Topic: Is Owning 1 Bitcoin Better Than Being a Millionaire? (Read 166 times)

I agree, it knocked me that even the rich are buying Bitcoin. And the skeptic rich folks don't buy it because they don't know how it works. To those that understands it and have the ability and capacity to buy because they have the money, they are not skipping on the opportunity that Bitcoin is bringing them. That's why it's actually better to be in a rich's situation because they have no issues with the capital that they can simply throw to Bitcoin and forget it for how long they want it there to be.

As of this date you're totally wrong and I fully disagree with you even without thinking for once. At this time it's better to be a millionaire because as a millionaire one can easily afford to buy more than one Bitcoin and still enjoy his/her life with the rest of the money.

At the time of writing this post the price of a Bitcoin is  $97884 and a millionaire can afford to buy more than 10 Bitcoin without any issues. So this question you asked doesn't make much sense.

While you have this kind of thought in your head, hope you are also aware that even if Bitcoin gets to $200k today, there are some millionaires that can afford to buy 1 piece or 5 piece of Bitcoin regardless of the price?

That's to tell you that there's no way that owning 1 Bitcoin will be better than being a millionaire. If for example you are a millionaire and let's say you are $10 million dollars rich, even if Bitcoin gets to $1m, you can still afford to buy a piece of it. What's the big deal?

What you have to know is that, apart from Bitcoin, some rich people have different investment that is fetching them a lot of revenue all the time and they can afford to buy Bitcoin any time they want.

No? You really have to have absolutely no math to make this assumption. You could have a million dollars, buy a few bitcoins, and still have more money left over as well. How is this even a question, like is it "would you rather have a million dollars locked for 10 years or 1 bitcoin locked for 10 years" type of question? Because that would be different thing, then people may say bitcoin, even then I would say a million dollars because in 10 years I would guess million dollars would lose value, but I still can't see bitcoin becoming a million dollars that quickly, eventually it will, maybe it will be in ten years, but not entirely sure about it neither.

So all in all, I feel like we are going to end up with a different result without a doubt. So all in all, the best way to move forward would be just focusing on what we can do, and if we can do fine with it, then we could make some good profit from this as well, doesn't really feel like that bad at all.

Having one Bitcoin may not be more valuable than a millionaire because the word millionaire has gone way above owning just a Bitcoin, so when you talk about millionaire you are referring to someone who could have up to $9 million on there bank account and you no that such amounts is not equal with one Bitcoin, so how would the person that has only one Bitcoin have the mind to say that what they have is more valuable when $9 million can worth a lot of Bitcoin, so perhaps the valuable measure would have been presentable if you had say that the person who has $9 million worth of Bitcoin could be valuable than someone who has the same amount without any investment, so actually I want you to understand that it takes a lot to be called a millionaire and not having one Bitcoin because you already no that one Bitcoin is $97k plus now and there are some countries with a very high Fiat currency so when you convert it is no longer much and may not hold long for consumption, so you can see that is nothing to be called a millionaire, but perhaps with a very longer holding and more investment you can meet the millionaire level of Bitcoin but definitely not one.

Of course, being a millionaire is better than having only 1 Bitcoin, because even though Bitcoin continues to increase in price, by becoming a millionaire you can buy more Bitcoins so that you have more than 1 Bitcoin, and also by becoming a millionaire you can make more money because being a millionaire means you have other assets and also businesses that provide income so that your money continues to grow.

OP, I think you should explore what options millionaire has if you want to make it a fair comparison. For example, talking about inflation, a millionaire can easily open a bank account and dump their money there to get a 5% annual increase. They can also invest in other assets easily. It is not like they're frozen in time and won't have the opportunity to grow their wealth.

I also think it's stupid to choose one over the other because you can just buy Bitcoin and invest in other assets if you have enough wealth.

I mean if you are millionaire you can just get 10 BTC right now but i get your point, it's the future potential that you're talking about, so yeah, you might do well holding 1BTC and hopefully in the future the values multiplies.

so if you happen to be a millionaire, try to diversify your portfolio at least own 1 BTC to not miss the opportunity, if you aren't millionaire, I guess just save and strive to own 1 BTC, it might do wonder.

one important thing is always the future potential of an asset, i'm pretty sure many millionaire already conscious of BTC potential and already hoarding it one way or another.

Let's be realistic, the price of 1 Bitcoin is currently only $98k USD, and you compare that to being a millionaire? The answer is obvious, being a millionaire is much better than just having 1 Bitcoin. We don't need to discuss later whether the price of Bitcoin will skyrocket or not, but realistically even if the price of Bitcoin goes up 1X, it still won't be enough to make you a millionaire - but if you are a millionaire you can buy some Bitcoin and still have some left over to buy yourself a car.

In as much as the question asked by OP is simply dumb to me because having a millionaire is equivalent to owning bitcoin because you can simply just buy the bitcoin with your money, i think the idea of not owning a bitcoin because one is already rich is something else. For me bitcoin is not just an asset that multiples your wealth even though it is highly treated this way due to its volatility which will make most rich individuals fancy it over anything, I think the advantage of it been a good store of value and decentralized currency ticks the box of it been highly regarded by even the most richest individuals even though they don’t want there wealth multiplied.

People with wealth are very wary of actually using a currency that devalues their wealth and as such I think it is the reason why bitcoin is even been bought most by this rich individuals just to protect their wealth from devaluation

I do love on the positivity you do have but always set out measures when it comes into investing with Bitcoin. You do say that being a millionaire is lesser than owning 1 Bitcoin? Come to think that even $1M/coin is something that already unrealistic and might not happen in our lifetime if it would be heading there. Yes, its indeed true on what we are really that seeing on which in terms of aspect like limited supply, decentralized etc. on which we can be able to tell about its potential and this what makes us that motivated on what we would gonna do with our Bitcoin investment. Just go with the flow and if you are really that having plans on holding up Bitcoin for long term then it will really be that up into your choice on how you would gonna deal with it accordingly. We do know that each person does have its approach when it comes into this aspect.

The thing on here is that you do really set out limits and lessen your expectation because the market isnt really that shooting up all the time. On the moment that it will really be making out some correction then you wont really be that much be emotional or would really be that impulsive because you  did make out some less expectations on what you had put up with Bitcoin.. On the moment that you are way too optimistic but it doesnt really get in line with the price, then you will be ending up on having that getting dismayed on what happened on which it be causing up that potential actions on which it is really that out of your plans.

So what exactly is yours point , you trying to convince  people to buying bitcoin or trying to ask if holding Bitcoin is better..
AFAIK, having a Bitcoin doesn't mean you can't still be a millionaire, most people have their choice of investment and some could be faster than Bitcoin ( could be a form of investing in physical assets aswell) ,yet still having an investment  in Bitcoin is better than just holding the fiat in your Bank as that could only be the dumbest  idea.
Hence , the Aim of Bitcoin is to promote decentralization, making you free  from any form of third parties holding your funds& making extra decisions over usage of your funds ... which is likely to improve your privacy aswell if we'll utilised.
You can have above 1 Bitcoin as investment depending on how far you're willing to stretch it (a single Bitcoin is just 100k at the moment) and at the same time get on your fiat investment as well  while your investment grow .

To make it more simple, just make a conversion form this by holding an asset worth a million and compare to holding one bitcoin and make the conversion of the bitcoin you're holding in respect to USD together with the other asset worth million you're holding.

When it comes to bitcoin profitability, we have to see it as what is necessary to take over other asset because it can give even more than other assets could offers, in my own case, if you ask me, i will rather go for bitcoin and have more hope in it with the confidence of making mire profits over time than any asset am not sure about.

As said already by a few other members, your question and arguments are wrong to begin with. You can't say that owning 1 Bitcoin might be more valuable than being a millionaire. What you should say is whether it is better to have a million dollars in fiat or owning 1 Bitcoin. It should also be clear that having 1 million dollars in fiat means you are going to keep that in fiat, and you can't say that I would buy more Bitcoin with it, so I'll choose that. If you ask it this way, then we can have something to discuss.

Now, I'll answer this question, but only from the rectified version that I have explained above.

In my opinion, it completely depends on the person having the funds and their mindset. Many people wouldn't be able to make good use of the cryptocurrencies they own because they don't understand much, and they only keep holding. Holding alone doesn't generate as much profit as one can get if one utilizes market ups and downs. However, some would understand the worth of dips and rises, and they make good profit on them and keep increasing their capital over time.

Similarly, some people might have a million dollars, but they will keep them idle, which means they will have the same amount even after a year because they didn't use it to make more money. If someone has a business mindset, they will use the funds to generate more funds and possibly make tens of hundreds of millions of dollars only with that initial 1 million.

If I had $1,000,000, I would definitely buy 1 or 2 Bitcoins. We are living in the era of financial reset, when the very essence of money will be transformed and rethought.

Most countries in the world are planning to introduce central bank digital currencies (CBDCs). CBDCs are not full-fledged money. In fact, CBDCs are an element of a digital concentration camp. CBDCs are programmable state-centralized assets. You will not be able to use CBDCs freely, you will have to agree to all the conditions that the government sets for you.

In this situation, owning Bitcoin is freedom. In fact, Bitcoin is your own bank, Bitcoin is a strategic resource of the 21st century.

Having one or two Bitcoins, you can create your own crypto-offshore and gain freedom and independence.

Considering how the equivalent of 1 BTC is 100k ish, I'd rather be a millionaire THEN buy Bitcoin. It's pretty simple lol. Anything else can really be ignored when it comes to two items being compared if there's a price tag involved between the two since at that point, only the price really matters (since you can buy the other with money from the one with greater value and vice versa). Now if we were talking about future value then yeah, 1 BTC may become higher valued than 1 mil, but that's for the "future".

And in addition, I don't need a million to buy Bitcoin in the first place!

You should ask your question a little differently.: Which is better, to have 97 thousand dollars (that's how much 1 BTC is worth now) or to have 1 million dollars? And then the choice will be obvious to everyone, since having a million bucks you can buy 1 BTC and you will still have $900 thousand left.

Did you know? The decentralized nature is one of the things that makes bitcoin superior and different from other assets. Bitcoin investors are always proud of that but trust me, wealth and profit are still important and top priority for most people, not privacy. I would be surprised if anyone turned down the chance to become a millionaire with just 1 bitcoin and just to protect their privacy from the government.

Also, owning 1 bitcoin may not make you a millionaire but if you are a millionaire, you will be able to own a large amount of bitcoin if you are still interested in it when you become a millionaire. So this question may seem a bit silly.

I think the OP is asking a question that doesn't really make much sense, because if someone offered you 1 BTC or $1 million, there's no doubt about what most people would choose. However, if I understand correctly, the OP believes that that 1 BTC could one day be worth much more and that owning BTC could be better than keeping fiat in a bank, which of course makes sense for someone who is young and can invest long-term.

However, diversification is something that should never be discarded, because putting all your eggs in one basket has never been a good decision. BTC has proven to be an excellent investment, but without electricity and internet, it can become worthless literally overnight.

If I can have 1 Bitcoin and more and become a millionaire why I only choose one? With 1 million, I can buy many Bitcoins while I still have more money that I can use to grow my business. I will considers Bitcoin as my investment and my business is my way to have a passive income. That will best for me so I can enjoy my life without thinks about financial.

If you own Bitcoin, you can sells your Bitcoin at a highest price that can makes you become a millionaire. And when Bitcoin price is drop because of the correction, you will have a chance to buy many Bitcoins. If you do that, you have many Bitcoins and become millionaire. That will good for you, right?