If I had bought bitcoin 10 years ago, I would have been a millionaire: Not true

[haasanjui]

It is easy to say that hold bitcoin for 10 years. It is big time period and many times BTC pumped and dipped and many of people sold BTC in panic. There are few people who are millionaire by investing in Bitcoin.

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[davis196]

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

We already know that.
Back in the early days of Bitcoin,nobody would have expected that the Bitcoin price will hit 68K USD.
Nobody would buy BTC back in 2011 or 2012 with the idea of HODLing BTC until the price increases 10x or 50x.The BTC market had little to no liquidity and Bitcoin was viewed as a currency,rather than asset.
Bitcoin was praised for the low transaction fees combined with anonymity and privacy back then.The speculative nature of BTC became a thing after 2013 or maybe after 2016.
The only legit way to become rich is to work hard and build a business.All the effortless ways(like buying BTC and waiting for it's price to go 100x) are more like winning the lottery.It's nice in general,but easy earned money can be spent pretty easily as well.

[Poker Player]

We already know that.
Back in the early days of Bitcoin,nobody would have expected that the Bitcoin price will hit 68K USD.
Nobody would buy BTC back in 2011 or 2012 with the idea of HODLing BTC until the price increases 10x or 50x.The BTC market had little to no liquidity and Bitcoin was viewed as a currency,rather than asset.

You are right.

The only thing I would like to know is if there is anyone around the forum who bought on those dates and sold as the price went up but without selling everything. I don't recall seeing anyone saying this.

That would be the smartest option in my opinion. I mean someone who bought a good amount, not people who do DCA and rebalance, there are a few of those in the WO thread.

[KaliLinux]

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

I definitely agree with that. I know most would have sold from all the Bulls and Bear markets that have happened over the years and let's not forget how long those Bear markets were back then and been from the start the price of Bitcoin wasn't that attractive and I also honestly believe that MOST that HODL through those years wasn't because they had the belief that it will get to this position cos I too was introduced to Bitcoin in 2015 and didn't take it seriously until 2017.

[rozak]

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

I definitely agree with that. I know most would have sold from all the Bulls and Bear markets that have happened over the years and let's not forget how long those Bear markets were back then and been from the start the price of Bitcoin wasn't that attractive and I also honestly believe that MOST that HODL through those years wasn't because they had the belief that it will get to this position cos I too was introduced to Bitcoin in 2015 and didn't take it seriously until 2017.

I also think there will be many people who have the same opinion as you. owning bitcoin 5 or 10 years ago, there is no guarantee they will stay with the market situation. especially if you look at market movements from 2017-2020. I'm sure the holder will also not be calm to see a profit or loss that is quite deep.

the only way to prove it is, buy it now and hold it for 10 years in the future. then you will see the results of the investment.

[Sayeds56]

There is no doubt  If someone had bought bitcoin 10 years ago, he would have been a millionaire: But the fact that affects it is human nature that he cannot stay for a long period of 10 years, his impatience does allow him to do so.But there is a possibility only if some is already a millionaire and after purchasing bitcoin he does not need to cash it he takes it easy as small money in the bank or does do care for this amount. Then it can be possible. The second reason is that if someone had forgotten after investment in cryptocurrency.

True. Emotional control is the most difficult thing when it comes to trading or investing so learning to control emotion is more important than anything else.. It often happens that we keeping carrying losses for long time with the hope that one day our trade will turn into profit but when it turns we get tempted to book profit even if it is small and we lose opportunity to make big profit. If I had bought Bitcoin back in 2010 , I am sure I would have sold it when my profit had become 10X.

[Reatim]

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

I tend to agree on this because most of those who bought when the price is cheaper they will be eager to buy even when the price stands multiple value.
but those who bought 10 years ago? they love keeping thir funds because the capital is very cheap and they can afford to lose those amount.
same reason why the famous advise in this community is Only Invest the Amount you can afford to lose because that is the motto of the first adopters .

[NeuroticFish]

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

I definitely agree with that. I know most would have sold from all the Bulls and Bear markets that have happened over the years and let's not forget how long those Bear markets were back then and been from the start the price of Bitcoin wasn't that attractive and I also honestly believe that MOST that HODL through those years wasn't because they had the belief that it will get to this position cos I too was introduced to Bitcoin in 2015 and didn't take it seriously until 2017.

I also think there will be many people who have the same opinion as you. owning bitcoin 5 or 10 years ago, there is no guarantee they will stay with the market situation. especially if you look at market movements from 2017-2020. I'm sure the holder will also not be calm to see a profit or loss that is quite deep.

the only way to prove it is, buy it now and hold it for 10 years in the future. then you will see the results of the investment.

It really depends...
Let's say that somebody has bought (or mined!) bitcoin so long ago and the amount was indeed substantial.

Most probably some did spend it all. Also very few did hold all (some under collectible items) or even bought more. Some have forgotten and probably lost the access to the coins too.
But I also expect some - and not few - who have sold some and kept some of the coins. I expect that this is could be a majority, since the"gray" is usually on a "wider range" than "black" and "white".
Yet somehow this category seems overlooked.

I mean, it's written in many places and many ways that a good strategy is to cash in only a part of a long term investment. I expect that some did follow it. And if they've started with - let's say 100 BTC (see, not even the 10000 BTC needed for some pizza!), they may still have some 25-30 BTC left, which comfortably worth over one million dollar. And if you consider that the starting 100 BTC is probably very low for the early days... do the math.

So again... it depends...

[Coyster]

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

Mind you that some people only make this sort of statement so it looks like they actually missed out on something big, but quite a lot of them would not even have invested if you told them about Bitcoin ten years or so ago, they'll take it to either be a scam or something that has no future, now more people are talking about Bitcoin and believe in the network cause they have seen its performance down the years, this even goes for institutional investors, they never had any trust in the network, but after the start of the pandemic, quite a lot of them have changed their minds and there has been an influx of such investors into the network. But having said that, what people must understand is that it doesn't really matter the time you get into the network, whenever you do so, just take time to learn and garner knowledge so you don't make mistakes nor get scammed, and in the long run you'll make returns on your investment

[kotajikikox]

It is easy to say that hold bitcoin for 10 years. It is big time period and many times BTC pumped and dipped and many of people sold BTC in panic. There are few people who are millionaire by investing in Bitcoin.

We are not talking about 10 years from now instead 10 years before now .

Meaning if you bought Bitcoin now or at least year ago surely you have sold already recently when the ATH broken up to 69k.

But this topic talks about from the beginning in which Bitcoin value is just so much cheap that even a First grade boy can afford to buy 10 bitcoin at one time.

this means you can Keep the holding for 10 years till 2020 or at least till 2017 .

[Mauser]

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

Exactly my problem when I first started out with bitcoins. That was 5 and not 10 years ago but unfortunately I also got blindsided by the short term profits of Bitcoin's. Back in the days I used bitcoins a lot to buy and sell CSGO skins, but when I had enough of trading skins and I wanted to collect all my profits I did the same with bitcoins. This was my biggest investment mistake I ever made selling all my coins. At the time it was a nice profit and I felt very happy, but comparing it to today's prices it was a big mistake.

[Issa56]

I started cryptocurrency few years ago bitcoin price was very low compare to now, I was also trading bitcoin then how I wish I bought it then and hold it till now I believe I will have been rich but nobody believes bitcoin will be like this. I believe what makes lot's of people to focus on bitcoin in my country was during the Covid lockdown lot's of people came to meet me just for me to teach them about cryptocurrency. I believe bitcoin price is still low any free money am having now am using it to bag more bitcoin.

[YOSHIE]

The reality is that they would not have been able to hold for so long even if they bought 10 years ago.

Situations like that often happen in the trading world, both crypto and real, nothing lasts 10 years, if that's you, maybe that person has lost the device or died.

Bitcoin is money, everyone has trouble with money, where he has to take and use it, the phenomenon has become the flesh and blood of every human being in life, even though they have a salary of $$$/month.

I see and read from the history of people who are rich because of Bitcoin, they don't take up to 10 years, they just invest their money in Bitcoin with large amounts, where when the price of Bitcoin drops at a cheap price they buy, the price goes up they sell, the most patient waiting for selling 1-2 years, and even then it's been a very long time.

Example:
In 2019, when the price of Bitcoin was cheap, there were some people who bought 30 Btc, at the end of 2020 they sold everything, feeling that they had made a big profit, for example they were waiting for the middle of 2021.
surely they have more money maybe 5 times, that's life no one can predict what will happen in the future, bottom line: enjoy what you have, that's the wealth you have, have fun while you're alive, no hallucinations 10 years from now, no one will know 10 years from now.

[BitcoinAccepted]

I doubt someone who started his way to crypto a decade ago, and bought bitcoin, has still got it and held it until today. Well, it is nice if there are people like that, but I highly doubt that they would hold for a decade even if their goal is long-term investment, especially that there have been many times that bitcoin reached its peaks. I would say so because I myself have done that, but if someone really bought bitcoin 10 years ago, if and only if, then they would be millionaire today I think.

[Ararbermas]

The reality is that they would not have been able to hold for so long even if they bought 10 years ago. Very few have the patience to wait till 100x or more. Most of the investors will be sold at the idea of 2x or 3x itself. Some of the people that were able to hold for so long were those who had invested and then completely forgot about it. There is one more category of people who had complete trust on BTC and thus they stick with it for years.

yep that's because we have different midset, but if you really  want to hold bitcoint for 10 years because you how very optimistic it is., probably you will not break your goals.. Well unless if you need money wherein that's the only choice you have to save your life. Lol because if not to be honest it's impossible, why  touching it if you don't need it right?.. It depends on the situation as well. 

[dimox]

if we know that bitcoin be something great like this, im sure people will try hard to get as much as they can. but, maybe the future will work different because we know it.
problem, we dont know if the price of bitcoin is crazy, and now we try to collect this source from any job. big expect always close with time, and we do anything to scoop it.

[Easteregg69]

Comeon. Play around with it. Get some interest. NEXO, Tarot or whatever. Take some chances. How you become rich with it. You spend it right!

Heck you can even use it for collateral if you wanna make a loan. You are rich.

Ok. So I get BTC dividends from Betfury and Tarot. Nexo had some cease and desist threat from some New York cocaine cowboys so I pulled the snabel on that one.

How about you get a letter from Copenhagen, Denmark. Telling you to shutdown a factory in China? Nah.. No good. No logic to it. Why they go to the moon and of-shore.

[Wawa2013]

I doubt someone who started his way to crypto a decade ago, and bought bitcoin, has still got it and held it until today. Well, it is nice if there are people like that, but I highly doubt that they would hold for a decade even if their goal is long-term investment, especially that there have been many times that bitcoin reached its peaks. I would say so because I myself have done that, but if someone really bought bitcoin 10 years ago, if and only if, then they would be millionaire today I think.

I think only Satoshi Nakamoto is capable of holding for 10 years, because he is the creator of Bitcoin so must have a very strong belief in his creation.
Unlike us who are ordinary investors, very difficult to be patient holding Bitcoin up to 10 years. Most of us if the price of Bitcoin has gone up,
will definitely be tempted to sell the Bitcoin that we have to be able to make a profit. My guess is maybe 5 years is the longest limit of people holding
Bitcoin, because humans in life often get financial problems suddenly. So usually many people often sell their assets if they experience financial problems,
so it is very difficult to hold Bitcoin for up to 10 years.

[cardholder]

Though my case would have been as one of those who made a few dollars and sold off, with the way bitcoin has evolved over the years I've learnt to invest what i can afford to loose on any investment opportunity with good potentials that comes my way and as well be patient with it.

[marine4u]

Lol, it makes no sense if you hold bitcoin for 10 years and don't care or see the interest and passion in it.  Maybe you are carefree and keep it quietly as a keepsake, you have even forgotten about it.  it's not easy, can hold but you won't be able to help but care about bitcoins.  There are many people who hold bitcoin longer but there are also people who will use it as a payment if they really feel the need.

Bitcoin will become more and more valuable as people raise awareness of its ultimate value.