This phrase is often repeated, creating the illusion that everything would be so simple: buy and become a millionaire. However, if you look at reality, everything turns out to be more complicated.
1. Investor psychology
When an asset grows 2-5 times, most people feel a strong desire to lock in profits. Imagine you bought Bitcoin in 2013 at $100, and it grew to $500 or $1000. For most, this would seem like a fantastic success, and they would sell, afraid that the growth would stop or the price would fall.
2. Then no one knew the future
Today, it’s easy to talk about millions, knowing that Bitcoin was worth $69,000 in 2021. But in 2013-2015, no one knew that the cryptocurrency would grow so much. Few people perceived Bitcoin as a serious asset, and almost everyone doubted its long-term viability.
3. Risks and volatility
Bitcoin is not only about growth, but also about sharp drops. Imagine you are holding it and the price drops by 80%. For example, in 2017, Bitcoin reached $20,000 and then fell to $3,000 in 2018. Many would sell on such a drop, without waiting for a new rise.
4. Technical difficulties
In 2013, cryptocurrencies weren't as convenient as they are now. There were few reliable wallets, exchanges were often hacked, and storing them required technical knowledge. Many people simply lost access to their coins.
5. Emotional burden
Holding an asset that brings in super profits is psychologically difficult. The more the price grows, the greater the fear of losses. Would you really be able to hold on to coins when their value increased tens of thousands of times?
Result:
The phrase “you’d be a millionaire” sounds great, but it ignores the reality of human behavior and the complexities of long-term investing. Getting rich isn’t a simple “buy it and forget it” proposition. It requires a cool head, patience, and the ability to not get carried away by emotions. Most people couldn’t hold on to Bitcoin for 10 years, so turning $100 into millions remains the exception rather than the rule.
