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Author Topic: What is the right number of BTC to own in order to become rich in 10 years??  (Read 3572 times)
DrGuns4Hands
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May 10, 2017, 06:02:56 AM
 #21

"Being rich is having money; being wealthy is having time." People will never ever be satisfied for what they have. True, right? But in my outlook there's no right number of BTC to own in order to become rich in 10 years cause in my opinion as long as you can afford to buy more and more, buy more. You'll never regret buying more bitcoin because at the end it's worth it.

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May 10, 2017, 07:48:16 AM
 #22

Rich is mostly about what peer groups you (currently, and want to in future) hang around in, and your perceived position in that peer group.

Ive personally known multi-millionaire's having a few "rough years", and stressing over the fact they wont be able to afford their super expensive golf-club fee's ($50k) for that year and paranoid about "what will the other guys think and say about me when they're hitting some rounds and Im not there ?"  (seriously, this fella told me when he had a few stock market mishaps and was down about 50% on his earnings ).

another pov..
"Rich"
is most often defined as
"Having more money than your Wife's best-friend's Husband does"  Wink
(you can guess the reasons behind this definition).

Or, you could hang out with the Packers, and get offered a $50M bet on the toss of a coin..
https://www.google.com.au/search?q=kerry+packer+coin+toss

To most people, "Rich" means about 2x - 5x whatever they *currently earn.   
Which tells you that its not a number, its just a certain number of perceived steps up the financial ladder from *wherever you are right *now.

The problem is, as most people climb that ladder, they wind up their expenses at the same rate (or faster) as their income grows, and they find themselves with lots of money coming in, but still the same feeling of "only *just making it" as they had 10 years ago.   

Another big-$ bloke Ive known (I work with quite a lot of them) was worried about being able to afford to finish the total refurb on his CBD Penthouse Condo *and keeping up the repayments on an investment pub property he'd bought.. 

Being "Rich" is a state of mind, not a $ figure.
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May 10, 2017, 02:49:21 PM
 #23

I think that if 1 BTC in 10 years would cost about 500,000 USD then with 20BTC you can get 10,000,000 that is been rich and wealthy because you willhave also free time.  So in my opinion 20 BTC will make you rich in 10 Years.
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May 10, 2017, 04:32:38 PM
 #24

I was wondering, how many BTC do anyone needs to own in order to become rich in 10 years.

 Smiley
Own as much as you can, in my opinion 10 bitcoins should be the minimum target.
i want to own at least 25 bitcoins(i'm still working on it). Smiley hopefully in 10 years i would be able to buy a house with my precious bitcoins.

I think that if 1 BTC in 10 years would cost about 500,000 USD then with 20BTC you can get 10,000,000 that is been rich and wealthy because you willhave also free time.  So in my opinion 20 BTC will make you rich in 10 Years.
$500k in 10 years would be awesome!

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May 10, 2017, 05:40:30 PM
 #25

I think that if 1 BTC in 10 years would cost about 500,000 USD then with 20BTC you can get 10,000,000 that is been rich and wealthy because you willhave also free time.  So in my opinion 20 BTC will make you rich in 10 Years.

That would be 2027. Until then two more halvings will have happened. Each halving ~doubling the price I think a price of half a million USD isn't possible as long as the US-Dollar doesn't hyperinflate. A price of $10.000 to $20.000 however is possible if Bitcoin will still be around, be the dominant coin which scales with having kept decentralized foundation.

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May 10, 2017, 05:52:49 PM
 #26

It depends on your definition of rich. If you want to have a fancy cars, yacht, large mansions, then you will need a lot of bitcoins. But if you just want to live comfortably while doing the things you love then a few hundred bitcoins will do. This is if bitcoin continue to be valuable after ten years. Did you consider bitcoin losing value after those years?

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May 10, 2017, 06:33:20 PM
 #27

I think that if 1 BTC in 10 years would cost about 500,000 USD then with 20BTC you can get 10,000,000 that is been rich and wealthy because you willhave also free time.  So in my opinion 20 BTC will make you rich in 10 Years.

That would be 2027. Until then two more halvings will have happened. Each halving ~doubling the price I think a price of half a million USD isn't possible as long as the US-Dollar doesn't hyperinflate. A price of $10.000 to $20.000 however is possible if Bitcoin will still be around, be the dominant coin which scales with having kept decentralized foundation.
Yes there are lot of things to be considered. But we are not seeing bitcoin prices just doubling around its halving, it may be getting 4x growth too (as per 2nd halving). It is highly expected bitcoin's future appreciations will be in exponential rate so millions would be possible if bitcoin will manage to dominate by 2027.

Personally I am very much confident that bitcoin will be with us and one bitcoin holders will be millionaires but people will not be patient enough to hold one bitcoin for another 10 years.
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May 10, 2017, 06:36:14 PM
 #28

I had a good laugh reading about your 500k USD in 10 years. Do you guys realize that value of USD plunges every year? Inflation is so high, that 100 years ago people were earning 10 dollars per week. If you don't believe me there's a wage worker census available online (I used wages from the year 1905).  Now $10/h is considered low income. Do the math yourself to see how much the value of USD has decreased in 100 years.
10 years from now your 500k will buy you about half of what it does right now (or less), so it's safer look at value in the terms of cryptocurrencies. It's safe to assume that if you had an apartment worth 500k, sold it today and held, you wouldn't be able to buy it back in 10 years (even though it would be in a much worse shape after all this time), but if you invested it in BTC, you'd have enough to buy 2 (or more) new ones.

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May 10, 2017, 06:51:40 PM
 #29

At 10 years with a value of about $100k/BTC, I'd say 50BTC and you never have to worry again

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May 10, 2017, 08:38:17 PM
 #30

All i need in this life is 500k$. For me, it is enough to feel rich.

I don't care if it is 1btc=500k$ or 500btc=500k$. 500k$ is the constant, any other number which stands on the opposite side of the equation can change freely. Because of my aim is considerably high for average people (and me), I  consider myself as a long term investor. That's why I built a portfolio of various assets and when once of those loses value dramatically, i buy more of it.

I sometimes think, i wish i've bought 20 bitcoins when it was 200$ but it is pointless now because it is past time.
You're not a true Bitcoiner if you keep looking at USD and you treat BTC like a way to obtain USD.
Depends how convenient Bitcoin is for real transactions.  If it ends up being a "settlement layer", I will probably convert gradually to spend for items that can't be bought with Bitcoins, and if it's too bad I might just convert the money I need into fiat while keeping most Bitcoin as a safe haven asset.  It's good to look at Bitcoin relative to USD because then you can judge how much it's grown over a certain period of time and it's clearer how much it's worth until it stabilises.

So as for USD, I would say that 1 million dollars looks super nice at first but let's break it down.  If you live fifty years after you have that much, you're left with just 20,000 dollars per year, which becomes worth less and less and time goes on unless you hold most in Bitcoin and protect yourself against fiat inflation.  If you invest and you manage to make 5% per year for example, you're talking about 50,000 dollars per year but you're subject to more risk.  In either case, you're not living the luxurious lifestyle that a million dollars brings to mind.

Therefore for practical purposes, ~10 million is rich.  It's surprising to see how easily people can throw away what seems like a lot of money if they have a lifetime to spend it.

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May 10, 2017, 08:45:57 PM
 #31

Approx 1000-2000BTC. Either you bought at single digit levels or remain poor.
Even 20-50 BTC won't help much. Better sell now.

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May 10, 2017, 08:48:06 PM
 #32

Approx 1000-2000BTC. Either you bought at single digit levels or remain poor.
Even 20-50 BTC won't help much. Better sell now.

Ridiculous post

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May 10, 2017, 09:44:40 PM
 #33

Approx 1000-2000BTC. Either you bought at single digit levels or remain poor.
Even 20-50 BTC won't help much. Better sell now.
i like where you going with this Tongue and just how will you spend all this money
10 years is a long time and bitcoin is likely to be the most powerful currency during that time and price might grow 5 fold from what it is today..
I guess you want to be MEGA rich.

.

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May 10, 2017, 09:53:21 PM
 #34

only one, if by rich you mean millionnaire..
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May 11, 2017, 08:34:02 PM
 #35

I was wondering, how many BTC do anyone needs to own in order to become rich in 10 years.

 Smiley
It depends on what you mean by rich, I prefer to use the word millionaire since it is more specific, in order to be a millionaire in fiat in my country and supposing the price of bitcoin reaches 5000 dollars in those 10 years then I need less than 10BTC, so as you see I don’t need a crazy price for bitcoin or a ridiculous amount of coins.



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May 13, 2017, 10:04:43 AM
 #36

I was wondering, how many BTC do anyone needs to own in order to become rich in 10 years.

 Smiley

Several factor are in this question of yours.

Main is where are you located I mean what is your country, if it some highly developed country then i would like to say it will take you 100 BTC with current price rate, if you in the middle maybe half so around 50 BTC, and for the last in low developed countries i would say less then 10 or maybe 5 BTC as high amount. This is really good question you mentioned and really is hard to answer it, my answer is just my opinion anyone can have his.




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ekoice
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May 13, 2017, 12:30:49 PM
 #37

I was wondering, how many BTC do anyone needs to own in order to become rich in 10 years.

 Smiley
Well,i dont know exactly the number but my friend used to say that if we have 21 BTC in our wallet,then we could enjoy a retirement life.I am also trying for the past one year to join that 21 BTC group,but i have not even saved one BTC till now.
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May 13, 2017, 01:00:38 PM
 #38

Ridiculous post

If BTC skyrocks to 100-500k $, the dollar will be in hyperinflation and your million $ (BTC equivalent) are worth not much more than now.
Atm in a normal western country you require 50-100k $ to live a normal life (without luxury).

To relax till your death (e.g. 40yr old male), you need at least 40yr of salary in BTC.
Let's assume the best case, that means you need at least 2Mio worth of BTC.

10k $ per BTC: 200 BTC

To become really rich, even 1000 BTC will probably not be enough.

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May 16, 2017, 04:59:43 PM
 #39

Ridiculous post

If BTC skyrocks to 100-500k $, the dollar will be in hyperinflation and your million $ (BTC equivalent) are worth not much more than now.
Atm in a normal western country you require 50-100k $ to live a normal life (without luxury).

To relax till your death (e.g. 40yr old male), you need at least 40yr of salary in BTC.
Let's assume the best case, that means you need at least 2Mio worth of BTC.

10k $ per BTC: 200 BTC

To become really rich, even 1000 BTC will probably not be enough.
That is not totally true, if there is hyperinflation it is obvious that 5000 at that moment will not buy the same that 5000 dollars buy now, but things that have a strong value will tend to reevaluate faster than inflation since everyone wants to exchange their fiat for something solid, like gold, silver, real estate, bitcoin.



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May 16, 2017, 05:43:28 PM
 #40

i don't know how much you think is rich ?  1 million is rich? or 5 million $?

but  you'd better hold at least 100 bitcoins  and you will be rich in the future no doubt.

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aI
gang



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