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When the value of 1 BTC touches a million, then one might become a Bitcoin Millionaire. For those who are new to millions and billions – 1 million means “one thousand” “thousand.”
Michael Saylor is doing his thing, and he knows what he is doing. Squawk on the Street stated: “MicroStrategy CEO Michael Saylor stated says his company has $4B of Bitcoin right now, which has elevated his business by a factor of 100.”
The small number of bitcoin millionaires (only 0.2% of 46.8 millionaires globally) offers a perspective that we are still in the early innings with bitcoin’s adoption rate. However, as more millionaires diversify a percentage of wealth from fiat to crypto, the price can go even higher.
Billionaires are considered to be realistic about their investment decisions. Some push their lives paycheck to paycheck. Others have a plan for their lives and move to the next level after some time. Finally, some have a lot of money and put it to use.
Billionaires well know that keeping money stagnant is not a good idea. How do they deal with their investable wealth?
The first that net worth individuals do is delay gratification. They invest long term. They are very clear that the current wants and needs are not as important as long-term goals. “If you are spending first and trying to save what is left over, you will often find that nothing is left over.”
Everyone can’t ignore current needs. There is a difference between basic needs like food, clothing, and shelter, and other requirements.
Credit, when used wisely, is a perfect tool to build wealth. However, this comes with its risks, and credit many times is costly. Some credits are best when paid on schedule, and some need to be hurried away.
High-network individuals make use of long-term buy and hold strategy. The idea is to buy investments and hold on to them for several years. There is no need to watch the market closely. Money from investments is made by investing and owning good companies for a more extended period of time. If you buy good stuff, you need to buy it and hold it. And, they need to be assets that will do fine in 10, 20, or 30 years from now.
Investors also take into consideration the tax implications they have to face when they make their investments. The actual returns are what you get after the taxes. Bad tax management can lead to nearly 40% loss, which is literally a crash of profits.
Bitcoin BTC is looked at as a well-rounded asset class by those who pioneer in BTC investments. There are only 5 things you can do with money spend, save, invest, give away and pay taxes.
