Can owning 1 Bitcoin make you rich in 2023?

[Darker45]

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I agree that bitcoin not only brings wealth but also gives us financial freedom, we are no longer completely controlled by the government. But I won't agree with you about the bank asking many questions when we go to the bank to withdraw money. I don't think it's interrogation or torture, but since they want to make sure you're the real owner, it's just a form of bank-style security to verify things. If you don't want those cumbersome procedures, you can save your money in other ways because no one is forcing you to deposit money in the bank, it's all voluntary.

I would understand if the banking procedures that cause too much hassle to their very own depositors are done solely for the sake of security, for the sake of protecting their clients' hard-earned money. The problem is that they aren't. You are even charged a fee for not keeping a certain amount of money in your account, and when you withdraw, you are also given a limit. That's ridiculous! And look at all the banking fiascoes happening in different parts of the world. You must have also heard of the current banking crisis and how those collapsed banks are giving their clients sleepless nights.

[Bazzu]

In my opinion, if we only have 1 bitcoin, I think it will be difficult to get rich, unless in 2023 or 2024 the price of bitcoin rises to 10,000,000 dollars. and we sell btc for 10,000,000 dollars. then in my opinion it can be called Rich, just by having 1 btc.

but getting rich is everyone's wish I hope we all get rich from investing in bitcoin.

[bakasabo]

This really depends on what you mean by being rich. YES, for me Bitcoin can give financial freedom. But note that this may be a long-term investment so patience is required also depending on your risk appetite, you can invest more.

If we think globally, than owning 1 Bitcoin wont make person rich in 2023, in in later years. The main reason why I think so, is that our life nowadays is so expensive, that just 1 Bitcoin wont be enough to become rich. People expect Bitcoin price to reach $100k by the end of 2023. Today, $100k isnt enough to be considered rich. In some countries plumbers for example earn more annually. And if we take most poor country, then a person that owns $100k wont live there and move to more expensive country. And there, $100k can be not enough to feel rich.

[Fivestar4everMVP]

First, if you can afford to buy 1 whole bitcoin and still be very comfortable with your life and day to day expenses, then why not?, owning 1 bitcoin has the potential to indeed give you a life of financial independence, imagine buying 1 bitcoin now for $30,000, and keeping it for a few years, or for as long as it takes to sell it at $70,000, $80,000, or maybe $100,000, this is more than enough money to give anyone a head start in life, and this prices are very possible for bitcoin to attain, it can only take time, and the investor must exercise patience while holding.

[Questat]

Only a few people had owned 1 BTC (or more) and perhaps, they are rich already. But if you are just an average investor and are owning now 1BTC due to continuous buying of it, you really make yourself rich, especially if you still hold them until the next bull run which is probably 2 years from now. But if you just buy 1 Bitcoin at $28,000 and then sell it at $29,000 - you're not making a huge profit from it, it was just like getting your money back into your pocket.

[Ayers]

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I agree that bitcoin not only brings wealth but also gives us financial freedom, we are no longer completely controlled by the government. But I won't agree with you about the bank asking many questions when we go to the bank to withdraw money. I don't think it's interrogation or torture, but since they want to make sure you're the real owner, it's just a form of bank-style security to verify things. If you don't want those cumbersome procedures, you can save your money in other ways because no one is forcing you to deposit money in the bank, it's all voluntary.

I would understand if the banking procedures that cause too much hassle to their very own depositors are done solely for the sake of security, for the sake of protecting their clients' hard-earned money. The problem is that they aren't. You are even charged a fee for not keeping a certain amount of money in your account, and when you withdraw, you are also given a limit. That's ridiculous! And look at all the banking fiascoes happening in different parts of the world. You must have also heard of the current banking crisis and how those collapsed banks are giving their clients sleepless nights.

As I said, no one forced us to deposit money in the bank, it was all voluntary, and if voluntary, they had to follow the rules set by them. If you don't like it, no one is forcing you to play with them, banks are also business companies and need to be profitable, and no one works for free. Just like we are using the forum, we need to follow the rules of the forum.

Yes, I have heard about the banking crisis, and that is also the reason Satoshi created bitcoin after the 2008 crisis. But nothing is 100% safe, even if you hold bitcoin, you are still at risk of hacker attacks, and rare incidents...And you have to agree with me that no matter how bad the bank is, we still need it, and it's never going to go away. I don't advise or say that using the bank is the best, but I won't deny and won't badmouth it because we still use it every day. Bitcoin is a better option than a bank in many respects, but banking is still necessary for us.

[rat03gopoh]

What exactly does financial freedom means in context of Bitcoin?

It contains a number of points depending on how you want bitcoin to look like. If you think financial freedom is:

• You're rich and can buy anything you want, so increase your bitcoin amount. I'm not going to conclude 2023 1 bitcoin is enough for this goal as we are still finishing quarter 1.
• You're free to buy anything without excessive regulatory intervention, so use a decentralized way for each of your transactions.

[_BlackStar]

If we think globally, than owning 1 Bitcoin wont make person rich in 2023, in in later years. The main reason why I think so, is that our life nowadays is so expensive, that just 1 Bitcoin wont be enough to become rich. People expect Bitcoin price to reach $100k by the end of 2023. Today, $100k isnt enough to be considered rich. In some countries plumbers for example earn more annually. And if we take most poor country, then a person that owns $100k wont live there and move to more expensive country. And there, $100k can be not enough to feel rich.

Basically, whether a person is rich or not depends on how much his living expenses are. Generally, when you have an income that is higher than your needs each month, you are already classified as a rich person. But on the other hand, some people may think that being rich is only when you have lots of money, possessions and a luxurious lifestyle, but that's not what it means to be rich.

I don't think owning 1 bitcoin will automatically make someone rich in some developed countries, but of course 1 bitcoin will make you rich if you are in a poor country. Rich is very subjective in different countries, when you have 1 bitcoin, you are not rich in Qatar - but 1 bitcoin is very valuable in many Asian and African countries. But I understand what the OP is asking, 1 bitcoin will be worth a lot in 2023 but won't make you rich in some countries.

[mvdheuvel1983]

My first question to you is what is financial freedom in the context of your country, her government and people?

My second question is do you have financial goals?

See Bitcoin is whatever you make of it. If you approach it with the right mindset then you'll be happy but if you approach it with the mindset that it's a get rich quick scheme, then you'll be sorry for yourself. Never do Bitcoin alone. Diversification of your investment will make you achieve your financial freedom quickly.

[romero121]

Being rich and poor have got different definition. For some people having daily food is rich, because 10% of the population is living without food which means trying to fill the stomach with water or something out of the waste. Around 29% of the population is living with the insecurity of food, which means people don't know whether they'll get food for tomorrow or not. So, what you call rich needs to be defined so to make calculation with one bitcoin.

With the common calculation, in today's price single bitcoin could make a person rich. In my country one can have a small house and invest a small part with which he can get a small income. Wirh the remaining he can start a small business and lead his life fulfilling the needs of the family of four.

[tjtonmoy]

So, my question is can Bitcoin give a life that I dreamt as a child.

Depends on your approach. If you can use the knowledge as good as other successful people, then you can achieve it for sure. But just seeing them being successful, don't think that you can become just like them if you follow their strategy and it will happen overnight. It's a long journey and if you have the will to sail that ship for that long, then the answer is yes. If you are going to get panicked and fall over your emotions, it's not for you. Hope that answers your question.

Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?

Yes it is possible and this is the main purpose why Satoshi has created Bitcoin in the first place. Financial freedom in the context of Bitcoin refers to the ability to securely and independently managing your wealth through decentralization, without the need for traditional financial institutions or government control. It allows privacy and control over your assets. There's an article about it. You can read it here: What Is Financial Freedom?

[milewilda]

What exactly does financial freedom means in context of Bitcoin?

It contains a number of points depending on how you want bitcoin to look like. If you think financial freedom is:

• You're rich and can buy anything you want, so increase your bitcoin amount. I'm not going to conclude 2023 1 bitcoin is enough for this goal as we are still finishing quarter 1.
• You're free to buy anything without excessive regulatory intervention, so use a decentralized way for each of your transactions.

We know that there are places in the world on which accumulating even just 1 BTC is already a tough challenge to be done which is something that you cant be able to accumulate in a short time.
Due to lack of income capability which saving up on accumulating 1 whole coin would really be a tough challenge.This is why this is really that very situational if we do speak about being rich.
We arent that blind not to say that we are already that rich on the period where we do able to accumulate 1 BTC.It might be small into other places in the world but it is really that
too big in other places or corners.

[crunck]

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With the common calculation, in today's price single bitcoin could make a person rich. In my country one can have a small house and invest a small part with which he can get a small income. Wirh the remaining he can start a small business and lead his life fulfilling the needs of the family of four.

In my country, with 1BTC, you will do things as you mentioned: you will have enough money to buy a small house for 3 to 4 people and will have some capital to start a business. And that's not going to be called being rich, it's just getting us out of poverty. So 1BTC cannot make anyone rich even if you live in an even poorer country.

[jeraldskie11]

Only a few people had owned 1 BTC (or more) and perhaps, they are rich already. But if you are just an average investor and are owning now 1BTC due to continuous buying of it, you really make yourself rich, especially if you still hold them until the next bull run which is probably 2 years from now. But if you just buy 1 Bitcoin at $28,000 and then sell it at $29,000 - you're not making a huge profit from it, it was just like getting your money back into your pocket.

True, in our country, someone with one bitcoin is considered wealthy, even if we don't know how he obtained it. For me, a person who earns Bitcoin via hard labor is actually richer than a guy who earns Bitcoin with his parents' money. Bitcoin has immense worth, not in terms of price, but in terms of what it represents in the crypto space. So, if the price of Bitcoin falls significantly and there is a chance that I can afford it, I will surely buy it.
And, unless there is an emergency, I would prefer not to sell it even if the price is excessively high. Because, in my opinion, if 1 BTC is lost even little, he is not considered rich anymore.

[blackened515]

...

With the common calculation, in today's price single bitcoin could make a person rich. In my country one can have a small house and invest a small part with which he can get a small income. Wirh the remaining he can start a small business and lead his life fulfilling the needs of the family of four.

Feeding the family as a breadwinner is the core duty of every mature minds and fitting in that shoe won't be an easy task to handle. Bitcoin is ranked first when it comes to crypto related top projects. Been in possession of 1 Bitcoin would change your story, you will drive a nice flashy car, own a house and also anticipate in a business inother to keep the money flowing in. But owning 1 bitcoin during the bear seems like a loss because there will be limited number of things to do with it. Unlike the bull period where you can purchase whatever things you want in a store.

[Kelvinid]

...

With the common calculation, in today's price single bitcoin could make a person rich. In my country one can have a small house and invest a small part with which he can get a small income. Wirh the remaining he can start a small business and lead his life fulfilling the needs of the family of four.

Feeding the family as a breadwinner is the core duty of every mature minds and fitting in that shoe won't be an easy task to handle. Bitcoin is ranked first when it comes to crypto related top projects. Been in possession of 1 Bitcoin would change your story, you will drive a nice flashy car, own a house and also anticipate in a business inother to keep the money flowing in. But owning 1 bitcoin during the bear seems like a loss because there will be limited number of things to do with it. Unlike the bull period where you can purchase whatever things you want in a store.

1BTC is equal to 1BTC no matter what condition the market is. Because as long as you are not selling it when it dumps, you will never incur losses.
So, if you have 1BTC in your wallet, you already consider yourself rich compared to those who are holding just only 0.1BTC. But it doesn't mean we have to keep 1BTC forever as it only gives us profit if we sell them.
Buy, hold, and sell - this is how the crypto space works. Invest more, so we can earn more, like doing in real estate as rich people keep buying low and selling them high.

[peter0425]

actually owning 1 bitcoin is already consider to be rich as  you (as of this moment) are holding more than 30k usd in which in 3rd world country considered to be rich.
but if you are asking just this year and not telling us when did you purchase that bitcoin? then the answer is uncertain.
though if this amount of bitcoin is purchased back then when the price is below 10k then indeed you are rich today and even the whole 2023.

[WeThePe0ple]

How concerned are all of you about the exchanges facing lawsuits vs the government?

Binance and Coinbase are under serious attack, which I always expected to happen. If/when they go down, how large would the impact on BTC value be? FTX's collapse caused a 25% drop in value overnight, from 20k to 15k at the time.

And clearly it is not an option to hold any BTC on any exchange. BTC on an exchange is like an egg in a nest, with an eagle (the government) flying around it.
Soon they will attack

[WeThePe0ple]

actually owning 1 bitcoin is already consider to be rich as  you (as of this moment) are holding more than 30k usd in which in 3rd world country considered to be rich.

But that 30k dollars of wealth that we hold now, is about to be evaporated through hyperinflation as soon as the fed starts another round of quantitative easing.
In any possible scenario the federal reserve will end up devaluing our currency because printing loads of money is the only way they can keep the banking system alive.

We can only run to BTC or precious metals as stores of value.
And when the crisis really hits its peak, precious metals will no longer be available due to high demand.
I believe that this peak of the crisis will also be the moment when exchanges are closed via regulation (the current lawsuits), leaving people no choice but CBDC's and devalued currencies. At this point the government's confiscation of wealth and their introduction to monetary slavery will be complete.

[Bushdark]

In my opinion, if we only have 1 bitcoin, I think it will be difficult to get rich, unless in 2023 or 2024 the price of bitcoin rises to 10,000,000 dollars. and we sell btc for 10,000,000 dollars. then in my opinion it can be called Rich, just by having 1 btc.

but getting rich is everyone's wish I hope we all get rich from investing in bitcoin.

Holding one Bitcoin is a lot of money for me and that Bitcoin can be invested and used to make more money at the long run since Bitcoin Vue keep increasing everyday. If I am given one Bitcoin, I think I will have to use the money carefully in a way that I will invest some in altcoin and use some part to do physical business that wi yield physical money to me while holding some unit of Bitcoin.
The price of Bitcoin is still raining from $28k to $30K and if used in a good way would yield more Bitcoin to us. Someone holding one Bitcoin is a rich person and could multiply the money to give 3 Bitcoin if used in an appropriate manner.