The ability to get rich with bitcoin comes with rich mindset as well, meaning you don't just invest there and reap instant success and wealth, but you manage to shift your focus from short term gains to long term value. You chose DCA over lump sum buying, and you treat bitcoin as your lifetime saving and retirement.

While those who deal with bitcoin with poor mindset, like they are here for a get-rich-quick scheme, and has seen no long term value for bitcoin, then for sure they will never make it with bitcoin.

Bitcoin is just a tool, whatever the outcome you will reap from bitcoin is a refection on how you deal with risk management and the right attitude towards bitcoin. If you can maximize them, most likely you will have a good future with bitcoin and experience financial stability and freedom.

But if you rush into bitcoin without initial knowledge and clear background on how the market moves, you might end up messing your funds and waste your time and energy, rather than making profitable income and enjoying the fruit of labor in the end.

Bro, anyone can choose lump sum over DCA and can become rich if they were poor.

No one is restricted to choose DCA over lump sum just because they want to make wealth from Bitcoin in the long run.

I buy in lump sum today and hold it for the long term, I can make wealth. Maybe I don't become rich because making $1k now is easier than it was making 20 years ago, so purchasing power is decreasing while numbers are increasing, while the definition of rich is not changing for everyone.

For a moment I thought you are going to say something against Bitcoin and blame Bitcoin for people who lose money, and I was already ready with an answer, but then I read the whole thread and realized it's not about that and you already know the reason and that's what's being discussed.

There is no doubt that people who become overconfident often have to face the consequences of their actions and thoughts that incurr after they become overconfident. Someone who has a lot of money might think they can easily multiply it if they trade with it using high leverage, because they believe the market can't make them lose everything because they have a large margin available to cover everything, but that's not true. Sometimes, the market can surprise everyone, and we have seen this happening so many times in the past.

It's all about knowledge and understanding of things one is going to do. Whether you are wealthy or just starting, your mindset and thought process will decide whether you will succeed or fail.

Basically, the examples cited by the OP stem from misconceptions or poor decision-making. Such individuals lack patience, and possess little knowledge about Bitcoin itself. Yet, a simple look at Bitcoin's historical price trends should make it clear that it cannot generate overnight wealth. Furthermore, greed often drives people to risk their money in such highly hazardous ways.

By the way, as far as I know, wealthy people generally possess a highly disciplined mindset, especially regarding financial management, and risk. However, the poor mindset the OP described is not typical of the wealthy,unless; the person simply inherited the wealth without inheriting that disciplined mindset.

Correct, it comes with the right thinking that it's not as quick as it can be. Patience is required for it, and also consistency not only in accumulating or DCA but also in holding it. When we don't have the patience and have to sell due to some inappropriate reasons, the regret will strike us back and will make us feel how bad that decision is.

This never gets old, even in our country we see a lot of people who remains thinking that bitcoin is sort of that because only see the success of people who shares it on social media.

It depends on the bitcoin hodlers how they will use their bitcoin, seems at the first place is their agenda is like others. Buy low and sell high but in reality, is you could get a roller coaster of emotions with the current market situation if you also bought at the top of the market price also you can add here people who are into DCA because they are buying every day/weeks/month so possible they are into it too.

Now if you are these bitcoin hodlers or crypto users who have a plan to entry and exit in the market and you are mental and emotional strong you can be a millionaire in crypto but.. of course if you utilize the crypto space such as you are not solely focus on spot trading and futures but also into trend what are the ways to earn, there is always a risk in crypto so it can turn millionaires into poor in an instant with wrong decision.

It's called "Ponzinomics", BUT it's not Bitcoin's fault. From a tech-first perspective, Bitcoin is our generation's Tour De Force, NOTHING will change THAT.

But from a market and value perspective, more money must come in the market for Bitcoin to surge in market value, AND the Federal Reserve/other Central Banks around the globe are doing Bitcoin a favor by printing more money. IT'S THEIR FAULT.

 

Most investors make bad investment decisions that cost them to lose a fortune and they end up blaming it on bitcoin itself. The way you handle your investment have a hand towards the future success of your investment. Understanding bitcoin and how it works is one thing that’s very important for investors before investing in bitcoin or even after investing, your ability to continue learning and be able to make some important investments decisions will be key to success in bitcoin investment. Most people lose a fortune in bitcoin not really because of the price volatility or severe price crash but they loss their fortune to mostly greed, poor security, storing in an exchange that could be bankrupt and prone to hackers and scammers. Theses are the set of investors who can move from Rich to poor, but those who knows what bitcoin investment truly is and will move from poor to rich will rather chose self custody instead of a centralized exchange, they will be serious with their bitcoin security, and will not allow greed to overcome them.