Topic: You can't be sitting on mines of gold and be poor, LTH suits comfortable people (Read 228 times)

Up till today and even in any kind of investment, when you don't have enough money to solve your needs, you would always want to quickly reap your investment. But when you are rich and have so many source of income, you can freely allow your other investments to last for as long as you want.  The guy that accepted 10,000 Bitcoin for two pizza didn't hold the Bitcoin till today and he sold it at a price which he believed he had made enough profit from it. If he was super rich then, I believe he would not have sold the Bitcoin or he would have only sold some of it but he sold all to settle his need.

If it was me, I also doubt if I can hold till now because I might have sold off earlier before now, without realizing the bright future of Bitcoin.

Apart from the few knows institutional investors of Bitcoin, (blackrock, micro strategy, some government) most whales doesn't disclose their Bitcoin holding to anyone but they are secretly rich. Some whales are rich and still holding their coins.

There is absolutely no hard wise decision to make here.
As an investor whether you are poor or rich, investing on Bitcoin should not just be about buying and holding of your assets while holding to make profits particularly to just solve an immediate problem.

Believing that financial challenges never ends, it is wise to take some profits from your source of income to solve your challenges and then keep holding the rest of your Bitcoin at the coast of yielding more profits in other to be able to also solve further financial challenges.

However, the context of this your question is a one most reasons why experienced investors keeping ringing it out loud that investing on Bitcoin requires alternative source of income so that we either not sell at lost or ejecting out of the market as a case of selling off our assets due to temptations that we could not keep holding in considering that we would need the funds more in the future.

Most likely yes, because to invest big in Bitcoin requires capital and not everyone can do it. However, they not only have capital, but also the belief and courage that the investment they make in Bitcoin will one day be big, and not all Bitcoin investors have this kind of belief. That's why these whales are different from ordinary investors, they already have a running business, money, and strategy, so they won't waver even when the Bitcoin market is dropping, because they already have everything they need.

I've sold one Bitcoin back in 2015 for 400 USD and I would never believe that the BTC price could hit 73K USD 9 years later.
Most people fail at timing the market, some people succeed, by chance or by their own will. Some early miners/adopters simply forget their BTC wallets and several years, they discover them(or recover their passwords) and become millionaires. Other people sell their BTC because they need fiat money. The rich people are in a better condition, because they aren't required to sell BTC to meet their urgent needs.
The financial markets(stocks, crypto, FOREX, derivatives, etc.) are basically a big gambling game. Some people make successful bets while most people lose their money.

It is that investment in bitcoin, like investment in general, should be part of an overall wealth building plan, consisting of controlling income and expenses so as to create a surplus, have an emergency fund, have no consumer debt or pay it off as quickly as possible, try to get several sources of income and things like that.

That way you can buy bitcoin and hold if the price goes up, because you have savings, investments, no debt and hopefully you have more than one source of income.

On the other hand, if you are broke and buy bitcoin it is normal that at the same time it goes up as the OP says, but what usually happens is even worse: that at the slightest drop they sell out of panic, because they are investing with money they can not afford to lose.

2020 is enough time and also not enough time; it's enough time for someone to fix up something that can help them earn enough money to fix their life, but if there is an existing problem that could need the person to solve their problem and the only alternative option they have is their holdings, without even giving it a second thought, they should sell and solve their problems.
 
Besides, those bitcoins are not meant to stay in that wallet as a doctoration but as an asset; it's not all situations that we will be thinking about selling half and keeping the rest; in some cases they might not even be enough.

From 2020 till date is a long time and in this period, many things would have likely happened, some of which would have tempted someone who has plans to keep their bitcoin to change their plans. I do no see any problems with selling your bitcoin, do not just sell all that you are have with the intentions not to invest again, and do not sell too early. If you sold all the bitcoin you had some years ago,  you will be sad hearing others do well.

Buy and sell are two different thing needing different approach like it’s obvious if an investor have accumulated much and feel the need to sell it’s okay but what’s more important an investor should avoid selling in lose as seen most people don’t even know when to sell due to sudden life challenges. We can’t predict bitcoin price that’s the major reason investors anticipate the bullish period, the whole concept of selling can be misleading sometimes but op example is clear and simple whereby we buy during low price and sell with profit. If anyone refuse to sell i will assume the person is capable to hold beyond bitcoin circle and it’s fine seeing rich people holding their bitcoin till whenever.

I think that many people have are actually getting this idea of holding bitcoin for a very long term wrong. I have read threads around and I have seen whenever someone talks of sell some members see it as something that is wrong but ideally selling off bitcoin is an essential part of holding that same bitcoin, the most important part of holding itself is actually having a selling plan, this might be in partials and not necessarily selling all, there is no specific rule of holding that Says one shouldn’t sell, the only excuse is selling at a loss other than that selling your coins is a good idea except if you’re holding a post retirement benefit.

Let’s look at big investors like even Microstrategy they sell off at a high price and then buy back at a low price after they most have taking some profits. Imagine been in a position of buying at $4k and then selling at $60k yiu could still get more when the price drops after selling. If I was the one i would have sold at that $60k i mean some fractions and then still buy same quantity sold at $40k and then have some of the extra profit as my upkeep or channel it into other small scale businesses for a little diversification

Regardless of the amount of bitcoin you are hodling, one thing is only certain, no one holds like there's no plan of selling, or like hodling it forever. Everyone has its own goal when to finally sell. And when you see the current price is highly profitable already, then sell. After all, where there is secured and impressive profits already, then sell immediately.

Now on asking if all those whales who are hodling large amount of bitcoin are all rich, all I can say they only get rich in the process. A lot have started without nothing, but because they took an edge over the high potentials of bitcoin, and hold these coins without hesitation, maybe right at the moment they have establish their comfortable lives already and hodling bitcoin is just a piece of cake for them.

It is a no brainer, those who needed money will sell it, while those who wanted to take profit may also sell it.  It is a logical move to sell our Bitcoin holdings when we are in profit because we can never realize the profit if we don't sell.  The thing is, after selling at a higher price, we can always re-enter the market by repurchasing Bitcoin when it is in the bear market.  Bitcoin always have windows for re-enter especially during the price drop in its bear market.



If the teacher has enough, I think both will have no problem holding BTC.  But I think it is ok to sell their BTC holdings during the peak if they know they can repurchase it when the Bitcoin enters the bear market.  They should not have any problem whether to hold or to sell because either way, Bitcoin price movement will always give them the opportunity to sell at a higher price and buy at a lower price.



We do not know because we don't know their financial history, but saying a person as a whale is holding hundreds to thousands of BTC, we can consider them rich.  Btw, remember Bitcoin in its early days aren't worth $1  each so anyone could afford buy it whether they are rich or poor.

Jeez it’s not a crime to sell your bitcoins when you’re in profit. If you bought at 4k and your investment has given you 15x profit, it’s not unreasonable to sell your coins. Be honest with yourself, why are you hodling? Are you hodling in hopes that bitcoin will become a legal tender and you want to use it to pay for regular everyday transactions or do you plan on hodling until you die? Because every Bitcoin hodler has plans of selling their coins at a particular price.

Not all whales are rich. Those who were able to mine and hold a lot of it were too focused on the future and they believed in the potential of BTC.

And with that, they're being rewarded for that patience that they have. I understand what you're trying to say that someone holds for so long but along the way needs to sell what he's got for some reason.

It's okay, that's the purpose of investing so that we're able to profit and use it for the purpose that it's intended to be for the situations that we face.

You have asked very interesting questions! What is Bitcoin? Money?

No, because one of the main functions of any money is a payment function. Money is used to buy goods, works and services.

However, in most countries, Bitcoin cannot be used directly to pay for goods....

In my opinion, Bitcoin is a form of capital. Bitcoin is a deflationary asset, the value of which increases over time. Let me give you an example of other forms of capital - a bank deposit, shares, shares in a business, real estate intended for rent. Based on this definition, people who own Bitcoin are modern capitalists. They may have other sources of income (for example, hired work). These sources of income help them to hodl Bitcoin, which guarantees them greater profits in the future.

In situations where they do not have enough money, they sell their Bitcoin and this leads to a decrease in their capital. From a financial point of view, this is a very bad situation, since a good financial strategy is that capital should grow over time, not decrease.

I would say treat Bitcoins as an investment. I am sure many of us are investing in mutual funds. What happens in mutual funds is that we pay each month a fixed amount, and based on the market conditions, we get interest that is compounded annually. Similarly, I have also set a budget for Bitcoins. Like mutual funds, I also buy Bitcoins every month. I have set a target of 4x profit, and until and unless that is achieved, I will keep on buying the Bitcoins. In this manner, I won’t regret selling the coins and will hold them till the target is achieved.

Holding Bitcoin will be difficult if you don't have emergency funds. You can't have Bitcoin and be dying of hunger or have medical bills to clear. If you have pressing needs, you will be forced to sell.

If I am a teacher whose salary can take care of my needs and enough to have emergency funds, I will never sell coins. The rich have greater chances to keep their coin for a longer period, but it doesn't erase the fact that the poor can still hold it. Many rich people spend more than they earn; they might even sell their coins to pay hotel bills or buy a luxury car.

Somebody who owns about 50BTC or 100BTC is already rich. But the answer to your questions will be better explained with statistics and it might be difficult to get the data about whales who mined or bought Bitcoin.

Why not? You are perhaps thinking only in terms of fiat values when you hear the term "rich." You are rich if you own valuable art, real estate, vehicles, diamonds, gold, agricultural land, stocks, a drinkable water source, and bitcoin, of course. Any of these assets increase your wealth and you can sell them as long as there is a market willing to pay to purchase them from you.

The investing part aside, bitcoin is freedom money. It allows you to use it in any way you want. Traditional digital money only works if the trusted custodian is ok with how you spend "your" money. It's not really yours if you must ask permission to spend it.

A fairly simple question and the easiest to answer by anyone and maybe you just need to use logic in calculating the numbers needed to buy the amount of bitcoin you mentioned. If people don't have money then it is impossible for them to collect that much bitcoin, so it can be concluded that people who have bitcoin ownership in that amount have become rich long before.

I don't really know the bubble that shows whale wallets but you can search for whales who have a lot of bitcoin on the internet. In fact, they are the most talked about people and in the context of some companies also store bitcoin as a step to maintain the value of the company's wealth that they have.

It really depends on your financial status since 2020 till this very minute that we are talking about, and most importantly, the mindset you had back then in 2020 also determines if you would've still be holding or might have sold some/every thing along the line.


I don't think every adopter needs to be rich before he/she can hodl for a long period of time. Like I pointed out in my first reply above, your financial status along the line matters alot. If you have something doing, let's say a good source of income, that has been providing for your personal needs and even funds for your Bitcoin investment, then I don't think it's going to be hard to hodl, most especially if your mindset from day one is to hodl for long, and you actually stick to that mindset of yours by being disciplined with your decisions.


All still boils down to my financial status. If my job(source of income) is still very much intact, then I might still be holding, but if not, I might just sell. Surviving is more important.


Interesting question. But let me try to give a good answer from the current happenings in my country. You see, in my country, teachers are underpaid, so the salary difference between 2018 and 2024 isn't that massive, and inflation rate keeps increasing. So, seeing the constraints on ground, which is a problem to the financial status, I think I will definitely sell some, probably to start up a business or something.


It's not necessarily being rich. Just that their financial status is okay to some point where they can still afford basic needs while still holding a massive amount of Bitcoin. But when you compare them to those who don't really have something that provides for them, then it should be a difficult task for them to hold.

The main purpose of holding Bitcoin is to make as much profit as possible. If someone who bought Bitcoin at 4k dollars decides to sell when it's $60k, don't you think that person has made more profit than those who bought at $30k and have not still sold till now?
Holding bitcoin is an investment and an investment is for making you more money with your already gotten money. If you have held long enough and gotten so much profit, there's nothing wrong in selling if you need the money for something because that is the whole idea of having the investment in the first place. 

it's no secret that rich people find it easier to invest more than those who are not rich because they always have money to meet their needs and emergencies, but even the rich sell off their bitcoins when they have made huge profits.