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

[irsykes]

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.

Yes it is not true, me who have bitcoin at 2014-early 2015, seeing bitcoin at price of $900-$2000 already made some people happy. To be honest i am not expect bitcoin to be this high and already sold my coins although it is not more than 1 bitcoin. But, who not happy if their investment reach x2 or x3 already?

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[glendall]

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.

if the initial intention to invest in the long term and within a certain time the invested assets will be withdrawn it could be the initial capital to hold BTC for 10 years and become a millionaire when bTC 60k$ yesterday

[muratsink]

not all of that is very true if we bought bitcoin 10 years ago then we will automatically become millionaires and even billionaires at this time where the current bitcoin price reaches 100% from 2010 where bitcoin was not yet known by many people where we can become a millionaire at that time when we bought bitcoin and sold it today but what can we do not know anything about bitcoin at that time

[Lucius]

There is one more category of people who had complete trust on BTC and thus they stick with it for years.

In the title, you speak on your behalf and admit that it would be an impossible mission for you, but I think there are a lot more people in this last category than you think. Not everyone has invested their time or money in Bitcoin just to become millionaires, although that is the only thing we are talking about today when it comes to Bitcoin.

You shouldn't look at all this only through the prism of personal enrichment, because if you sell BTC for fiat, you are at the beginning of the story again - the only question is whether you understand what Bitcoin is and why someone invented it.

[michellee]

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.

That will depend on that people because if they have a strong hand holding bitcoin, they will not easily sell their bitcoin if the price is not at the top price. I am sure they can hold for a long time, even for 10 years, because 10 years is nothing for them. We can follow their step to hold our bitcoin and not sell if the price does not reach our target but we need to have a strong hand like them to achieve our goals in the future. If we do not have many bitcoin for now, we still have more times to accumulate the bitcoin from many ways and although that is not easy, we need to believe that we can do that because our dream is to have many bitcoin.

[stompix]

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

$5 million worth of Bitcoin just moved for the first time since 2010
https://cryptoslate.com/5-million-worth-of-bitcoin-just-moved-for-the-first-time-since-2010/

50 BTC Just Moved for First Time Since 2009
https://www.coindesk.com/markets/2020/05/20/50-btc-just-moved-for-first-time-since-2009-but-it-doesnt-look-like-satoshi/

And many many more, and oh, those were 11 years, not ten, and the coins moved, it didn't mean they were sold. It's not really nice to make claims and tell poeple you wouldn't be able to do something just because you think others think like you. Besides, if you would have bought in 2009 and sold for 2-3x, that makes even less sense, what, grab $10 profit and run? Poeple who would do that are poeple who weren't keen to invest anyhow, they just wanted to play a bit around and never expected profits.

Oh, and another thing, a lot of poeple who bought in 2011-2013 were far better of than the rest of the world, don't judge them from the point of view of a bounty hunter, a lot of them were working as software engineers, programmers that were paid well above the average, and it's western world average, meaning around $100k a year, when you're getting that wage you don't rush to take profit for $300.

[franky1]

im still hoarding since 2012.. just saying.

my mindset is its a pension pot. i put funds in and forget about them. i dont check on them or keep valuing them against daily prices. i just know they are secure against a private key so i dont need to look, think about or value. they are just there, and will stay there until i decide to move them.

most people that become impatient are the ones that dont think of it as a pension pot of funds. they see it as their weekly/monthly income becoming profitable.

for those wanting to hoard long term dont check the daily price, dont calculate the daily price against the number of coins you have. dont even check the coins you have hoarded. if you have no intention to spend them any time soon, there is no need to think about the value of them any time soon. they aint going anywhere

when most people put money into a FIAT pension. they do not check how much is in the pension fund each paycheck. because they know none of that money is coming out because they have not reached retirement.
all they do is just make sure their work paycheck has deducted the small amount from income to put into a pension. all they care about is the contribution amount per month. not the hoarded secured nest egg amount

so keep that in mind.. or more precisely out of mind. dont worry about the nest egg, just make sure you are regularly reinforcing the nest with regular twigs to make it stronger. you dont have to recount how many twigs you already put previously into making the nest. just look at the twigs your adding when you add them

you then get to control your emotions and patience better

[hatshepsut93]

If some rich or middle class person invested $1,000 or $10,000 into BTC early, they had no reason to liquidate at 2x profit, because they didn't need those money anytime soon and could afford to risk and wait more. I won't be surprised if that's how many of the current whales were made - they kept hodling because they could afford to lose their investment.

[franky1]

If some rich or middle class person invested $1,000 or $10,000 into BTC early, they had no reason to liquidate at 2x profit, because they didn't need those money anytime soon and could afford to risk and wait more. I won't be surprised if that's how many of the current whales were made - they kept hodling because they could afford to lose their investment.

nah. my experience was in 2012 i done a bit of mining. btc and ltc. and in 2012 there were many arbitrage opertunities on the now defunct btc-e exchange to flip the coins in circles to get profits and grow my hoard.

my expense/investment was disposable middle income like instead of buying pizza/take-out food, id buy a couple btc here and there(along side the gains from trading coins). after all if your going to buy fast food, that money just becomes a toilet flush the next day, so no actual loss in investing these amounts instead.

as the drama of MTGOX arrived i decided to lay off from trading my growing hoard and just hid it away out of mind out of sight. where by id only play with like 0.1% of hoard and grow that as 'play money' and add it to my pile once it reached a certain amount.

gradually i just stopped looking at my hoard, i wasnt gonna move it any time soon so there is no need to watch it regular.

to me now, even though i could value it against a dollar amount and crap my pants like someone winning the lotto by finally realising the wealth. but instead even now 9 years on. i still think of it as my non-toilet flushed investment

[freedomgo]

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.

That will depend on that people because if they have a strong hand holding bitcoin, they will not easily sell their bitcoin if the price is not at the top price. I am sure they can hold for a long time, even for 10 years, because 10 years is nothing for them. We can follow their step to hold our bitcoin and not sell if the price does not reach our target but we need to have a strong hand like them to achieve our goals in the future. If we do not have many bitcoin for now, we still have more times to accumulate the bitcoin from many ways and although that is not easy, we need to believe that we can do that because our dream is to have many bitcoin.

Well, if you really have that positive mindset and strong hands to hold your bitcoins and sell it after 10 years, it will be very possible. But the problem is most of the hodlers are not as patient as that. Once they see huge profits in front of them, they become very eager to sell knowing tomorrow the price might won't be the same again. Bitcoin is very volatile so it has high tendencies to make the price of bitcoin goes up suddenly, or drop down drastically. Even if i put myself to this, i know i can't wait for 10 years long because i am always taking chances to sell everytime i see good opportunities.

[Nahl]

I believe those who buy bitcoin 10 years ago already sell their bitcoin and never hold until today because hold method needed fully trust to the coins itself and I'm sure most of people who bought bitcoin 10 years ago never thought bitcoin price so high and the facts from hold is never easy to be implemented especially for next 10 years i think most people had no patient to hold bitcoin for that long

[syedakhlaque]

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.

[lienfaye]

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.

You have a point. Buying early doesnt mean you're patient enough to hold your BTC until now because who would have thought the price will increase drastically.

Probably if you invest 10 years ago, you might be tempted to sell after seeing you have a huge gain already not knowing it will increase further. However there's nothing wrong to take profit if you're already happy with your gains and I think thats what matter.

Its just a realization that if an investors managed to hold from 10 years ago up to now, they're millionaire already.

[michellee]

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.

That will depend on that people because if they have a strong hand holding bitcoin, they will not easily sell their bitcoin if the price is not at the top price. I am sure they can hold for a long time, even for 10 years, because 10 years is nothing for them. We can follow their step to hold our bitcoin and not sell if the price does not reach our target but we need to have a strong hand like them to achieve our goals in the future. If we do not have many bitcoin for now, we still have more times to accumulate the bitcoin from many ways and although that is not easy, we need to believe that we can do that because our dream is to have many bitcoin.

Well, if you really have that positive mindset and strong hands to hold your bitcoins and sell it after 10 years, it will be very possible. But the problem is most of the hodlers are not as patient as that. Once they see huge profits in front of them, they become very eager to sell knowing tomorrow the price might won't be the same again. Bitcoin is very volatile so it has high tendencies to make the price of bitcoin goes up suddenly, or drop down drastically. Even if i put myself to this, i know i can't wait for 10 years long because i am always taking chances to sell everytime i see good opportunities.

When they see huge profits in front of them and can use that moment to profit from that, they are lucky because they can use the other time to buy back at a low price. After all, as we know that after the high price, it will go down and we already see that the price can drop too deep. That is the benefit for us to buy back at a low price and the amount that we can buy will be more than the amount that we sold before. Maybe they do not have to sell all the amounts but leave some amount for the next very higher price to profit. But unfortunately, most people want to see the price increase and hit the next highest price in the next few hours but that can not always happen.

[LogitechMouse]

This is a very subjective matter because not all of the Bitcoin holders have the patience to hold for 10 years or even 5 years.
I'm a Bitcoin holder and I bought mine when the pandemic started (at least near that time) when Bitcoin is still at 4-digit price. Now I'm still in profit even though the market is going down and there is this temptation that comes to my mind that always saying that "You should take profit because if you hold for a longer time, your profits might turn into dust".

I'm not the only one but many of the holders are experiencing the same thing. If they saw that their holdings are in a huge profit they are thinking of selling it because the profits might be gone in the next weeks or next months. For those who are very patient to hold Bitcoin to 10 years then congratulations to you. You are the most patient of the most patient investors here . As for me, I don't think that I can hold Bitcoin for that long.

[fuguebtc]

I believe those who buy bitcoin 10 years ago already sell their bitcoin and never hold until today because hold method needed fully trust to the coins itself and I'm sure most of people who bought bitcoin 10 years ago never thought bitcoin price so high and the facts from hold is never easy to be implemented especially for next 10 years i think most people had no patient to hold bitcoin for that long

10 years ago bitcoin was seen as a bubble, a joke, and quickly disappeared as a ponzi scheme but now everything has changed. Bitcoin and cryptocurrency are the most searched keywords on the internet, countries and companies are opening their hearts to bitcoin and accepting it. Now people are already aware of the value of bitcoin. I think in the coming years patience and trust in bitcoin will take precedence.

[so98nn]

. . . And same thing is gonna happen now onwards. Many think that to overcome the problems of limited bitcoin the price per bits has to increase a lot so that everyone can have something to trade and reduce the inflation. So in short the price is going to hike even more and the day won’t be long when we will see a million dollar per bitcoin rate.

So anyone who has the gut to hold today will have crazy money in their pockets. The problem is the rate is too high for the bitcoin and it’s nothing like here as it was 10 years ago.

The challenge has increased a lot and it’s truly complicated whether one should hold, or one should sell.

[worle1bm]

Holding the coins you invested for long ago is not at all easy task although it looks like because you need to be patient enough for all these years and suffer through the crash like situations and many more difficulties to face off.Those who are millionaire today is because they still hold it or sold some that they were having from early days of it's launch.People make stories but they didn't want to be part of it.

[Mpamaegbu]

There is one more category of people who had complete trust on BTC and thus they stick with it for years.

There's possibility that some in this category would've even attempted selling off at some point to buy back so as to increase their quantity but then missed the bus. I won't blame those who did because it's a hard thing to continue to hodl when one has a complete indication that Bitcoin would dump. I wouldn't do that. I would rather fancy my chances and take them at such a time. It's either a hit or a miss. Certainly, only those who don't an iota of trading skills will fold their hands and watch the opportunity slip them by. It's better to take a risk than not to take it at all.

[famososMuertos]

I believe that you always have to try to make the best possible decision, when you can, sometimes you can't wait, you have to sell. And that happens as an investor or simply as someone who bought bitcoin for whatever reason. Some of  this reasons may be the ones you name in the OP.
 
There is a group that although they knew about bitcoin I ignore it, that tells you that it is not necessary to have sold bitcoin to stop being a winner these days ... or a millionaire.

That initial time where bitcoin is remembered for its easy acquisition, is repeated every year, if it is true it cannot be compared in terms of price, but even today we could have a price that many of us may think the same 10 years from now.