Bitcoin millionaire: Lucky or possesses more qualities that we don't have.

[mindrust]

A person may have nothing but his knowledge can carry him to a great future. There many people who went bankrupt, lost every penny he had but 2 years later, he has more assets than he ever had. If you made your money by dumb luck, that money isn’t going to be with you permanently. Knowledge and experience create your own luck. If you are investing without knowledge, that’s not investing anymore. That’s gambling. When you gamble you may win or lose but you’ll lose more often because you rely on your luck. When you invest, you will lose some times also but you’ll win more because you are using your knowledge in your favor.

[summonerrk]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

 We now live in a time when those who are able to adapt quickly and video opportunities will always remain in the black. Bitcoin also belongs to such huge advantages. In 2016, my friend gave me 0.01 bitcoin and said that soon it would be worth $100,000, but could I have thought that bitcoin would almost reach this? And then I spent this deposit. And my enthusiast friend became a millionaire, because he continued to believe and mine and store bitcoins. It was such pioneers who were rewarded the most.

[so98nn]

These days I’m so settled with bitcoin that I am in the zone where these things doesn’t matter. In the sense that I have already accepted Bitcoin volatility and I am used to it. So if I am transacting then I am considering that it’s just 500 sats, million sats or if capability comes then I would do same with full bitcoin transfers. If I am going to consider my transfers then I just do it whenever I need it. I don’t care what’s the price per bitcoin. Hell I am earning in Bitcoin and I have observed the average is getting maintained all the time. Yes volatility matters if you are going to use that shield to make more money in the future over trading. It doesn’t matter if you are casually using it everyday. Some may agree some may not but these are the facts.

[yhiaali3]

Some of them are lucky, some of them have more qualities than ordinary people, and they have insight into the future.

The lucky ones knew nothing about Bitcoin and bought it by chance out of curiosity because it was a new currency or for any other reason, and it remained forgotten in their wallets until the crazy rise occurred. These are the lucky ones.

As for people who have distinctive characteristics, they read the future of Bitcoin and predicted that it would have a great future, so they bought Bitcoin and kept it in their wallets until its price rose.

The issue is not the issue of buying early, but the issue is who has been holding Bitcoin all this time. Many people bought early but sold immediately at the first rise.

[Blitzboy]

Its a universal investment truth, right? Control, patience, and long-term perspective are crucial to managing bitcoin investing world.

You're right about early tech exploration. Early crypto investors have benefited. They spotted the possibility, risked diving, and succeeded. I also like your “long-term perspective” emphasis. The game should be long, steady, and well-planned.

With all these keys, is success guaranteed? Certainly not. Cryptocurrencies are like a moving puzzle. Always a missing piece, fresh task. Despite emotional control, early research, long-term perspective, and patience, there's always a risk or unknown aspect. Knowledge is power, but with crypto, its also about adapting and learning.

[kryptqnick]

Since there are no links to any research, I assume these are just things the op believes are important qualities of Bitcoin millionaires?
A question like this would require extensive analysis for reasonable answers.
I've looked online and only found very generic data about approximate amount of BTC millionaires and info about some particular individuals.
But my intuitions are very different from those of the op. To invest in Bitcoin, you need to have money and knowledge, which mean a certain privilege that tons of people simply don't have. Then among people who fit into this picture, there are those who can allow themselves to live without touching the invested funds, those that can reinvest if they fell a victim to a scam, and other similar things.
And maybe after that come other traits, but to learn those we'd need research.

[michellee]

Bitcoin millionaires have had the good fortune of buying a lot of Bitcoin when the price was very low. But some of them would never have thought that the price of Bitcoin could reach $60k. And they are the lucky people.

But at that time, they also didn't think about this technology and just bought it for fun. And they don't think about holding Bitcoin for the long term. But it's when there is a movement or increase in the price of Bitcoin that they realize the potential for a higher increase so they buy more Bitcoin.

All because they were lucky to be able to hold Bitcoin from the early days of Bitcoin's introduction until it exploded in 2017 as its first high rise. And that was the time when Bitcoin experienced popularity and adoption which started to run better than previous years. And now, more and more people want to buy Bitcoin, especially since they see many predictions of very high Bitcoin price increases in the future.

[Fivestar4everMVP]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

Great point but I think you are wrong, most bitcoin millionaires I know didn't invest in bitcoin., and sat by it watching the price go up and down, if they ever did that, they probably would sell out of fear of losing their money..

Most people who became or have become millionaires through crypto and bitcoin investment I know of invested, and then, left it and focused on other important things in their live, this move helped them to forget about the investment, allowing it to grow to the fullest amassing lots of profit.

So trust me, if you invest in bitcoin and sit by and watch it go up and down in price, you most likely will end up selling it too early, so the best way to hold is, focus on other things and forget about the coin.

[Don Pedro Dinero]

Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

This is my favorite. If you are a long term enthusiast then its worthy if you could see the potential of what you are buying. Some are just keep steady holdimg and looking on the bright future of what they have. Yes its literally hard to see when it will bloom but when it become fruitful then youll definitely gotta see it grow in the long run. Remember bitcoin when it was literally a cent and suddenly become have a good value.

That is the key. To become a bitcoin millionaire you either have to have a lot of money to invest or a lot of patience (understanding a millionaire as someone who has a million dollars in bitcoin because no one is going to get a million bitcoins).

If you have $250,000 to invest now, you can easily become a bitcoin millionaire in the next cycle, as it is normal for it to go up at least 4 times from these levels. But if you have $250,000 to invest, you'll probably be a fiat millionaire already, and if not, it won't be long now.

The other strategy is to do DCA and hold without selling for at least two or probably three cycles, depending on the amounts you are contributing to DCA. In the first cycles it was easy with just one cycle if you bought near the bottom and sold near the peak, or if you held on for two cycles to make a lot of money, but in the future it won't be so easy.

[wxa7115]

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

Those which got bitcoin at the earlier stages were not explorers that somehow found bitcoin by coincidence and then decided to invest in it, they were people which were already interested in similar topics and they found out that a person calling himself Satoshi Nakamoto created what many of them had dreamed about for a long time.

With that in mind it is easy to see they were very excited about bitcoin, and they immediately saw its potential and got all the bitcoin they could while its price was dirt cheap.

[Outhue]

Always have money to sustain yourself, it's not just holding your Bitcoin, tough times will come and it could steal your Bitcoin from you if you are not prepared, Billionaires understand how to survive the tough times without touching their investments, this is why they are different from small investors like us.

Since you are not a millionaire or a billionaire yet, it's not going to be a easy journey and the only tool you have right now is patience, a lot of patience, that is the only way you can grow, it's just that having a lot of money will make the journey more smoother as an investor than someone who is managing to catch up.

Also, all what these Millionaires and Billionaires think about is investing more and more, they found new companies and they invest in them, they find new stocks and they become a part of it, if there is a hope that the company will become a success, they go for it, this is the mindset of most rich men, they take part mostly in growing their money.

[Hamza2424]

Early tech exploration ?.. Well I do consider those early one to get more but in the early stages it brings the risk, are you sure those who were early to Bitcoin held all of their coins and made proper emotional control? In the 98% cases I think most of the early ones did an exit on good time as it was suitable for them if a person entered at 2$ he made his exit on 20 or Y amount. Those who hold is not the holder in 99% of cases they were not even aware that they were having Bitcoin or lost their keys etc.

In your tips this Early exploration is an excellent point to be discussed but others like emotional control, patience, and long-term perspective are almost recurrent. Now those who already experienced a couple fo years acquire these all qualities as we are still not late, we are aware of future potential not just hypothesis on the actual data analysis, we do gather patience to service all the hard sentimetal changes in the market.

In reality what you need, is not tips is just the dedication toward your goal and strategy to avoid falling into FOMO or Greed, Ina good planing you will be able to harvest all these qualities and than be content and there you are  .

[CryptoHeadlineNews]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.

_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

In addition to all you just listed, I will like to add that another key qualities that those who made millions of their Bitcoin investment was the early knowledge they had about Bitcoin, knowing it to be an asset worthy of great value in near future. Secondly, a strong confidence in believing in the Bitcoin project without seeing result is another key quality which the early adopters had, which we don't have today, followed by a careful ability to save their funds in the save wallet is one that thing the millionaire investors of Bitcoin have that we don't.

[GeorgeJohn]

_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.

_ Patience: they have the patience needed to steadily build their wealth over the long term.

One thing in longrun investment is that the investment capital should be your spare fund, when you used your spare fund for investment their is every possibility that the investment will take up to time before a withdrawal will take place, but a process whereby the investment doesn't have anything to do with spare funds you will be curious or desperate of the investment, so it's very obvious that in cryptocurrency investment either short term investment or long-term investment all are risk because their is every possibility or tendency that investment of cryptocurrencies and especially bitcoin can be ventured to the disadvantages aspect of bitcoin.

[albon]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.
_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.

We do not deny that there are Bitcoin millionaires. The luck factor was one of the reasons for their current wealth. They caught one of the golden opportunities when the price of Bitcoin was low and bought large quantities with low capital. They stored these quantities and held them for years, increasing their wealth. But there are also millionaires created by Bitcoin thanks to the fantastic and important qualities they have, such as the ones you mentioned, as their long-term theorists. They buy when everyone is afraid, during periods of price decline and complete stagnation in the market. They hold their bitcoins by controlling their emotions for the future without relying on short-term investments and their belief in the ability of Bitcoin and its modern technology without paying attention to any FUD that causes them panic, and thanks to their patient waiting and adherence to many strategies, the most important of which is risk management, preparing them for solid investment plans, analyzing the market and opportunities, and many other qualities that play a role in making their investments successful, their decisions correct, and wealth creation.

[coupable]

_ Emotional control: one of the most difficult thing is controlling your emotions while you watch your assets fluctuates greatly, mostly if it's going down, without you pulling the plug out of fear, so i believe it's one of the key they have.
_Early tech exploration: They got into the industry very early which they took good advantage of, while others were guessing and still not confident about it. They bought Bitcoin at a very cheap rate when people where even afraid of spending a thousand box on it.
_ Long term perspective: They don't just buy, they look at it on the long run, they know when to take risk but at the same time they don't buy and sell with emotions.
_ Patience: they have the patience needed to steadily build their wealth over the long term.

With the exception of the underlined sentence, all of the mentioned features can be considered characteristics of a good trader, or they can also be considered the best strategy for trading in crypto-assets.
Whether the wealthy people of Bitcoin are those who made their wealth through professional trading or early belief in the feasibility of Bitcoin, they are both very lucky, and the results they achieved were pure luck. Of course, there is a third type of wealthy people who used Bitcoin to launch their businesses and made fortunes from those businesses. The owners of trading platforms and mixing sites are also wealthy people who relied on their efforts, rather than betting on luck.

[Twentyonepaylots]

The only Bitcoin millionaires that are lucky are the ones that lost their wallet for 10 years and stumbled upon it again.

Been thinking about this for a very long time, I don't know if some would resist if they bought bitcoin at a price of $1 and could sell for $900.

The wealthy, who have diversified investments, mentors and consultants, multiple income sources and cashflows that do not have to "cashout" their profits due to life expenses... Those people will have money and/or crypto no matter what.

Wealthy people don't need crypto that's for sure, they might only jumped on crypto because of the hype or just they don't know where to put their money. And as far as I know, wealthy people put their money on real businesses to gain passive income.

Rich people invest what they earn and spend what's left.

Poor people spend what they earn and invest what's left.

I couldn't agree more. This is what should most of the people be realized.

[The Cryptovator]

If you are talking about millionaires, then definitely I will say it happens by luck. Only a few people may use their qualities and experience to become crypto millionaires, which isn't countable. Most millionaires undervalued Bitcoin, though they bought it at the beginning. Once in a while, their assets become worth millions. However, qualities and experiences are very important to earn from crypto. Most of us smallholders can't control our emotions and become panicky during bear markets. So we have been losing. If we can control our emotions and develop patience, then we will be better too.

[Nwada001]

The three things that you have listed work hand in hand in order to prepare one for what the future holds. One is to take decisions about something, and another is to be a good decision-keeper. For you to be able to hold on to that, your decision to hold till the price hits a particular target means that you have overcome your fear and your emotions, and you need to attach patience to it.

As the price of bitcoin most times can't be predicted and the market usually experiences bearish season, which means we are going to see times where our investment will be on the red season and our capital depreciating right in our eyes, and the more we are observing it, the more we are seeing it go down more and more, but as someone who has a target in mind, controlling your emotions will help you not to sell at that particular time. If you can control your emotions and eliminate fear in your mind, the next thing that comes that can back up holding decisions is patience.

[hatshepsut93]

There are only two factors that determined whether an investor is a Bitcoin millionaire today or not - what was their entry price and whether they had belief in Bitcoin's price growth. People sold Bitcoin at lower prices not because they lacked discipline or knowledge, they just didn't believe that Bitcoin could grow more, and its hard to blame them, because history knows many bubbles that crashed to the ground. To someone who bought Bitcoin at $10 and sold at $1,000 that was already "the moon", they took great profit and didn't want to risk it all for even greater profit.