Featured Image Credit: Getty Images/Pekic
Topics: Bitcoin, Cryptocurrency, Money, World News, US News
Liv Bridge
Topics: Bitcoin, Cryptocurrency, Money, World News, US News
Here's much Bitcoin you'll need to have to retire and live comfortably in 2050.
If you're looking to retire in the next 25 years, you're going to need more than a pretty penny - to the tune of around $100,000 per year, to be exact.
Seeing as that's pretty difficult to achieve through working the 9-5 grind alone, crypto-savvy users have conjured up a 'Bitcoin-backed retirement plan', indicating how much Bitcoin you'll need to have by 2050 to sell on to rake in $100k a year for the rest of your life.
For example, the masterplan graph states if you're currently 15 years old and want to retire by 40, you'll need to be the proud owner of 1.03 Bitcoins already.
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For 25-year-olds who are hoping to retire by the age of 50 in 2050, you're going to need 0.91 Bitcoins.
This decreases to 0.79 for 35-year-olds, 0.67 for 45-year-olds, 0.53 for 55-year-olds, and 0.33 for those aged 65.
The reason it decreases is based on the fact older retirees typically will require fewer funds to last the rest of their lifetimes.
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Given that cryptocurrency can be very unpredictable and volatile, it's best to take the advice with a grain of salt. However, the graph does assume that inflation and the price of goods climb at a rate of about seven percent per year, and Bitcoin's price too keeps rising.
Essentially, come 2050, you could need more than $100,000 per year to survive off, and therefore more Bitcoin.
However, the insight has rustled some feathers over on Reddit with crypto fans divided over the advice.
"This feels delusional but I'll take it," said one on the r/Bitcoin thread.
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"Feels too good to be true? Welcome to Bitcoin," chimed another.
A third added: "It's just an estimate somebody came up with to set their target on how many Bitcoins to buy. It's pretty good in my opinion."
"Love it but the thought of having $2-5mil on a USB stick for 15 years is nerve racking! I'd be scared to plug it back in incase it's waiting to be hacked," a fourth shared.
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Though if you're wondering if it is really worth it, consider the story of Kristoffer Koch who invested $27 in Bitcoin in 2009 when he was 25, which ballooned to $850,000 in just a matter of years.
The student grabbed 5,000 Bitcoin tokens and seemingly forgot all about his investment in alpaca socks.
In 2013, he decided to cash in his fortune which went towards buying a fancy flat in Oslo.
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Speaking to local media about his victory, he said: "Not in my wildest dreams could I have imagined that they would have soared like this."
However, if he'd of clung on a bit longer, that same investment would be at around $594.5 million now.