A cryptocurrency trader stated that the likelihood of early Bitcoin investors, who bought Bitcoin when its value was just a few cents and held onto it until now, becoming billionaires is extremely low.
The trader, known as Techdev, refuted the notion that many traders could have held onto Bitcoin from its early days until now in a post on X on Tuesday, which has been viewed nearly 3.5 million times on the platform.
“‘If I had invested $100 in Bitcoin in 2010, I would have $2.8 billion now.’ That’s not the case,” he wrote.
The post listed the severe corrections Bitcoin has experienced over the past 15 years, pointing out that only extremely steadfast individuals could have held onto their investments while Bitcoin's price surged from $1.7 million to $110 million and then plummeted to $18 million.
Although similar views have been expressed before, Techdev's post sparked widespread discussion in the industry just weeks after Bitcoin reached an all-time high of $123,100 on July 14.
According to Curvo data, Bitcoin's annual compound growth rate has reached 102.79% over the past 13 years.
Many claim that if they had invested in Bitcoin early on, they would have achieved financial freedom by now. However, several executives in the crypto industry agree with Techdev's perspective that, in reality, most people are unable to hold onto their investments for the long term.
Those who can hold onto their investments for the long term are referred to as "diamond hands," meaning they are investors who persist in holding during extreme volatility and possess a very high risk tolerance.
Crypto entrepreneur Anthony Pompliano also expressed a similar viewpoint. “Everyone thinks they can hold Bitcoin from a few cents to billions of dollars,” he posted on X, “easier said than done.”
Many commenters under Techdev's post reminisced about using Bitcoin to purchase various items, with those Bitcoins now worth thousands or even millions of dollars, or about having lost early Bitcoin wallets.
Erick Pinos, head of the Nibiru Chain ecosystem, stated that investors must “make the choice not to sell every day, every hour, for many years.”
Some users believe that many of today’s Bitcoin billionaires actually forgot about their early purchases until the asset was more widely adopted and they rediscovered their wallets.
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Original: “Trader Points Out: Buying Bitcoin (BTC) Years Ago Also Makes It Hard to Get Rich Today”
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