Buying Bitcoin years ago wouldn’t have made you rich today, says trader

The odds of an early Bitcoin investor buying the cryptocurrency when it was worth cents and keeping those holdings until today to make them a billionaire are extremely low, says a crypto trader.

The trader, known as Techdev, shot down the notion that many traders could’ve held onto Bitcoin (BTC) from its early days in an X post on Tuesday, which has been viewed nearly 3.5 million times on the platform.

Most people wouldn’t have the conviction to hold

“‘If I put $100 into Bitcoin in 2010, I’d have $2.8 billion now.’ No.” they wrote.

The post listed Bitcoin’s brutal corrections over the past 15 years, saying that only someone with significant conviction could have held on to a Bitcoin investment while watching it rise from $1.7 million, only to then fall to $170,000, to then gain $110 million, only to see it crash again to $18 million.

Although the argument has been made before, Techdev’s post triggered reactions across the crypto industry just weeks after Bitcoin reached an all-time high of $123,100 on July 14.

Source: Antaloli KopadzeOver the past 13 years, Bitcoin has recorded a compound annual growth rate of 102.79%, according to Curvo data.

While many people claim they would be retired today if they had invested in Bitcoin early, numerous crypto executives agreed with Techdev’s view on the reality being that most would not have had the discipline to hold long-term

Those who do are known as having “diamond hands,” a crypto slang term for investors with strong risk tolerance who hold through high volatility.

Holding Bitcoin long term “easier said than done”

Crypto entrepreneur Anthony Pompliano echoed a similar sentiment. “Everyone thinks they would have held Bitcoin from pennies to billions of dollars,” he said in an X post. “Easier said than done.”

Many of the commenters on Techdev’s post recalled spending what would now be thousands or even millions worth of Bitcoin on various purchases or losing access to old Bitcoin wallets.

Related: Bitcoin price echoing 2024 pattern that saw 50% BTC gains: Trader

Nibiru Chain head of ecosystem Erick Pinos said an investor has to “make a choice every day, every hour, not to sell, for years.”

Other users argued that many of today’s Bitcoin billionaires were those who bought early and forgot about their holdings, only returning to their wallets once the asset began gaining wider adoption.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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