Bitcoin has created millionaires.
But Bitcoin has also destroyed fortunes.
Bitcoin is perhaps the only asset in modern history that allowed everyday people like students, developers, low income earners in developing countries to completely bypass traditional gatekeepers and build generational wealth from scratch.
https://www.forbes.com/sites/bishopjordan/2017/07/07/bitcoin-millionaire/?How can the same asset help someone escape poverty while someone else loses a fortune?
The answer isn't simply Bitcoin's price.
It's what people do
before, during and after
their wealth changes.
The poor person who patiently accumulates may benefit from long term appreciation.
But the wealthy person who becomes overconfident, borrows against their holdings, uses leverage or refuses to take risk seriously can lose wealth just as quickly. This we see even in our everyday lives.
Building wealth and preserving wealth are two different games.
Bitcoin can change your financial position.
But it cannot change your financial discipline for you.
Bitcoin can change peoples lives, but saying that can make some people misunderstand Bitcoin as a way of making quick money. I have never seen where an experienced person advise anyone to invest in Bitcoin only because it could change their lives. Bitcoin investment can change their life but not the way peoples think. Those who have been holding for a long time, has their life change or not because the price is not where they bought it.
The biggest mistake an investor can make is borrowing money to invest. Bitcoin isnt going anywhere, whether you have the money to take the market opportunity or not, make sure it is not someone else money you are investing with. Bitcoin investment may be for everyone, but you need to have what it takes to invest. Dont reduce your daily meal budget just because you want to compared yourself with others who are more financially stable than you.
