Bitcoin is the means to become rich in 10 years (depend on how much you can DCA)

[Su-asa]

No matter how much you have saved in fiat bank, it will not make you rich unless you invest. No investment is like Bitcoin investment. Both real estate, stocks, and gold cannot be compared to Bitcoin investment. There was an argument within my neighborhood, arguing about how risky crypto (Bitcoin investment) is. One thing for sure is, some folks don't get the point that fiat currency can be riskier than Bitcoin investment. The reasons are

• Inflation:

causes the price of goods and commodities to add over time. I.e, buying a liter of fuel for $3.100 today and buying some fuel for $4.600 the next day.

• Economic instability:

This can also make the government borrow money from different countries. However, if the economy is unstable, IMO many citizens will travel out and go to a better country with a stable economy. Also, if foreign investors leave the country, the currency will be valueless.

• Currency devaluation:[/by

When a currency doesn't have a value, it can no longer afford things that cost that same amount months back. All this can cause fiat to lose value. There are many reasons why it's very important to keep our money in Bitcoin as an investment.

• Bitcoin is decentralized:

The decentralized nature of Bitcoin makes it very difficult for the government and the bank to have access to and control it.

• Can send Bitcoin anywhere/country on a cheaper rate:

With Bitcoin, you can send money to any foreign country at your own comfort and on a cheaper rate.

• High return on investment:

This is one of the most important reasons. If you invest in Bitcoin, you can make a 100% profit from it, mostly when you invest in the long term. Investing in Bitcoin will also give you the advantage of learning a skill, skills like trading and investment. IMO, with Bitcoin investment, you can also control your finances.

Invest only $10,000 in Bitcoin for 5 years, and you will make decent profits from it, but when you keep the $10,000 in your bank account for 5 years, you cannot use it to buy what you will use the money invested in Bitcoin to buy because the fiat value has depreciated. But the $10,000 invested in Bitcoin will yield profits, and you can use it to buy what you want to buy.

[Odusko]

When you mean rich with Bitcoin it will be subjective because every individual has his or her unique realities in life, Bitcoin can make those that have a steady inflow of cash and are willing to take risks rich, in terms of alternative investment, yes Bitcoin is far better than any other Fiat investment like real estate and stock that you mentioned because of the impact of inflation and other economic crisis on those sectors, 10 years investment is enough time for your Bitcoin investment to materialize, DCA is a fruitful approach to achieving that but along the line be careful not to get distracted by shitcoins that may promise to give you that level of financial increase in just 1 week, there are scams, buy Bitcoin hold in your wallet with you seed phrase secured.

[Stablexcoin]

It all depends on the individual mate. Bitcoin has the potential to make one rich if that person uses the right approach to it. I have found at that the mistake most Bitcoin investors make is that they follow what is trending and not stick to one asset until they have a good amount in their portfolio. I have friends that have diversified portfolios with different assets and most of this asset is just 10% of their current price. What am saying in essence is the fact that if someone wants to invest in Bitcoin then they should stick to it and have a good amount in their portfolio before thinking of diversification. Bitcoin is not altcoins(crypto) people fail to understand this.

[Alpha Marine]

All the points you listed about the cons of fiat are just the same point, which is inflation. Economic instability and currency devaluation still boil down to inflation.
Inflation is a problem but it's not riskier than bitcoin, except if you live in a country where the country keeps nose-diving daily. The situation is not the same in every country. In a country where the currency is stable, bitcoins riskier than holding fiat but fiat won't give you any profit.

A $10k investment in Bitcoin wot make you rich in 5 years. Yeah, you will get profit but you won't be rich. I agree that bitcoin can make you rich in the future but it depends on how much you invest and how long you hold it. There is no guarantee that bitcoin will make you rich in 10 years. The price of bitcoin might just be 300k in 10 years, that wont make you rich.

[Zlantann]

Invest only $10,000 in Bitcoin for 5 years, and you will make decent profits from it, but when you keep the $10,000 in your bank account for 5 years, you cannot use it to buy what you will use the money invested in Bitcoin to buy because the fiat value has depreciated. But the $10,000 invested in Bitcoin will yield profits, and you can use it to buy what you want to buy.

Nothing is certain, so you cannot be sure that Bitcoin will make one rich in ten years if they invest $10k. However, for the past years Bitcoin has proved to be a good investment and a hedge against inflation. I wouldn't hesitate to introduce people to invest in Bitcoin because it has proved to be stable and dependable. But they would also have know the risks involved.

I will be a very bad decision to keep money in banks because inflation will make them lose value within few years. It might not be Bitcoin, but just ensure fiat should be invested in profitable ventures instead of keeping it in a bank.

[Questat]

Even if we have witnessed already how profitable bitcoin is, still the future of bitcoin remains uncertain. So we can’t tell completely that investing in bitcoin could guarantee us to become rich in the future. This is the reason why we don’t have to force ourselves to invest in bitcoin, it’s never a compulsory but only a voluntary one.

However, if one decides to invest, it should be done using extra funds, not from using our hard-earned savings, so that if bitcoin suddenly loses its value in the future, our finances will never be greatly affected. DCA is a good and effective strategy, provided that you do it regularly regardless of the current price of bitcoin, and having risk management while you are still in the hodling process.

[Zaguru12]

Even if we have witnessed already how profitable bitcoin is, still the future of bitcoin remains uncertain. So we can’t tell completely that investing in bitcoin could guarantee us to become rich in the future.

I agree OP exaggerates things too much, I don’t know how we classify someone to be reach because for that to happen with bitcoin I think you need to actually have good capital too. Let’s go by the past trend of bitcoin and it is that it increases as the adoption spreads but the increase in price is actually having a reduced volatility and as such the price pump is ideally not going to be like before.

Before it is easier or predictable to see more than 10x in that space of five investing into bitcoin but right now with growing reduction of volatility it doesn’t seems achievable again and as such I can only predict that we could see something like 5x so it depends now which amount the investor puts in that will classify him/her as a rich person, someone with less than five to six figure capital are those that will maybe be actually able to say they are rich later

[Raflesia]

In this case it is difficult to define “rich” because in the end everyone has different thoughts about this but it is undeniable when we do DCA to invest in bitcoin even with a long enough vulnerability coupled with good consistency in DCA that is done then there is indeed a situation where we will at least get a profit and it could be that the goal of financial freedom that we always dream of can happen.

I don't want to talk about benchmark timeframes like 5 or 10 years even though it is ideal but in the end not everyone can do that because after all it takes a strong hand if we want to succeed in bitcoin for a longer time.
It is good to do indeed because it is quite ideal to actually be in bitcoin for a vulnerable time of 10 years because apart from the risks that are indeed becoming less extreme for a short time, it could be that the benefits obtained are more optimal, it's just that we also need to consider in this case whether we can afford it or not because that is the challenge, when indeed we are not able then the game could be over.

[Kemarit]

Not to burst the bubble OP, but this has been discussed many times already.

We even had one thread about good Bitcoin is if you follow DCA method, Buy Buy Buy or Sell Sell Sell?. That thread is very active and everyone is contributing to a big discussions there about their experiences and strategies and you can already learn a lot from the wisdom of @JayJuanGee.

And for sure that you know that thread because you have been posting there as well.

[Su-asa]

It all depends on the individual mate. Bitcoin has the potential to make one rich if that person uses the right approach to it. I have found at that the mistake most Bitcoin investors make is that they follow what is trending and not stick to one asset until they have a good amount in their portfolio. I have friends that have diversified portfolios with different assets and most of this asset is just 10% of their current price. What am saying in essence is the fact that if someone wants to invest in Bitcoin then they should stick to it and have a good amount in their portfolio before thinking of diversification. Bitcoin is not altcoins(crypto) people fail to understand this.

The mistake a newbie in the crypto (Bitcoin) space makes is they do not have a long-term perspective even before they get to invest in Bitcoin. Over the past years, we have experienced a significant changes in the Bitcoin space. Early last year (2024), Bitcoin was below $40k price and presently it's more than $100k, which means investing now and holding for the long term, like up to 10 years. They will make a lot of profits through it.

Just like I have said even before now, that keeping $10k in the bank for 10 years will bring no good because everyday fiat currency depreciates based on inflation and economic instability.

[tabas]

Invest only $10,000 in Bitcoin for 5 years, and you will make decent profits from it, but when you keep the $10,000 in your bank account for 5 years, you cannot use it to buy what you will use the money invested in Bitcoin to buy because the fiat value has depreciated. But the $10,000 invested in Bitcoin will yield profits, and you can use it to buy what you want to buy.

That's actually a good comparison on how we keep our money in the banks and in Bitcoin. It's true that the money in the bank for 5 years with that $10k will just be lower in purchasing power because of the inflation. Whereas, if it's being put to Bitcoin and after that period with another halving and cycle coming in, we will never know how much it will be but because of volatility, the value might go higher than that. But to have an exact amount to invest, I know this is just an example but not everyone can afford to do a lumpsum. So, make targets for your accumulation and have that amount in your mind that you'll have no other things to do but to follow DCA for as long as you can be. Anyway, that amount might not make you rich but could help you have a comfortable life and financial status.

[MArsland]

Even in less than 10 years if you consistently do DCA with stable finances in 1 or 2 cycles, you can make a big profit. Keeping money in the bank for years will only be spent on taxes and you get nothing from it. That's why I personally never keep money in a bank account since investing in bitcoin.

[rodskee]

When you mean rich with Bitcoin it will be subjective because every individual has his or her unique realities in life

lol op did put in his title that it depends on how much you can dca which makes this quite funny to me because we are not all in the same economic situation if someone can afford to buy 1 bitcoin right now in one go and hold that for a long while say in 10 years as op titled this post then it is almost a guarantee that that 1 bitcoin would have already doubled or tripled even by then

but if someone cant afford buying 1 bitcoin in one go and has to dca for the entirety of 10 years to get there then obviously investor b will not be as rich as investor a if they just both held their bitcoins so why advise people within a specific period of time just tell someone that if they cant afford bitcoin yet they can do dca but putting a time frame to when you can be "rich" is counterproductive imo

[BenCodie]

This thread may have been true 10 years ago, however given economic conditions now and projected over the next 10 years, Bitcoin will likely just preserve the wealth that you have made from your hard work, with some juicy interest on top, rather than make you rich (comparatively to other assets/fiat, due to inflation).

[SilverCryptoBullet]

There are many reasons why it's very important to keep our money in Bitcoin as an investment.
Bitcoin is decentralized:
The decentralized nature of Bitcoin makes it very difficult for the government and the bank to have access to and control it

Access the blockchain and control it are different. Bitcoin blockchain is a public blockchain, with a public ledger, and everyone can acess it. Like you can run a Bitcoin full node, a Bitcoin prune node, a SPV wallet, and can still all access Bitcoin blockchain.

Control it means you have 51% of its network hashrate at least.

Can send Bitcoin anywhere/country on a cheaper rate:
With Bitcoin, you can send money to any foreign country at your own comfort and on a cheaper rate.

Bitcoin blockchain is for borderless transactions, and it's true that you can send it to any Bitcoin address, anywhere.

But it does not always give Bitcoin users cheaper transaction fee. If Bitcoin mempools are overloaded, network is congested with overwhelming waiting transactions, there are fee rate race among Bitcoin users, and transaction fee will become more or very expensive.

You can see there are spikes of very expensive transaction fees in Bitcoin history.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime

[Bd officer]

I personally don't like keeping money in the bank at all.  If you keep money in the bank, day by day the value of money will definitely decrease. Yes if one can invest in Bitcoin and hold for 10 years then he can definitely make 2-3x or more profit. Now if I had enough money, I would invest 40% in Bitcoin, and buy land with 50% of the money. I will keep 10% money for urgent needs. Buying land is the most risk-free investment, I don't know how the demand for land is in other countries, there is a huge demand for land in our country. However, I don't have enough money, so I invested in Bitcoin. I also plan to continue with DCA for 7-8 years.

[Pi-network314159]

No matter how much you have saved in fiat bank, it will not make you rich unless you invest. No investment is like Bitcoin investment. Both real estate, stocks, and gold cannot be compared to Bitcoin investment. There was an argument within my neighborhood, arguing about how risky crypto (Bitcoin investment) is. One thing for sure is, some folks don't get the point that fiat currency can be riskier than Bitcoin investment.

I agree with you that no amount saved in fiat can make a person rich, unless you invest. Investment is the top most priority of a person that want to be rich in the society. Investment is not just all about Bitcoin but any other form of business. I have never heard of someone becoming successfully from saving there fund in the bank. What bank only does for you is to help you mitigate some certain opportunity that will make you rich or achieve an unexpected thing at a point in time. Alot of people have achieved alot buy just having savings when they do not expect. Another name of savings is problem solver. You don't need to ague anything with anybody about fiat and Bitcoin investment because certainly when you know what you are talking about, you don't have time to argue.

[btc_angela]

This thread may have been true 10 years ago, however given economic conditions now and projected over the next 10 years, Bitcoin will likely just preserve the wealth that you have made from your hard work, with some juicy interest on top, rather than make you rich (comparatively to other assets/fiat, due to inflation).

And it will take more time to make the same money that individual invested 10 years ago. Although we can argue that it's not too late to invest in Bitcoin, although it might be take us more years to make a lot of profits specially for the majority of us here we are just average investors or retail investors.

But if we are willing to grind out hard just like the investors 10 years ago then why not?

We can go and do DCA, be mentally strong and hope that nothing will happen to us that will require us to withdraw some of our holdings. As for keeping money on bank? I don't even have a bank account, only my partner. But we have a lot of digital wallets already that functions a bank so I do not think that we will be needing them for the next 10 years.

[michellee]

Even in less than 10 years if you consistently do DCA with stable finances in 1 or 2 cycles, you can make a big profit. Keeping money in the bank for years will only be spent on taxes and you get nothing from it. That's why I personally never keep money in a bank account since investing in bitcoin.

Even if they just invest in Bitcoin in 1 cycles, they will have a chance to make a profit more than the interest from their bank. But of course they must be patience to hold Bitcoin and panic with the price movements.

We should smart enough to see the situation and search the new opportunity for make a profit. So using DCA will help someone to accumulate Bitcoin from small portion. That will be better if he can allocate some money to constantly.

What new people should understand that they must learn many things before they decide to invest in Bitcoin. That will prevent them from making a mistake or panic with the current situation.

[Helena Yu]

That's why many people choose to start business instead of leave their money in banks.

If Bitcoin can double your money after 4 years, run a business can double your money in a year, if it's keep doubling, in 4 years, you will multiply 8x from your capitals.

A $10k investment in Bitcoin wot make you rich in 5 years. Yeah, you will get profit but you won't be rich. I agree that bitcoin can make you rich in the future but it depends on how much you invest and how long you hold it. There is no guarantee that bitcoin will make you rich in 10 years. The price of bitcoin might just be 300k in 10 years, that wont make you rich.

Bitcoin price will be $300K in next 10 years, it means @OP money will turn $30K, if big mac cost us $3 right now, in the next 10 years it might rose to $6. We still hedge against the inflation, but our money aren't that much.