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You would be surprised about how many old people prefer to die with a lot of money in the bank and under their pillow instead of buying watches, cars or go on a cruise. Many of them own a house or two because they prefer to be independent. But the main reason is what once you reached a target you worked towards for many years because you always thought you want pure luxury all day long, there is something going on with many people that keeps them from sending their money without thorough consideration.
I believe that bitcoin is such an asset. Sure if you are a whale and you are sitting on a bag of 30,000 BTC like Tim Draper, selling some wouldn't hurt you, but often times even these people keep this asset. Draper bought at just over $600 and still holds 29,600 BTC. Why? Why wouldn't someone who bought for a little less $18 million not sell for $18 billion? It's a question someone should ask themselves before they consider getting rid of their holdings because they feel like buying a new car.
Good example but no good points to conclude. I am very impressed with those who have invested in bitcoin for a long time, especially those who are able to maintain their lust for not taking profits.
It is indeed quite unfortunate if someone has great wealth but does not realize their dreams and does not mean the money they have.
We or I myself live very simply and have many dreams that I have dreamed of so far, so the investment in Bitcoin that I have been doing has almost entered 2 years with routine accumulation every week. So in that case I have a target in investing in bitcoin, maybe the long term is around 10 years, if I reach a level of satisfaction it does not mean I will sell my BTC ownership but I will realize my dream, maybe I have explained in the previous post.
It's up to those who have lived in luxury before because they are descendants of rich people. So money will no longer mean anything, they don't even have to buy a luxury car or a luxury house because they are provided with luxurious living facilities by their parents or by the government.
Since you are asserting that you are living a very simple life and even implying that your discretionary income is not very great, then it may well take you way longer than 10 years to reach a status in which you might be in a good position to start to withdraw from your bitcoin, yet at the same time, you should be able to improve the quality of your life because you have been investing into bitcoin and so the larger your bitcoin stash grows, the more options you should start to feel that you have.
We know that frequently people invest quite consistently and dedicatedly into traditional investments for 30-40 years or more and they might not end up making it to fuck you status, but they may well still be able to benefit by having had built up their life-long savings and investment. Even if bitcoin does not allow you get to fuck you status in a shorter period of time, it seems that there are decently great odds that you could end up getting a lot further in regards to your own personal well-being, since bitcoin is not designed to rob from you, as many times takes place with the life-long investments that might have had been carried out through traditional investments.
Bitcoin also seems to best be considered as a life-long investment, so surely you are the ONLY one who can determine the approximate place that you would like to get in order to potentially transition to some other ways of dealing with your bitcoin, which even stopping or slowing down accumulation can bring empowerment, but also there maybe be various kinds of sustainable withdrawal or just having bitcoin in the background that may well end up putting you in a much better place due to your having had invested into bitcoin as compared what your situation would have had been if you had not invested into bitcoin.
I would like to point out that during last few years there was big change in population that owns BTC. Few years ago the most owners of BTC wallets were individuals, but now with ETF funds more and more BTC becomes ownership of the banks, trusts and other organisations.
https://river.com/learn/who-owns-the-most-bitcoin/You have a good point here and one thing I will add is that those of us that understand the importance of self custody can do better by buying and holding our bitcoin and not giving the control of our investment to a third party. Big players understand where bitcoin is going that is why they are actively doing their best to secure as many bitcoin as possible. We cannot beat them because they have deep pockets so the best we can do is to play along which is following them to buy and HODL. We are just lucky we have a forum like this that is teaching people to HODL and how to buy so that hodling will be possible and easy to implement. Many people are already using the knowledge shared here to better their lives and put their finances to proper use.
If we are engaging in self-custody, then we have responsibilities to secure our bitcoin and make sure that we do not lose them or otherwise get locked out of our coins. Rich folks are not immuned to the shenanigans of third parties holding their coins, and so there were a lot of folks who were rich who were involved in Terra/Luna, 3AC, Celsius, Voyager, BlockFi, FTX/Alameda, Gemini, Genesis and Grayscale, and sure some of them might get paid out, but many of them did end up getting rug pulled, while the direct BTC holders fared much better, even though we suffered from the BTC price corrections during that period, we did not lose our BTC and hope that we might be able to get reimbursed, and frequently reimbursed a rate that is lesser than the value of the BTC that we lost or that the entity took from us or gambled with our funds.