Bitcoin Driving Wealth Creation, Even a Small Position Goes a Long Way
We have entered a point in the Bitcoin market where wealth is created as BTC's price continues to climb to new highs. Although we aren’t at a place yet where people are getting hilariously rich, things have indeed started.
As one Bitcoiner @HODLAMERICAN615 shared on Twitter, BTC helps him turn around his mother in law’s finances. “She now has over 100k in savings for the first time in her life,” he said.
With an aggressive savings plan, he put everything into Bitcoin. And by the time the Bitcoin peaks, he is expecting her to become a millionaire. He added,
“A woman who makes 28k a year working at a pre school who was flat broke 3 years ago will literally be a millionaire.”
This was the little napkin math number plan I ran for her the day she got divorced.
We sat down her balling her eyes out and ran the fucking numbers.
This is where it starts, with a solid plan and solid attainable goals so that you can track and measure your journey. pic.twitter.com/itkJmTfLFD
— AMERICAN HODL (@HODLAMERICAN615) November 19, 2020
Bitcoin has been the best performing asset of the last decade. Continuing this trend, the digital asset beats traditional assets, stocks, and precious metals in 2020.
Up nearly 150% YTD, BTC went as high as $18,500 this week, a level that was last seen in December 2017. We aren’t much far off from the all-time high of $20,000.
“Markets are drawn to round numbers,” said Antoni Trenchev, co-founder of Nexo. “Since we passed $16,000, the next stop was $18,000. Now it’s $20,000.”
Bitcoin will be the biggest transfer of wealth in human history.
— Dan Held (@danheld) November 19, 2020
The gold of this century, Bitcoin is a better investment option for returns and being censorship-resistant and, of course, portable.
Another good thing about BTC is that one doesn’t have to buy an entire coin; instead, a fraction of it can be purchased. Satoshi aka sat is the smallest Bitcoin unit, one hundred millionths of one full BTC (1 BTC = 100,000,000 Satoshis).
With BTC prices surging higher and higher, these small units also continue to represent higher value. 1 Satoshi is currently equal to 0.0001801493 USD.
Even Rapper Logic said that he bought $6 million worth of BTC last month. If we go back one month exactly, pure speculation on when he purchased, the price would have been around $12,000, which would give him about 500 BTC. Of course, he could have bought at a higher price or lower than that as well.
“A small position in Bitcoin can go a long way,” Hugo Rogers, chief investment officer at Deltec Bank & Trust, who bought BTC when it traded around $9,300 in June, told Bloomberg. He said,
“There’s a lack of an alternative in real assets that can show a comparable return. If you’re going to diversify your portfolio anyway, this is a good place to go.”
Bitcoin (BTC) Live Price
1 BTC/USD =$61,583.1882 change ~ -2.75%