Bitcoin doesn't destroy fortune, if you put a fortune on Bitcoin five years ago you will be in profit by now, Bitcoin preserves and increases your fortune over time than many asset globally.

Even if a rich person takes a loan to invest in Bitcoin with time they will be in profit, although you should not be borrowing to invest in a asset as volatile as Bitcoin and a rich man should not be borrowing to invest in Bitcoin and if they do it will very likely be a long term loan.

It is the choices you make in Bitcoin that can take you from poor to rich and rich to poor.

You are right, bitcoin can actually make you wealthy and bitcoin can also make you poor.
If you are a trader and you are trading bitcoin, there is every possibility that you can become poor through bitcoin trading however if you are someone that is accumulating and holding bitcoin for a long term there’s every possibility that you can become wealthy or rich through that bitcoin investment.

There are people who have been made poor through trading and that is why it’s always advisable to use only your discretionary income or just 50% of your discretionary income to trade if you most trade.

What made people rich in bitcoin was long term investment not trading, however even if you are into long term investment you can lose everything if you are not security conscious.

You choose your path, and your path chooses your destination. your decision in bitcoin determines everything.

Nonsense. Are you saying that rich people are so stupid that they always do everything wrong with greed? Tell me then, how did they become rich? And the poor, according to your philosophy, are intelligent and decent people who patiently wait for their hour of wealth? How long are they waiting? And why have they been poor for so long? Bitcoin is completely useless here. Those who do not know how to manage their finances will definitely lose. And yes, most often mistakes are made by stupid people who take out loans, knowing that they will have nothing with which to repay them, hoping for a miracle. Where does this thinking come from? People are uneducated. Try to ask yourself how self-sufficient and rich people save their savings by investing their money in business. What do the poor do when they suddenly have an extra penny? They spend it on things that were not available to them, not knowing how to properly manage, eventually losing everything. Therefore, yes, having a lot and wanting a lot are different things, and they are worlds apart (if you understand.)

I like seeing a newbie asking this kind of question, because they intend to know more about Bitcoin and the possible risk that may be involved when we choose to invest in it, we have to be more conscious of the things we do in Bitcoin network and that is is why every of our step must be aligned to the normal procedures expected of us.

Knowledge is one of the key principal things we cannot do without; the more you are informed, the better it becomes for you, don't take privacy and security with joke and forfeit the necessary things you should guide from your end. Once there is no vulnerability coming from your side as a newbie, your chances of being at risk of losing are very low. You only have to understand the market strategy and the time when you should buy or sell at a profit.

Today FMC wrote a comment that fits perfectly into this thread, as a response to your words.


Everything else outside these words is the fantasies of those who play with leverage, which, in essence, is no longer investing and not even trading, but gambling. And these are not serious things.

I agree, depends on the strategy still.
There are lucky short term holders and still make it, while there are some long term holders but due to panicking they create themselves a mistake.
Just like any othe asset, it's a hit or miss for many but the advantage of bitcoin is that it's here to stay and it's not solely relying on hype.
Having bitcoin literally embodies the saying; 'patience pays off'.

Bitcoin offers everyone level playing field. But not everyone possess same level of greed and patience!


This isn't any investment, it is a pure gambler's mindset.


Yeah his patients are his strength.
When a low-income middle-class person or student enters crypto space, they know they have nothing to lose.
That is why he accumulates Bitcoin gradually using Dollar-Cost Averaging.

It’s all about understanding and the discipline we have financially.
Bitcoin gave both the poor people and the rich the opportunity to have financial freedom, it is not mainly about being rich through Bitcoin or getting poor after investing in Bitcoin, it is about the financial freedom we get if we hold Bitcoin, it means we are preserving our wealth for the future against inflation, I don’t like people referring it it as something to make them rich within small time range.

However, taking about how it makes some people rich and poor at the same time, I think it goes to the future traders who use high leverage to trade Bitcoin, the wealth people with the money to take risk that can gain them more money immediately, while the poor investors will simply have to accumulate their Bitcoin gradually, since they don’t have the money to trade or buy at once, they use the DCA method to accumulate their Bitcoin gradually.

?

Why blame Bitcoin for the bad financial decisions that made "that person" poor?

  ¯\_(ツ)_/¯

Bitcoin didn't do anything.

It simply exists for PLEBS like us to either get involved with it, OR ignore it. What a PLEB does with it is his/her decision, and therefore the results of his/her decision can't be blamed towards anything else.