Is it easier to HODL if you are already rich?

[TheUltraElite]

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?

Subjective and I feel it is more of a personal test of faith than a point of whether one is economically content.

I would like to point out something else though,

Say someone got money from some "illegal" source, some that they would better not talk about and they did not work hard to earn that. It is a normal human emotion to not be attached to that money much. So if that money would be used in investing, say bitcoin, whether they would want to hold that till profits arrive or sell it even at loss would not matter much as a decision.

But for someone who has toiled long hours to get their pay, they would think twice before investing and think more than that when they are holding about not selling at a loss.

I am not saying that one who is rich has a lot of tainted money though. But when you have money that you did not earn by the sweat of your brow, you will be less attached to it.

[lienfaye]

Yes its easy to hold if you're already rich because money is not a problem. I mean, you wont get to a point wherein you're struggling financially and need to pull out your investment since its already needed. In short rich people can hold longer without worries and just waiting for their target price before they sell.

Unlike for some of us who really hope the price will skyrocket because we are relying with the profit that we might get for holding and can help to improve the way we live our lives. Unfortunately if there's an emergency that happened there's no choice but to sell regardless if you already profit or selling at loss.

Thats the difference between the rich and an average hodler when they invest in crypto.

[bakasabo]

Everything is individual. A lot depends from how to determine rich. Person can be rich if he has $1m on his bank account. Or a person can be rich if he has a lot of property. Property must be maintained - that are expenses already, so you can just sit, wait and hold.

Actually, there will no big difference between rich man holding or less rich (or I would better say regular) man holding. Rich people simply have a feeling of a stability in tomorrows day, but regular person never invest everything he has and hold it. If a rich person can invest $100k and hold it, regular person would invest $1k and worry less about chances of price drop.

[Robinson66]

This is indeed the case. If you are rich, it is easier to hold it for a long time. You don't need to buy and sell coins often to make a profit. They will invest in various long-term assets to get profits. They will have greater courage to take greater risks. Ordinary people will consider which currency will rise faster when investing, and should not invest too much. Because we want to maintain daily consumption.

[Kittygalore]

I don't think rich is the word, it's more of like you are diversified because I as an example can hodl my bitcoin for how long I want because I have other ways to make money to use for expenses for daily needs like food and hygiene products. Of course rich has an edge better than anyone but it gives the wrong impression that only the rich can do the hodling.

[Clairvoyance]

A financially stable person has almost zero worries. They can invest their money with little to no risk into things that will eventually generate profit. As compared to a person living paycheck after check, 1 loss in investment will lead to a sufferable amount of consequences such as no payment of utility bills, no food, etc.

It is much easier to invest if you have a pile of money. 

[Snappycoco]

Yeah, no doubt. I believe these financially stable ones have savings good to invest without worrying of a sure loss. They could forget they invest and hold it for years without a problem compare to those who's not having much money where you always check the price if its going up and panicking already if its going down. Its also hard to get funds for your investment if you are in a lower class family and think for food instead of preparing for the future.

[robattfield]

More precisely doing nothing with a new investment is really hard, I find it very funny when many of my friends share that they will target some coin and wait for the price to rise, but they have a problem psychological control is not good so it fluctuates, and they always realize they are wrong because they never act but what they want. The action here is to do nothing about it.

[iv4n]

A financially stable person has almost zero worries. They can invest their money with little to no risk into things that will eventually generate profit. As compared to a person living paycheck after check, 1 loss in investment will lead to a sufferable amount of consequences such as no payment of utility bills, no food, etc.

It is much easier to invest if you have a pile of money. 

Nice point! People who live from day to day can't allow themselves to hold anything valuable... simply, you need to eat every day, you have to pay bills every week/month... and when you are always short on money how can you think about putting something on a side?

So rich people, who are financially stable, don't worry about basic needs, and they can afford to put some money in this and that, and simply to wait for the future to come. Like always, a nice bankroll is an advantage! That was like that before, and will be like that in the future!

[Mistafreeze]

Yes, it is easier to hold when you are rich even buying more coins would not be a problem due to the availability of funds. An average person or investor would have to plan well and look into the risks and time in which it will take to get quick profit so that the market will not later go against them. It is obvious that the rich are not always borded about the fluctuation in price because they have a prospect and have atime the market and set the level in price where they will take their profits.

The rich are well relax when buying Bitcoin because it's always in large amount, giving more significant profits after small move of orice. They are not emotionally borded about the market reaction compared to average traders that are always tensed doing market uncertainty. The y rich have everything it takes to make more profits in the market, having more sophisticated tools that are quick to analyze market direction.

[Bravehash]

Hold is for the rich makes me laugh 😂😂 if this is all I had in my brain in 2017 I wouldn't have make it this far, I had nothing and yet I still hold my ETH and BTC, I have so many around me discouraging me to sell because crypto is a failure but I'm glad I never listened, I survived didn't I?

[Kong Hey Pakboy]

Of course it's easier to hodl when you are rich, you don't have any worries if your capital is experiencing loss and the market is going down since you have other ways to make money or you just have a lot of money in the first place. Although I feel like it's not only the rich can do that because I know some people that didn't come from a regal background but they can hodl like a madman. Probably sheer will and patience is what's different between a rich hodler and a poor one.

[ultrloa]

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?

Yes it is since the simple explation with that is if you are rich you are capable to buy and hold things since you csn cover up your losses if bear market occurs also you have money to flip up if certain things goes on your way. Compare to  a person who only have small amount on their wallets they go bet all they have and wait for certain good market movements and once they earn they try to make their capital became more bigger and also if they lose they lose everything they have and comeback to play next time if they already saved some money and spend it on either on other forms of investment or hodling bitcoins.

[oHnK]

I dont think when you step ahead then you will be easier get a rich, because when you take one big risk choice that means you bet for ur own achievement for a whole life. Sometimes, It will be easier to achieve than you keep something that you have. There are some cases when new rich people acted so arrogant than invested without knowledge and research, the result was really bad for their wealth

[worle1bm]

We can say holding onto investment for long period is much easier if you have deep pockets and you can back up your financial status without compromising your necessities.Rich people build their portfolio like in Bitcoin with million dollars and still left with huge sum of money with them and when prices go down they might also fear it but still can hold knowing they have extra funds with them.But risk is what makes them reach that level as many entrepreneur were not basically rich from the start.Like Warren Buffett was having net worth of $20k by the age of 21 and by 30 he was millionaire by making good investment and now his company share Berkshire Hathaway is most expensive trading stock in global market.He has said that he still holds his early share like coca-cola Worth billion dollars now just because he was patient enough to hold them.Same goes with us also and we need to have that much holding level if we have invested in BTC no matter how rich or middle class you are as adjustment needs to be done to enjoy our life later on.

[Renampun]

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

I agree with this that crypto space is different from others...

it means that everyone has the opportunity to get rich from crypto that when they only have a little wealth because all they need is faith and also a strong hand on the assets they buy. but those who are rich are unlikely to sell the coins they hold to buy food, this is the only thing I think that makes a difference to the poor.

[Mpamaegbu]

It's really not about the person's total net worth that makes them want to hodl a position or not for long until they achieve their aim. It's about not allowing anxiety get in the way of one's judgment. Your friend's friends were able to block anxiety from getting to them until they achieved their target of ROI. Though they negated the principle of "Only invest money you're ready to lose." However, if they had narrowly missed their target, we would be talking about greed here. So, there's always a thin line to decisions we take between wisdom and foolishness.

[terrorJR]

I think that when we are rich or still living as usual, it is the same as when we become a hodling, we need extra patience and not to be tempted by prices when there is an increase before our target price.
but what makes the difference here is that when someone is already living with wealth we will be calmer in holding an asset because we are burdened with our needs in life because the money we invest and hold is money that is unlikely to be used for a long time. In contrast to people whose economy is not yet stable, of course they will be more concerned with their lives and think about the costs of living necessities such as food and other facilities so that they will be uncertain whether to continue hodling or the money invested will be completed and used for their daily needs.

[sapnu]

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?

If we're being realistic, regardless of how much is your net worth, even though you are a billionaire, it is not logical to hold $60k and wait until it becomes $6m specially with the current price of bitcoin. It may really give you some advantage if ever you are one of those who are up in the ladder but still you should be strategic so that you can expand your wealth even more. Risks are for everyone here in crypto, even the wealthiest still feel regret whenever they fail with their investment because their goal is to keep on progressing and not to settle on what they have even others would see it as too much already.

[sulendra12]

It is partially easier
Why did I say that?

I would say that because at least they don't bother with the financial problem once they need urgent money immediately because of this investment. But stuff like profit, potential invest etc are what they are looking for when HODLing cryptocurrency. They are not trying to look for income but they are trying to save it for the better future and having secondary backup investment is good.