Is it easier to HODL if you are already rich?

[paxmao]

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?

[Upgrade00]

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.

[RickDeckard]

As Henry George (American Economist) once pointed out:

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):

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

[jackg]

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).

[_Miracle]

"Is it easier to HODL if you are already rich?"

Yes.

Or if you are at least financially stable.

[jossiel]

It is.

Because you're not needing those money that have been put into bitcoin unless you really want to sell them and you're in need. But since you're rich, you are in a rush and you're willing to wait until the value of your investment in bitcoin bears fruit.

I'm not rich but I'm totally fine waiting until my holdings goes to a certain high.

[Dragonfund]

The amount you are using as an example are even high for an average person.
One of the reasons why I didn't made much in the just last ended bull run was because I was inpatient. I was doing that not because I didn't knows that there may be higher chances of going upper but due to the fact that I was broke and I needed money to fund my self. So, I sell at every small I see in the market but on doing them, I get to realise that to enjoy Cryptocurrency, you gave to hold continuously until when it's so pump before one can think of selling them.
I'm into that journey right now. I have some coins I'm willing to sacrifice for long term.

[Coin-1]

Do you think it was easier to benefit economically from bitcoin if you were already a bit up in the ladder?

I think that purchasing Bitcoin is not considered a risky investment nowadays, so your friends came to the right conclusion when buying very cheap coins in the early times. In my opinion, $60K is a significant amount of money. To make a x100 profit, they most likely bought BTC in at least 2016.

This is a good example of how smart people get richer by investing in Bitcoin. They were strong-willed persons and easily held coins over the years, so they finally achieved their economic goals.

I do not know what they did with the rest.

Who knows, maybe your friends are still holding the rest coins. My guess is that they will slowly sell their BTC on demand. This would be a wise financial strategy.

[just_Alice]

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.

Is it the same though?
From your own example: I think, many would agree that a person that invests $60k has much more motivation to do so as compared to the one that can only afford $600. Before the latter, a question arises: is it even worth it? While for the first one it certainly is.

And about the % of net worth, it sounds logical, but when it comes to real life the things are somewhat different. The thing is, that $600 to a person with $10k can mean a lot more than $60k to a person with $1 million. Why?

Ask yourself, what will the poor one lose in case the investment is unsuccessful? It can be a monthly rent or a very long desired vacation. What will the rich one lose? Maybe wouldn’t buy that 20th car or a yacht, I’m sure one can survive that

[Vaculin]

It is a way I guess on how we encourage ourselves and have to consider investing in Bitcoin is just the same saving money in the banks. Rich people do and poor people can do as well if they want to. That really became a test of faith for the poor people but as I've said, it doesn't matter if we are willing to face the consequences and have to think of a better life in the future with the help of Bitcoin.
What IF, What IF...it all just a matter of how entrusted Bitcoin and holding will seems to be easy.

[macson]

snip

when you have more money or a stable income then you don't need to sell your coins for your daily needs.  i'm one of those people who are lucky enough to have a stable income so i don't have to sell the crypto assets that i hold.  but those who are not rich enough can also benefit from long term investments if they believe in what they are investing in.

[romero121]

It is an easy thing for the rich to hold, because the investment is from the amount they've made excess meeting all the needs. They'll be having separate funds for emergency and other miscellaneous needs.

With the middle class, they sacrifice something or limit themselves to make an investment. At times on emergency or urgent need they're in a situation to withdraw funds from the investment/long term holding. This is the reason why rich feel comfortable in holding and has the mind to risk big.

[Xinarae*]

Easy to hold for the rich they have no shortage of money they make money by investing and also have sources of income from other sites so it is easy for them to hold on but for the traders who earn by trading in the market every day long term hold is very profitable. As the value of currencies increases to keep them longer it helps them to become richer their capital is much less, small capital makes them feel comfortable.

[Sithara007]

That is the case with all the investment options, and not just with Bitcoin. Let's not forget the fact that close to half of the world's population doesn't have any significant savings, because they can't afford to save from their earnings. And for those who can afford to save, if the fund availability is low, then the preference is always for low-risk assets (bank deposits treasury bonds and bullion). The golden rule with cryptocurrency is that you should invest only as much as you can afford to lose. And for the poor people, unfortunately they can't afford to lose even a penny from their savings.

[jaminunit]

The rich generally want to get richer. This makes them want to risk some of their funds. Being rich in the first place simply makes them risk more. I do not think it helps you hodl

[xSkylarx]

The rich generally want to get richer. This makes them want to risk some of their funds. Being rich in the first place simply makes them risk more. I do not think it helps you hodl

Agree mostly those people can afford the money to lose unlike to us we do have a money but if it will get lose then we are dead because that is all of our money which mostly people said that "invest what you can afford to lose" so we could invest only gain small amount of profit unlike those rich that they can easily do a capital with a large amount of money and also gain profits thats why rich are getting richer because they do have source unlike to those unwealthy that will grind for a long period of time.

[Poker Player]

I think if the thread had a poll, it would have won overwhelmingly the "yes" option. The case told by the OP is not the norm. People who don't have a lot of money tend to sell as their investment goes up. It is difficult to hold on and not sell for profit because you expect it to go up more in the future if you are not rich. What if it goes down? What if it doesn't go as you expect? You can sell now and enjoy the money.

On the other hand, someone who is rich, as he does not risk so much in relation to his fortune, it is easier to hold on. If he comes from a rich family or has financial education even more, because he knows that premium assets are not sold. You make more money by holding.

[ethereumhunter]

If you already have a lot of money and want to invest, that will not be a problem for you to hold your investment until the investment can profit. But common people will not think like that because if they still need to struggle to fill their daily needs, they will not think about the investment (although they really want to have that investment).

But those people can start an investment as long as they can manage their money and have a list of what they need to buy and see how much money they still hold monthly. After that, they can start to invest based on their capability.

Those common people will also think about the risk before they invest because if they know how much money they should use to have the investment, they will know to manage their money.

[Stanlo]

Taking risks is of difference levels mate, some people don't wait to get rich before they can take risks, I have a friend whom net worth isn't up to 3000$ but he bought some stratis coin on 2017 and by January 2018 he became a millionaire, we are in crypto space a haven where anything is possible, even those that invested in crap/shitcoins still made millions

[Liamttw]

Rich people are more likely to insist on holding, their wealth is enough to allow them to bear the risk of market fluctuations, do not have to worry about selling to meet daily needs. And holding Bitcoin for a long time will make them richer.
For ordinary people, they will limit their investment and have to consider investment risks. When the price of Bitcoin drops, they will choose to sell to ensure the funds needed for daily life.