1,500 Bitcoin millionaires are created every day! Foreign media shows you how the rich live
Since its launch more than a decade ago, Bitcoin has brought hundreds and thousands of times more wealth to early investors. According to data from blockchain analysis company Kaiko Research, as of mid-March this year, about 1,500 new "Bitcoin millionaire" wallets were created every day.
What changes will happen to your life when you become rich? Cointelegraph recently interviewed several cryptocurrency millionaires, who showed different attitudes towards life. Some people show off their wealth in a high-profile manner, while others choose to live a low-key life.
Rich man 1: He became rich at the age of 18 and bought an Audi
Erik Finman, born in Idaho, USA, began investing in Bitcoin as a teenager and became one of the youngest Bitcoin millionaires in the world at the age of 18.
In 2011, when Finman was only 12 years old, his grandmother gave him a check for $1,000 to help him go to school, but he used the money to buy 100 Bitcoins ($BTC), which were worth only $10 at the time. Finman dropped out of school at the age of 15 and worked in the robotics field.
After becoming rich, Finman bought a brand new Audi R8 luxury car with the license plate "2.1 GPA". He explained that the reason for choosing this license plate was half self-deprecating: "Even though I was not an excellent student, I still succeeded."
Finman still remembers the day he went to get the car. At that time, he thought he didn't fit in at school and didn't do well. But when Finman drove the car to meet his friends, he attracted some attention because it was so different from what he looked like in high school, which meant a lot to him.
Finman: Changes in values after becoming rich
For Finman, the biggest change after becoming rich is that he has the freedom to do the projects and interests he wants to do instead of choosing a regular job. He is now more focused on investing, starting a business, and creating more wealth:
“When I was poor, I spent money just to make myself look rich. Now I am more focused on accumulating wealth as a game, and money is a game token.”
After becoming rich, Finman did not choose to lie on the beach all day drinking juice and rum, but continued to accumulate wealth. Therefore, he was very aware of his expenses and was more cautious to avoid unnecessary spending.
Rich man 2: After becoming rich, he chose to pretend to be poor, and it would be best if no one knew about it
Compared with Finman, another Bitcoin millionaire who goes by the pseudonym GONZO has a completely different attitude towards life. GONZO said that as a cryptocurrency millionaire, his greatest pleasure is to make people around him mistakenly think that he is a "hopeless person". He would choose to dress simply and pretend to be poor.
Even though GONZO had become wealthy, he did not become more generous or change his attitude toward his friends.
He revealed that after his assets broke the million-dollar mark, he consciously shared this only with those with the same or higher wealth level to avoid interpersonal problems such as jealousy.
Elizabeth Sterbenz, a psychologist with experience in financial therapy, said it’s important for new cryptocurrency millionaires to set boundaries. Will you start talking about how you made money after you became rich? Will you treat or split the bill? If your family or friends ask you to borrow money, will you lend it to them?
In short, millionaires become more concerned about how others judge them for using their money after they become wealthy.
Crypto millionaires face security, tax challenges
For cryptocurrency millionaires, wealth growth does not mean they can live in peace. Another millionaire, Chris Dunn, revealed that he had to take extreme measures to protect himself. In the cryptocurrency world, if you put millions of dollars worth of cryptocurrency in a crypto wallet, it is like holding millions of dollars in cash. If it is robbed or stolen, you can't get it back.
Whether it is the rich man’s crypto assets being stolen or being dismembered, robbed, etc., similar tragedies do happen in real life, which also forces them to pay attention to the safety of their people and assets.
Another challenge was taxes. Dunn said taking the time to develop the best tax-saving strategy and pay taxes was one of his first big challenges.
Crypto millionaires also have to bear the risk of their assets plummeting overnight
Psychological research has shown that people feel twice as much pain from losing money as they do from making money. Due to the extreme volatility of the cryptocurrency market, wealthy people face the possibility of losing everything every day.
Finman said that seeing the dramatic fluctuations in net assets does affect the mentality; while GONZO believes that the mood of being a cryptocurrency millionaire is sometimes like riding a roller coaster:
“In the cryptocurrency world, you might win the lottery, but lose the ticket certificate when you go to claim the prize.”
In order to avoid this psychological pressure, Dunn adjusted the proportion of his investment portfolio, that is, the proportion of crypto assets in total assets should be less than 50%. "I don't want my net assets to evaporate by 80% in a bear market."
Dunn believes that many of the new cryptocurrency millionaires are very young. He has seen many people quickly become rich and lose money because of arrogance, greed and recklessness. Maintaining gains is the most difficult thing.
Finman also believes that it is easy to lose wealth in the cryptocurrency world. The key is to remain diligent and take wise actions. Having wealth does not mean happiness and satisfaction.
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