Why you can't be rich by owning crypto

[qwertyup23]

So even if your rich, and your net worth is increasing with increase in the price of Bitcoin, after everyone have adopted Bitcoins globally, even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)

Interesting argument, but this assumes that every people in the whole world owns a cryptocurrency which disregards the fact that only a few possess some.

Currently, it can be argued that the people who are knowledgeable in the cryptocurrency space are not that many nor not that few. Because of its current price in the market, people are actually HODLing most of the coins awaiting for its next fork which has the potential of doubling its price yet again. Given the fact that not everyone owns crypto, this puts the person on a pedestal as this is considered as an alternative mode of investing.

[1715088297]

1715088297

[1715088297]

1715088297

[1715088297]

1715088297

[shoreno]

Yeah, unlike most outside people do imagine, holding bitcoin is not that easier one; we need to come across lots of hassles which includes emotional failures and family members' pressure. Even if we come across them, governments bring some unexpected regulation against crypto which are directly or indirectly affect us in one way or other
.

they think differently after they try investing with btc . battle that i mean is mainly volatility but personal issues like you said can also affect our investment .

That kind of scenario never will happen; even more than half of world population will be on adopting bitcoins, we cannot expect expenses of our day-to-day life will match the price of bitcoins. Simply, there are some parts are missing in the logic mentioned by OP here.

i think when more people use btc the price of the items are going to decrease because of less production of fiats . isnt that great ? more value for our btc  . okay i admit there are items that match the price of btc but those are non essential items that arent really needed in our day to day life .

[iv4n]

So even if your rich, and your net worth is increasing with increase in the price of Bitcoin, after everyone have adopted Bitcoins globally, even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)

And now you explain to me those "things that can be brought with those bitcoins would actually grow the same rate as the bitcoin"?! What is that? Can you name it?

Let's try a different approach, tell me what can we compare with Bitcoin (in terms of value increase) in the last 10 years?

If by "things" you mean tomatoes, I doubt that the value of tomatoes can have the same growth rate as Bitcoin, ever...

Silly arguments from my point of view... some "things" have an infinite supply, you can compare that with something that has limited supply! On another side for the "things" with limited supply ask yourself can those "things" be/become popular as Bitcoin can?

[pixie85]

This would decrease the global productivity, even if the demand remains same(or even increase due to increased wealth). This would in turn increase the price of all commodities almost at the same rate as that of Bitcoin(law of supply and demand)

How many bitcoin millionaires able to retire in young age are we going to have worldwide? What percentage of their country's population are they going to be?

Even if it's 1% and this 1% of people retire early they will also be able to pay more for goods and services. They will want to build bigger houses, maybe start companies with the money they now have. They are going to pay people and give them work. How is that bad?

Bitcoin is going to become something you save up and give to your children so that they also can benefit. If I had millions of dollars in bitcoin I wouldn't sit on my butt all day but make sure I live my life to the fullest.

[ilovealtcoins]

His idea is to advise us to act as a trader and to have goals to be more profitable.
He does not understand that most traders have lost money because of their actions and the movement of the market. The crypto market is tough, and it has always been. I have found that crypto holders always have better returns than traders. Risk in trading is more frequent.
In the art of holding crypto, just keeping the wrong crypto is considered to lose the invested amount.

[Leviathan.007]

Bitcoin as make you rich if you do have strong hands to hold in long time and truly believe on it. 4 years ago, back in 2017 when bitcoin reached 15K price level some people bough bitcoins are this price and let's some bitcoin haters were saying they will lose a lot if money because bitcoin will not reach this price ever again. Not after 4 years bitcoin could reach 60K and even the worst bitcoin buyers who bought bitcoin at 15K could get nice amount of profits. So, even in the worst case and even if you are not a good dip buyer bitcoin still can make rich by holding it long term. In the short words, bitcoin is ways profitable for believers and can make them rich.

[GeorgeJohn]

At first I think the caution of the headlines the topic suppose to be, why you can't be rich when having crypto, instead of why you can't be rich by owning crypto, so relating to topic, Bitcoin is something that's not in control of any one but in control of of itself for regulations depending the standard of cryptocurrency marketcap, and its increments depends on the demands which no one can testify accurately when such will occur, because people buy Bitcoin when the price is low would have make a potential profit assuming them know exactly when will zoom up, so to be Rich in crypto its based on long time holding of cryptocurrency.

[jaberwock]

The illusion that the value of your Bitcoin wallet is increasing only works when you compare it with other currencies, and if every other currencies go extinct, the only way to measure our currency is by number of things that can be bought for one unit(purchasing power)

I'm not sure if that's how it works, correct me if I'm wrong(I'm not really an economist)

Well, you can still get rich with Bitcoin, same way you can get rich through anything that you choose to do be doing. The question after you have gotten that rich is what are you going to be doing with that money to maintain and keep the riches? One thing is it get rich and the other is to maintain that status.

If you’re getting money, but you’re careless and not doing things rat you’re meant to do, such as investing that money and creating businesses that will bring you extra money, then you’re going to lose that riches. I don’t know why anyone would get rich through Bitcoin and choose to close their sources of income, when you know for sure that you can start up a business and hire people and put someone in charge to manage it, so you can be making income .

[oHnK]

The illusion that the value of your Bitcoin wallet is increasing only works when you compare it with other currencies, and if every other currencies go extinct, the only way to measure our currency is by number of things that can be bought for one unit(purchasing power)

I'm not sure if that's how it works, correct me if I'm wrong(I'm not really an economist)

Well, you can still get rich with Bitcoin, same way you can get rich through anything that you choose to do be doing. The question after you have gotten that rich is what are you going to be doing with that money to maintain and keep the riches? One thing is it get rich and the other is to maintain that status.

If you’re getting money, but you’re careless and not doing things rat you’re meant to do, such as investing that money and creating businesses that will bring you extra money, then you’re going to lose that riches. I don’t know why anyone would get rich through Bitcoin and choose to close their sources of income, when you know for sure that you can start up a business and hire people and put someone in charge to manage it, so you can be making income .

This thread reminds me of the tweets of people who I think really stir my heart.  He said that what is difficult in these two choices?  You cannot buy 100 $ goods because you only have 10 $ or you can buy 100 $ items because your income is 1000 $.  Which of the two options is the most difficult?  The choice you make can show yourself whether you can be rich or not.  Because if you choose the former, you don't think like people who have good financial literacy.

[nightxglow]

Not necessarily true i guess. First, not all people stop working their job just because they already have some amount of bitcoin, most people still do the job, and make btc their additional income or investment. Other than that, not that many people own bitcoin actually. I guess compared to all people living in this world, for whole population, we're still minority. So even if our net worth increases, doesn't mean we don't get richer, we sure do, a bit. Because i believed not all people out there having bitcoin.

[conected]

His idea is to advise us to act as a trader and to have goals to be more profitable.
He does not understand that most traders have lost money because of their actions and the movement of the market. The crypto market is tough, and it has always been. I have found that crypto holders always have better returns than traders. Risk in trading is more frequent.
In the art of holding crypto, just keeping the wrong crypto is considered to lose the invested amount.

- Holding helps us to create a shield that minimizes all the risks we might face, arguably the strongest defense is still motionless and non-moving because as you say, an investor is too proactive in moving and looking for opportunities, they often fall into dangerous areas, the probability and amount will be lost per unreasonable move will be very high. However, wealth is built on such opportunities, if we only passively hold, profits can come very slowly and steadily, but wealth will have a very long distance.

[Silberman]

The thing is, in every people profitting the money must be coming from somewhere else and this distribution of wealth could result in another rich person but also another poor person. It won't affect the productivity at all since the coin is limited while the money to pump the price must be coming from somewhere else and you don't account that being rich doesn't necessarily means you're stop being productive. You see so many billionaire out there that instead of taking vacation for their whole life, they expand their business instead with the money they got.

This is an interesting argument. You are right, all trading is a zero sum game in the end. For one person to be profiting, we would need another one to lose the money. To have all these rich peoples, it takes a lot of poor people to balance it out I guess. So we can definitely become rich by owning cryptos, it is just that we eventually need to convert our trades into material things, like buying a Tesla car for 1 BTC or maybe a small apartment.

Trading is in fact a zero sum game but the economy itself is not, just because someone is earning more money that does not mean that he is taking away something from the poor, and what better example than bitcoin itself, satoshi is probably the richest holder around the world but this came about his own invention, he created a market that is now worth multiple trillion dollars and that it is still growing, if it was not because of him this market would not exist at all, and most of the time this is true as well for those that are the richest people around the world.

[Slow death]

we have to be able to admit that bitcoin and altcoins can have a great capacity to make people super rich, imagine putting 1 million dollars in bitcoin when the price was $3000 and how much money would that person have today? what other investment is capable of doing this? if that person was not able to buy a very large house, today that person would be able to buy many households, how could that person not be rich? and what made it rich was bitcoin.

in my country leave money in the bank do not give as much profit as doing day trade for example, of course day trade has high risk, but again my point is that this cryptocurrency market can make people become rich, but it is necessary to use our heads because any investment or thing we do has risks.

[Peanutswar]

How does it take to trust the coin you have this is the main problem let's say you have a bitcoin and bought it into the 10k mark but you already sold it on just the 20k price it feels sad right just like the point of why not people become a millionaire on investment you can't get a big reward if you didn't make a high risk that's all it takes. If you have a lot of changes and opportunities to hold the coin go for it it's part of the nature of the person getting feared to lose their assets but it's this worthy to get out or not. It's like a decision to hold to become a millionaire or pull to prevent losing.

[ivankoh]

Bitcoin and crypto have almost completely become one of the hottest business environments this year, as I've seen their one-of-a-kind brothers get rich by owning digital assets.  This means something is still happening in reality.  Although the condition, timing and the symmetry of value over time are different.  Like any business, bitcoin has the potential to get rich or fail.  Even Bill Gate is almost completely out of the bitcoin war.  Those who truly believe in this innovation will bring value by owning and holding their own bitcoins.

[TheGreatPython]

At first I think the caution of the headlines the topic suppose to be, why you can't be rich when having crypto, instead of why you can't be rich by owning crypto, so relating to topic, Bitcoin is something that's not in control of any one but in control of of itself for regulations depending the standard of cryptocurrency marketcap, and its increments depends on the demands which no one can testify accurately when such will occur, because people buy Bitcoin when the price is low would have make a potential profit assuming them know exactly when will zoom up, so to be Rich in crypto its based on long time holding of cryptocurrency.

I think there is a need and want that some people talk about something with big bold headlines to get more attention instead of other calmer methods. If you write a topic called "this is why bitcoin will be one million dollars this year" and then you talk about how it may not reach there but it could definitely reach there because it has no regulations so if someone comes in and buys 200 billion dollars worth of bitcoin that could very well happen too, so you are talking about a huge "what if" but you present the title like "it will!!!" so that you get more attention.

This is a method that people in marketing use, it gets more clicks, it is a cheesy and cheap method but it works so well, people are idiots and they click on those big headlines and that gets more attention. That is why I think you can get rich by owning crypto but you may not as well of course.

[Oneandpure]

Greedy is one way one way why still have any people not be success on cryptocurrency, some time when they have big chance to get profit still wait and hold without try to sell, after price dump they panic for cut loss and sell on lower price, if manage with good think like selling coin after get profit more than 5% or 10%, but always hold because wait to get profit more than 300% and hold until lower price.

[verita1]

You have drawn a possible scenario between the massive adoption of bitcoin and the economy. If fulfilled the possibilities are remote because there is no single thought. We all think differently, there are people who can invest in bitcoin and others not. There are various cryptocurrency investors who also prefer altcoins, trade, or hold.

Bitcoin is the first crypto and is leading the market because it has earned the trust of investors of all kinds. I believe that investors are not looking to get richer with bitcoin but to protect their capital. Because the time we are living is atypical and we are taking advantage of it to evolve. There will be much to take care of in addition to the capitals as all the problems that afflict the planet.

[Matimtim]

You can't be rich by owning crypto currency if you don't know how to use it or how to invest it to make more profit or income in the future because if you want to earn more money or if you want to be rich some day using your crypto currency you need to use it and invest it in the trusted project and in that way you can make a good profit.

[Kittygalore]

You can get rich with bitcoin if you have a lot of it or if you buy now and you hodl it for a long time and then bitcoin price becomes astronomically high, I agree that bitcoin doesn't make you rich but it is a powerful tool to help build your wealth.