Replying to Avatar FLASH

⚡️🇺🇸 Acquiring 1 #Bitcoin is becoming near impossible for the average person.

How feasible is it for the US population to stack a whole coin? (The same applies to every other country in the world.)

1️⃣ Median household income in the US is in the $75k-$99k range.

Using these savings ranges, let's see how long it would take you to save up to 1 BTC.

- Bare minimum = 10% of income

- Saver = 20% of income

- Big saver = 30% of income

2️⃣ For the $75k-$99,999 Income Range:

• At a 10% savings rate, it would take nearly 8-11 years to save enough for 1 BTC.

• At a 20% rate, this timeframe drops to around 4-5 years.

• At a 30% rate, a household could accumulate $80,000 in just 2.7 - 3.6 years.

3️⃣ For the $100,000 - $149,999 Income Range:

• At a 10% savings rate, it would take 5-8 years to save enough for 1 BTC.

• At a 20% rate, this timeframe drops to 2.7-4 years.

• At a 30% rate, a household could accumulate $80,000 in just 1.8-2.7 years.

4️⃣ For the $150,000 - $199,999 Income Range:

• At a 10% savings rate, it would take 4-5 years to save enough for 1 BTC.

• At a 20% rate, this timeframe drops to 2-2.7 years.

• At a 30% rate, a household could accumulate $80,000 in just 1.3-1.8 years.

5️⃣ For the $200,000+ Income Range:

• At a 10% savings rate, it would take 4 years or less to save enough for 1 BTC.

• At a 20% rate, this timeframe drops to 2 years or less.

• At a 30% rate, a household could accumulate $80,000 in just 1.3 years or less.

🗣️ Moral of the story ⤵︎

- Make more money

- Save aggressively

- Start immediately

- Buy more when price is lower

It's still very attainable for almost anyone over 30 with a retirement account.

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Discussion

Not in Europe, anyway. It's a different system from the USA, where the average salary is €30,000 a year, if you count rent and all the charges, so it's extremely difficult to put money aside or invest.

Generally, the European housing “market” isn’t quite as mental as the UK and the USA. So that’s one thing. Also I’m not sure if I’m still correct but credit references agencies (Experian, Equifax, Transunion etc) are mainly a US and UK thing. Isn’t Europe still more a case of “speak to the bank manager for a loan / credit card” kind of setup?

You’re right

I think, as a result, European citizens have much lower rates of individual debt. I’m also basing this on a friend who moved to the Netherlands. Bought a house for €400k, 10 years later it was worth $410k and he upgraded the kitchen for €10k. Basically no movement in a decade. Houses in the UK pretty much doubled in price during the same period. UK average salaries have barely changed in that period too. It’s getting all rather silly.

Indeed. One can drain an IRA into a DCA. The tax and penalty will end up a rounding error in the medium term

Are you the Lions fan, of the same name?

No