My old officemate become millionaire on investing on Bitcoin

[logfiles]

The trick was to use the money he could afford to live without and used it to buy some Bitcoins and even forgot as though he bought them. And also let's not forget his patience. Five years of waiting is no easy thing to do.

Had I used his strategy, I think would have way more Bitcoins in my account than I have right now.

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[Viscore]

That's a nice story to hear. The takeaway for me was that unlike the others he held because he forgot about his investment. The irony being that he could of sold back in 2017 just below $20K and started his business many years ago, but that's beside the point really. The most challenging parts of hodling is not taking profits too early, selling too late, or failing to buy back. Forgetting about the investment certainly helps here!

Glad to hear he became a peso millionaire either way

The story is indeed inspiring. Hodling is never that easy for all of us as it always tests our patience and our faith in crypto especially when there is market crash, that eventually makes our investments fall apart. If you have weak hands, the tendency is you will sell immediately your coins like his co workers did. But forgetting your investment, not checking the price often, is really helpful I guess. This story is something that has a very legit ending, that hodling alone can make you an instant millionaire if you also have faith on your investment.

[DoublerHunter]

The trick was to use the money he could afford to live without and used it to buy some Bitcoins and even forgot as though he bought them. And also let's not forget his patience. Five years of waiting is no easy thing to do.

Had I used his strategy, I think would have way more Bitcoins in my account than I have right now.

^ If we are addicted to BTC too much, I don't know if we can able to hold our BTC for 5 years, that is very interesting because the temptation was always there telling you to sell your BTC because you are in lack financial support. The story could be his friend forgot that he bought BTC and the good thing is he bought what he can afford and patiently wait for it.
I don't know why he sold it early, there could be another x5 profit if OP's friend wait another 5 years and don't miss the next halving that nearly come.
However, the story was very spring and I hope everyone will do the same.

[BitcoinGirl.Club]

It was always the same dismissive attitude like I was trying to push them into a scam.  

My boss who got excited about this one coin back in the day. He was convinced that it was a better form of cryptocurrency. He never listened to me even I told him hundreds of times that it's all fake. Their own buy sell platform, use the coins to trade physical products and many promises were making him to believe that this was the real deal. He put £30,000 to become a millionaire. The coins will be doubled, tripled. Price will be 100x, 1000x. It was a ponzi scheme. Right hand and left hand scheme. Eventually he lost all the money. We still talk few times a year and he regrets for not listening me.

He is so unfortunate that he still hasn't bought a single sat yet. The guy was never been able to recover his financial loss.

It was a common thing back in the days. If you were talking about crypto to 10 people, you would find 9 of them were thinking you were pitching them ponzi scheme.

[Raflesia]

I'm keen on where he kept his coins all these years that he still has easy access to them. People who often forgot that they have things lying around usually throw these items unknowingly. Lucky for your friend since he still managed to keep his coins and gain access to it when the time came. I remember the thrill of checking the price almost every hour to see if my initial investments already generated a profit. Good times, and I'm still into bitcoin even though I have left my habit of constantly checking the price.

Of course he keeps it in a secure wallet and also stores it well so he has easy access to it when his time comes.
Holding on is a great way of Bitcoin strategy but are we strong enough to over the years forgetting about it and recalling it at an insane price? That's not possible for me because when the item is lying anywhere I will check it so that I know it's a bitcoin wallet and it must be sold because every time I see market movements so it goes up a little I immediately sell.
But I think this story is cool maybe someone can follow in his footsteps even though it looks easy but in fact holding on for a long time is difficult if we are in the market all the time.

[Slow death]

I particularly avoid talking to people about bitcoin and investments, because when things don't go well people always tend to blame the person who gave them advice. for example if I had told someone that buying bitcoin was good and that person was buying bitcoin when the price was 50,000$ and today the price of bitcoin is at 20,000$ that person would be blaming me, he would be thinking that I deceived him then to to avoid me having unnecessary problems and headaches I don't keep giving advice to people to buy bitcoin. I let them know about bitcoin through other means. in the past I even talked about bitcoin to some people, but it was really out of coincidence that I said

[TimeTeller]

I particularly avoid talking to people about bitcoin and investments, because when things don't go well people always tend to blame the person who gave them advice. for example if I had told someone that buying bitcoin was good and that person was buying bitcoin when the price was 50,000$ and today the price of bitcoin is at 20,000$ that person would be blaming me, he would be thinking that I deceived him then to to avoid me having unnecessary problems and headaches I don't keep giving advice to people to buy bitcoin. I let them know about bitcoin through other means. in the past I even talked about bitcoin to some people, but it was really out of coincidence that I said

This is true, as you can never tell the future of bitcoin, it is hard to suggest this market to someone.
Unless, that person also understands the risks involve upon investing in this market.
And he knows very well that you are not liable about what may happen next, as you have no control in this market.
Most of the time, I also don't disclose my crypto dealings as I don't want them to lead in a very unfamiliar route.

[cryptomaniac_xxx]

I particularly avoid talking to people about bitcoin and investments, because when things don't go well people always tend to blame the person who gave them advice. for example if I had told someone that buying bitcoin was good and that person was buying bitcoin when the price was 50,000$ and today the price of bitcoin is at 20,000$ that person would be blaming me, he would be thinking that I deceived him then to to avoid me having unnecessary problems and headaches I don't keep giving advice to people to buy bitcoin. I let them know about bitcoin through other means. in the past I even talked about bitcoin to some people, but it was really out of coincidence that I said

I somewhat agree but most of the time, bitcoin enthusiast can't help themselves, but to tell other people about it and silently tell them to invest on it. I have a similar story with a nursing agent, pre-pandemic, around 2019 and he keeps asking me about bitcoin and said yes why not, and I tell him that there will be this so called "halving" that might be the catalyst for a "bull run"

Terms that at that time he didn't understand, but he invested anyways. Fast forward to pandemic, same, he just went to the province but keep monitoring the his investment until such same that we hit the bull run and he made a lot of money as well.

[sunsilk]

Hold is really powerful strategy isn’t it?

Yup! True!

This is the strategy that others don't want to do because it requires too much patience. But we, who knows how and where being patient and calm in holding bitcoin will bring us out.

Just like your ex-officemate, we're having that very moment of our lives that if we just hold and believes that there's a bigger future and purpose for bitcoin. We'll just have to wait.

I've got almost the same situation and I've talked to many of my friends and only to find out that they're all out during 2018 bear market but only one stand out until now.

[n0ne]

The trick was to use the money he could afford to live without and used it to buy some Bitcoins and even forgot as though he bought them. And also let's not forget his patience. Five years of waiting is no easy thing to do.

Had I used his strategy, I think would have way more Bitcoins in my account than I have right now.

These strategies won't work with everyone. Here the user have forgotten it. Another thing when we're in need of money we'll surely look for the investment and make use of it. As the user have forgotten it, the holding have lasted for 5+ years. Always spend after meeting the months expense could let users have more funds invested in cryptocurrencies.

[xSkylarx]

Hold is really powerful strategy isn’t it?

Definitely yes if you hold bitcoin and other potential altcoins. But if you hold those what they call shitcoins, holding it for many years is useless if the project is just pump and dump. If the project has no updates and developers abandon it, exchanges could delist that crypto resulting for its investors at loss. So it's also important to DYOR, there are people that will give you an advice to invest only because of its hype.

[Captain Corporate]

This isn't really a shock. I have seen 3-4 people who became millionaires investing in crypto before as well. I mean yes its not a common thing neither, I have been here for so many years and yet didn't made anything substantial, but it is also not impossible to face neither. These people are usually bound by one common talent, which is knowing finance. They end up investing into the right thing, at the right time, with the right amount. All these three matter a lot, and then getting out at the correct price is the last nail in the coffin. If you can do all these correctly, there isn't a reason why you shouldn't become a millionaire in the crypto world neither.

[jrrsparkles]

Still I feel pity for him because he missed the peak run again because he could have sold that one BTC for $65K.

If he invest right now then he should wait for another few years but importantly he has to monitor his assets no matter what to get the best out of it.

[Darker45]

It's a great story. I'm always happy whenever a life is changed by Bitcoin, in whatever way.

But I'm a little confused. He sold all his Bitcoin at $20k+ and now he's waiting for the opportunity to buy back lower? In the first place, this is the lower already. This is actually the buyback season already. Or how low is his buyback target now? The price has already fallen all the way from $69,000. I wish he HODLed even for a year more.

We can only hope that the price of Bitcoin goes down to as low as $10,000 or even lower. Regardless, however, he cannot buy Bitcoin ever again with the same price that he bought his. I've also bought Bitcoin in 2016 and the price was only around $500. This is now a piece of history that never repeats.

[LodisMcguire]

Well it's not that he is holding,but accidentally forget about it because of the busy life.It's true that if we always check the price,maybe we will fall to the temptation to sell in x2 or x3,but if we forget about it and check years later,maybe we can get x100.It depends on how we approach it,if we don't need the fund now,just let it be and hold till you need it.

[Poker Player]

I'm a bit skeptical with this kind of stories, because there are people who make up stories on the forums and we have no way to check if they are telling the truth or not.  I'm not saying the story is true or not, I'm just saying I have no way of knowing.

To me, what stories like this remind me of are the contrary stories, the stories of people who have been around all this time since Bitcoin was created, who bought high and sold low. Many of them are now Bitcoin haters, who after losing money decided they wanted nothing to do with Bitcoin, and are waiting for it to go to 0, as a way of confirming that they are right for not buying again.

[ChrisPop]

The temptation to sell is great when you make x multiplies of your investment like in the case of Bitcoin.
Your co-worker would have likey sold if he had watched the market during the bull run. It's a statistic.  But it's a good story and you should pat yourself on the back. You are a leader who inspired others to get involved in a phenomenon that is changing the world as we know it.

[0verseer]

This story brings me back when 2018, I also sold all of my alts and turn it to BTC. Got 0.8 BTC from that and I thought I could hodl it for a very long time. When the BTC price hit as low as $4,000, I chicken out and sold that 0.8 BTC for just a little over $3,000. Regret that poor decision ever since.
The only way to be rich in crypto that you should not be active in the scene, just buy some BTC and store it somewhere. Only sell it when the price is good after many years. Just like your friend got lucky because he forgot about that 1 BTC he invested years ago.

[lionheart78]

I'm a bit skeptical with this kind of stories, because there are people who make up stories on the forums and we have no way to check if they are telling the truth or not.  I'm not saying the story is true or not, I'm just saying I have no way of knowing.

Just go on with the story  .  Be happy for the person who forgot his BTC holdings and just remembered recently selling it at $20k.  That amount of money is indeed a life changer in my country.  But sadly he couldn't wait anymore and could possibly get 5x of the sold value if he waits 2 to 3 years from now.

To me, what stories like this remind me of are the contrary stories, the stories of people who have been around all this time since Bitcoin was created, who bought high and sold low. Many of them are now Bitcoin haters, who after losing money decided they wanted nothing to do with Bitcoin, and are waiting for it to go to 0, as a way of confirming that they are right for not buying again.

There is always another side of the story like my friend who happens to have 12 BTC way back in 2016.  He sold it for $2000 dollars in the 2nd quarter of 2017 and months later BTC surged.  Later he told me that he regretted selling all his BTC that early. 

[Davidvictorson]

Right now. He is planning to buy back at lower price level and use the half of his earnings to start his new business. He is planning again to have another 5 to 10 years Bitcoin investment after he buy back. I will try to get an update about his business and post it here to inspired other new Bitcoin investor. Hold is really powerful strategy isn’t it?

Bitcoin becomes to any individual whatever he or she believes it is. To one it is a scam. To another it is freedom. For me this story is similar to others who could hodl for a long time. There's always a massive return on investment. From your story, I am glad you didn't sell bitcoin to them as a get-rich-quick scheme but as an investment with risks. What exchange did your friend keep his bitcoins? Are there some other of your friends who may not have made up to a 1M pesos but were able to still hodl for a while and still got something reasonable out of it?