If someone holds 1 bitcoin in 2023, can he call himself rich ?

[fokinlipat]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

[seoincorporation]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

To answer your question we have to define the "Rich" concept, i was reading a Forbes article that explains how the different generations have different concepts of how much you need to be rich:

Millennials (de 24 a 39 years): 1,4 mdd
X Gen (40 - 55 years): 1,9 mdd
Baby boomers (56 - 74 years): 2.5 mdd

And since BTC price is $30k then 1 btc is not enough to be rich, you need at least 45BTC to be rich with bitcoin.

Source: https://www.forbes.com.mx/cuanto-dinero-debes-de-tener-para-ser-considerado-rico/

[Chilwell]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

This can depends on the location of the person, but my on side I can called myself a rich person because right now one bitcoin cost $30,799 and the rate of dollar in myself now is ₦1200 so if you multiple 30,799 by 1200 you will have ₦36,958,800 which is huge amount here in my side. Even though things are very costly with this amount now someone can achieve so many things like building a house let say three bedroom flat with complete ideas needed in a house like air condition, refrigerator, toilets fittings including hot water system, kitchen and also decorations of all the bedroom, sitting room, dinning room, even buy a simple domestic car and they will still be some changes that will remain.

[rat03gopoh]

Judging richness is relative, it depends on the principles you judge it from, and several other supporting things. Put it this way, a comparison of two people in a drought-stricken country: someone who only has an old, active well will be considered richer by those around him than someone who has 1 ton of gold.

[Viscore]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

1 btc to php is already 1,750,862.44 Philippine peso which means you’re already a millionaire in our country if you hold even a single bitcoin. So how much more if you hold more of it, then you’ll be a billionaire once you decide to sell it and gain huge profits. That amount can already buy you house and lot, and luxury cars and live a very comfortable life.

However, if you hold your bitcoin and decide to panic sell at a bearish price, then most likely the value will also depreciate. If that happens, instead of earning a million, your profits will certainly decrease because you sell your bitcoin at a very wrong timing.

[Cantsay]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

1 BTC in my local currency is equivalent to more than 30 million in my local currency and for most Nigerians that’s more than enough for them to be considered rich so I guess you could say that having 1 BTC for some is enough to be called rich.

But there are others that won’t consider themselves rich even if they have a bitcoin in their possession, so everyone has their own opinion and their aim when it comes to wealth and the more you have the money the more you’d want to make more… which means they’ll eventually no longer be satisfied with their BTC and want to make more.

Some could have as low as 0.05 BTC and still think of themselves as been rich it all depends on what they think, what I call “rich” might be “poor” or “average” for some others.

[SamReomo]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

Well, it depends on your location as in some countries a single Bitcoin is enough to be rich while in other countries you may require multiple Bitcoin to be rich. If you live in poor countries of Africa then surely 1 Bitcoin is a sign of richness and there are a few countries in Asia where holding 1 Bitcoin will make you a rich person.

On the other hand if you're living in a country like United States, Canada, United Kingdom, United Arab Emirates, then 1 Bitcoin won't make you rich at all. The current value of one Bitcoin is over 30k and if someone has 30k in a poor country like  South Sudan then that person is surely among the rich ones and if someone has 30k in a rich country like Luxembourg then that person can't be called as a rich person.

The level of richness varies from one location to other location so in one country someone with $20k is considered as a wealthy person while in other country someone with $20k is not considered as a wealthy person.

[m2017]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

The level of well-being in each individual country will differ and therefore, the threshold for joining the ranks of the rich will vary depending on the country of residence. As you remember, there are countries with developed and developing economies, with the same amount of money (bitcoins in our case) you will either be rich or barely reach the middle class.

1BTC now sells for $30.000. In 2023, this can hardly be called wealth. How much will a bitcoin cost in 10, 20, 50 years? If the predictions that 1BTC will be worth $1.000.000 are correct, then someday those who own 1BTC will be considered rich.

Perhaps, owning 10BTC or more can now be called wealth to one degree or another (depending on the country of residence) at the current exchange rate.

[Wend]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

It also depends on the country and region you live in. If you own 1BTC in my country it is very normal and you are just one of those people with average assets, you are not rich. When we talk about bitcoin it means that bitcoin has the potential to bring us high profits, not that owning 1bitcoin or 2btc will make us rich. With the current value of each bitcoin worth $30k, that's actually a pretty small number to call rich.

[bittraffic]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

1 BTC in my local currency is equivalent to more than 30 million in my local currency and for most Nigerians that’s more than enough for them to be considered rich so I guess you could say that having 1 BTC for some is enough to be called rich.

But there are others that won’t consider themselves rich even if they have a bitcoin in their possession, so everyone has their own opinion and their aim when it comes to wealth and the more you have the money the more you’d want to make more… which means they’ll eventually no longer be satisfied with their BTC and want to make more.

Some could have as low as 0.05 BTC and still think of themselves as been rich it all depends on what they think, what I call “rich” might be “poor” or “average” for some others.

Looks like we found a place to migrate after this coming halving.  You could really spend 1BTC deliberately you can spend it all in 1 hour but with the price to reach $100K, you gonna live comfortably in your country.

Anyway, to OP don't think owning 1BTC is already you being rich. You can only consider yourself rich if you have a constant flow of money. Because you still need to work to make money then it's not something you can rely on.  You best need to invest and put up a business.

[Mpamaegbu]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

Being rich is relative. Again, we're yet to come to the end of 2023 to ascertain what amount per the price of Bitcoin you're looking at to guage who's rich or not. At the current price, Bitcoin is trading slightly above $30k. It wasn't so a few weeks ago. It can even go pass that a few weeks from now or relapse to the $20k region again. In my country, $30k is a substantial amount of money, and yes we can describe someone hodling one Bitcoin as rich in my country. This, of course, won't be the reality in other countries.

[Ruttoshi]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

This can depends on the location of the person, but my on side I can called myself a rich person because right now one bitcoin cost $30,799 and the rate of dollar in myself now is ₦1200 so if you multiple 30,799 by 1200 you will have ₦36,958,800 which is huge amount here in my side. Even though things are very costly with this amount now someone can achieve so many things like building a house let say three bedroom flat with complete ideas needed in a house like air condition, refrigerator, toilets fittings including hot water system, kitchen and also decorations of all the bedroom, sitting room, dinning room, even buy a simple domestic car and they will still be some changes that will remain.

Mate, you have used almost all the money to take care of needs that will make the money not last long. Why don't you think of investing the monet and wait for your returns, rather than rushing into spending it on things that wouldn't give you any income. Your country economy is declining and your fiat currency is also depreciating gradually.

Yes OP, if you have 1btc, you will be rich if you leave it till the next bull run and sell during that period, because there are possibilities that you will sell your bitcoin above $100 by 2025. Although, for one to see himself as being rich depends on the individual. Some persons as long as they they buy whatever they need and have a home, whereby everybody is happy and peaceful, they see it as being rich. While one the other hand, some people see riches as investments and having exotic cars and living a flamboyant life-style.

[Faisal2202]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

The answer to this query depends on many factors like the country you are living in, the inflation rate, the health of the local currency you are using, the dollar rate in your currency, etc., etc. For me, the current dollar rate is around 288pkr and If I will convert the 1 BTC to local currency then it will become around 86,40,000 PKR, which is enough to make me rich.

Well, another factor that matters here is, what are your definition of being rich is, if you think rich is having enough money to buy anything that comes to your mind, like some car, house, or brand clothes or fashion wares then 1 BTC (at current rate) is not enough even in my local currency. So, I would say, no 1 BTC will not make you rich.

But if you take rich as having enough money to fulfill only needs and no wishes then you are rich enough, to spend 8 years max and a minimum of 5 years, which are obviously not enough.

[bitzizzix]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

Having 1 Bitcoin may feel cool but it is far from rich, and in the country where I live, having 1 Bitcoin compared to 1 house can only create a minimalist house. However, it all depends on the country and region where you live and if you are in a remote area, maybe you can build a house that is quite luxurious but not in a busy area.
And the real advantage of owning 1 Bitcoin is that you own a unit of true wealth that is not under the control of governments and central banks, and in the long run the profits will increase which will most likely make you a little rich. And not very rich.
And having just 1 Bitcoin will make you feel financially comfortable, but having more than 10 Bitcoins will make you quite rich.

[franky1]

define rich
lets say this, would you consider yourself rich if you lived the all of your working life (20yr->85yr) on minimum wage?.. no? ofcourse not.

now take your countries minimum wage and multiply it by 65. and the total amount is NOT rich..
if 1BTC is not above this amount, you are not rich

[alastantiger]

Judging richness is relative, it depends on the principles you judge it from, and several other supporting things. Put it this way, a comparison of two people in a drought-stricken country: someone who only has an old, active well will be considered richer by those around him than someone who has 1 ton of gold.

Great points raised and I concur.
I may call myself rich in a developing country if I have 1 Bitcoin but in a developed and advanced country having 1 Bitcoin may not be enough to say I am rich. The economic discrepancies in both nations are wide. From the standard of living to the quality of life. They all differ. If the OP is more specific and asks the question that if someone from a developing nation holds 1 Bitcoin in 2023 can he call himself rich? My answer is yes, he can.

[franky1]

For me, the current dollar rate is around 288pkr and If I will convert the 1 BTC to local currency then it will become around 86,40,000 PKR, which is enough to make me rich.

32000PKR is one month minimum wage in pakistan
bitcoin: 8,841,600PKR($30,700 * 288)

8,841,600 / 32000 = 276 months = 23 years of minimum wage

1 btc to php is already 1,750,862.44 Philippine peso which means you’re already a millionaire in our country if you hold even a single bitcoin.

12400 is one month minimum wage in Philippine Peso
bitcoin: 1,749,900($30,700 * 57)

1,749,900 / 12400 = 141 months = <12 years of minimum wage
is 11-23 years of minimum wage.. rich?

[KiaKia]

If someone holds 1 bitcoin in 2023, can he call himself rich ? If not, how many bitcoins holding is equal to being rich in your opinion ?

This can depends on the location of the person, but my on side I can called myself a rich person because right now one bitcoin cost $30,799 and the rate of dollar in myself now is ₦1200 so if you multiple 30,799 by 1200 you will have ₦36,958,800 which is huge amount here in my side. Even though things are very costly with this amount now someone can achieve so many things like building a house let say three bedroom flat with complete ideas needed in a house like air condition, refrigerator, toilets fittings including hot water system, kitchen and also decorations of all the bedroom, sitting room, dinning room, even buy a simple domestic car and they will still be some changes that will remain.

This can't be called been rich, you are spending majority of that money on building a house and getting a mid range car, what happen after that? Maybe people don't know that your worth is what makes you rich, not what you use the money for, how much is on you as spare money sleeping in the bank or somewhere.

I have seen many people that rush to build house and buy car, did everything to their taste and they still turn broke, they failed to understand some fact about money, if I get access to 1 BTC and I am from Nigeria, building a house will be the last thing to come into my mind.

1 BTC is a lot in Naira but landing on someone who doesn't have anything apart from this 1 BTC doesn't make him a millionaire, if you are smart you will grow bigger with this 1 BTC, as it should be treated as your KEy to Your Financial freedom, meaning don't ever go broke again.

[Vaskiy]

If a person have got everything necessary for his living and have got 1BTC in the wallet, then we can term them as rich. In my country a person having the amount of fiat equal to one bitcoin can be considered rich. Every four year in bitcoin used to be good for the holders.

The price of bitcoin varies and this determines whether you're rich or not. When the price of bitcoin was around $5000, and if one have kept hold of 1BTC then he can't be considered rich.

[ajiz138]

If you HODL 1 BTC now and then sell it at what price? Is it possible that you mean 1 BTC = $30K is called rich? Then I say it can be called rich for a moment but to stay rich until old age, it is impossible to be enough with 1 BTC.

Remember wealth is relative depending on where you live even in some countries with $30K it is not enough for 1 year so this cannot be compared unless you define yourself in a certain area and you support yourself without others.
For me it is not called rich, because wealth can be more than that if you are good at managing investments well by being able to earn all the time then it can increase your wealth.