't get a house in a "nice" area for that).
Diversification has always been said to be a leader, especially if the things you're diversifying in are quite well hyped. Higher net worths probably have access to more fixed income streams too.
Most wealthy people don't know how to adapt to these sorts of things also ($1m is probably the low end of being wealthy too in a lot of places - you probably won't get a house in a "nice" area for that).
As Henry George (American Economist) once pointed out:
As a closing remark I think that if we were all millionaires perhaps what would change would be the investment size that we would make (it would also depend on how much we trust BTC as well) - I would say that perhaps instead of buying 100, 200, 300 USD of BTC they would go for 5K, 10K, 15K ... While holding for the amount of time that they believed their investment would pay off - after all, we are talking about millionaires and bilionaires, I'm sure they are fully aware how can they actually grow their fortune
[1]https://www.brainyquote.com/quotes/henry_george_3911908
[2]https://www.infoplease.com/encyclopedia/religion/eastern/buddhism/nirvana
Quote
Man is the only animal whose desires increase as they are fed; the only animal that is never satisfied.
This goes to say that whenever you aim for something that you wish deeply (for example having a well paid job) once you get that well paid job you'll have lots of joy and hapiness in the first months, perhaps in the first years ... But after a while you'll get used to that well paying job and you'll want more because that one doesn't satisfy your needs for now - This shows the nature of man and it's continuos quest to never be satisfied with what it has and to "consume" itself to pursue their desires until they reach them , only for pursuing bigger ones once they got used to it. As a side note Budism basically tries to "counter" this urge with their concept of Nirvana[2] (a very brief and short description):Quote
nirvana nērvä´nə [key], in Buddhism, Jainism, and Hinduism, a state of supreme liberation and bliss, contrasted to samsara or bondage in the repeating cycle of death and rebirth. The word in Sanskrit refers to the going out of a flame once its fuel has been consumed; it thus suggests both the end of suffering and the cessation of desires that perpetuate bondage.(...)
This small introduction was only made to sustain my answer to your question OP : I think that no matter wealth that one has, one will always want to have more of it - and our own desire will make us search for a constant feeling of accomplishment/joy followed by adaptation of those same feelings. As a closing remark I think that if we were all millionaires perhaps what would change would be the investment size that we would make (it would also depend on how much we trust BTC as well) - I would say that perhaps instead of buying 100, 200, 300 USD of BTC they would go for 5K, 10K, 15K ... While holding for the amount of time that they believed their investment would pay off - after all, we are talking about millionaires and bilionaires, I'm sure they are fully aware how can they actually grow their fortune
[1]https://www.brainyquote.com/quotes/henry_george_3911908
[2]https://www.infoplease.com/encyclopedia/religion/eastern/buddhism/nirvana
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.
• 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.
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?
Jump to: