How Holding Bitcoin Can be a Life Changing Process
One thing that the big bitcoin bull run of 2017 has taught many of us is how to hodl. There are now way more people holding BTC than there were just two years ago and this trend is set to continue. Holding just a small amount may be life changing in the next decade or two.
Hodl For The Future
With over 18 million bitcoins now in circulation and the halving rapidly approaching, supply and demand is going to come into play more than ever in the next few years. It has been suggested by industry experts that anyone delving into crypto markets should hold at least one BTC.
Bitcoin pioneer and host Charlie Shrem has taken this a bit further and estimates that 5-10 BTC will be life changing in twenty years’ time.
“Honestly the best way to hold #bitcoin forever is to get 5 to 10 BTC and keep it in the cold storage that even you can’t access. I truly think that 5 to 10 Bitcoin will be super life-changing money in 20 years from now.”
Honestly the best way to hold #bitcoin forever is to get 5 to 10 BTC and keep it in the cold storage that even you can’t access. I truly think that 5 to 10 Bitcoin will be super life-changing money in 20 years from now. Everything else just spend and use as you want
— Charlie Shrem (@CharlieShrem) November 2, 2019
He may be onto something but the bottom line is that even today, this amount is beyond the reach of most people. Not many of us have 45 to 90 thousand bucks lying around to invest in Bitcoin so aiming for just one would be a more realistic target.
Binance pointed out that with the theoretical current BTC supply and world’s population breaks down to just 0.003 BTC per person.
— Binance.US (@BinanceAmerica) November 3, 2019
At just $27 for 300,000 satoshis this is way more affordable for most and could provide a good starting point to stack sats.
Bitcoin Over Fiat
The writing is already on the wall for the global economy as central banks begin to take more drastic measures to keep their countries afloat. This will put extreme pressure on most fiat currencies which are still being printed at will by the banks as debts escalate.
The world’s leading economy and reserve currency is in trouble. The winds of change are blowing and the days of dollar dominance are coming to an end. A hundred years ago $100 would buy the same amount of food, clothing and household necessities as over $2,500 would today. It is simply unsustainable.
Former congressman and Bitcoin bull Ron Paul commented on the continual devaluation of the dollar and massive flaws in the current banking system;
The dollars that you work hard for are always buying less and less, yet the government tells you there’s ‘not enough inflation’. The Fed is a government-created monopoly that counterfeits dollars by the trillions, and you’re supposed to believe that this is “capitalism.”
The dollars that you work hard for are always buying less and less, yet the government tells you there's 'not enough inflation'.
The Fed is a government-created monopoly that counterfeits dollars by the trillions, and you're supposed to believe that this is "capitalism."
— Ron Paul (@RonPaul) November 1, 2019
Bitcoin does solve this as it was designed to do and with younger generations and institutions buying and holding it long term prices are only going in one direction. Just a small amount of bitcoin may be enough to change your life if some of the price projections play out.
Will bitcoin take over from the dollar as a global reserve currency? Add your thoughts below.
Images via Shutterstock, Twitter @RonPaul @CharlieShrem @BinanceAmerica