They say that comparison is the thief of joy, but, the price of Bitcoin is up this month, so let’s have some fun.
If you have found my page, here on Bitcoin Basics, you are probably aware by now that Bitcoin is the most scarce asset on earth. So it only makes sense that every individual’s goal in life should be to acquire as much Bitcoin as possible while they have the energy to work before they reach retirement age.
Photo by Roberto Nickson on Unsplash
First things first, lets start by taking a look at the Median Family Net Worth by Age. Data from Statistics Canada has found that the average Economic Family, meaning the combination a Husband and a Wife in a working unit.
The first thing that is noticeable is that the median net worth under 35 years old seems very low. If it seems low to you, that is a good thing, it means that you are ahead of your peers. At a young age it is easiest to get ahead. As you get older it takes a lot more wealth to stay ahead.
The oldest generation have had the longest amount of time in the market to accumulate assets, they have bought their home and have since paid it off, they have reached the peak earning years of their careers. Most importantly, they’ve benefitted the most from the 8th Wonder of the World, compound growth.
Screenshot from Statistics Canada.
Now, at this point in the article I should probably take a moment to describe the difference between a mean and a median value in statistics. To help explain the difference, I asked Bing AI for help:
“Median net worth is like the middle value when you line up everyone’s net worth from least to most. It’s the “middle-class” of net worth's. Mean net worth is the average, where you add up everyone’s net worth and divide by the number of people. It’s like that one rich friend who skews the bill at dinner.”
And with that, lets get to the part that you have all been waiting for.
If you are under 35 years old today, based on the median net worth of a working family, between you and your significant other, you should have roughly 0.5 Bitcoin at today’s current price of $100,000 (CAD) per coin.
If you are between 35 and 45 years old, you and your partner should have at least 2 Bitcoin. I personally really like this number of Bitcoin. In my head, I see it as having saved one Bitcoin for each of you in the relationship. Humans love round numbers and unit biases, and believe me, there is nothing sweeter than 1 Bitcoin.
If you are between 45 and 54 you and your family should have saved between 4 and 5 Bitcoin. By this point in your life you may have a few teenagers running around your house. Think about those extra Bitcoin that you saved up in the last 10 years to be for them.
If you are 55–65, congratulations! You have worked a long and successful career and likely have much to show for it. Based on the median net worth of your cohort, you may have 6–7 Bitcoin. That is a lot.
These calculations assume a static price of Bitcoin at $100,000 (CAD). These predictions start to get very fun when you start to extrapolate out the price of Bitcoin into the year 2030 and beyond.
Of course, these numbers assume that 100% of your assets are stored in Bitcoin, which obviously is not the case for most people. I hoped you enjoyed the read, take these numbers with a gigantic grain of salt, of course, this article is not finance advice and is for entertainment purposes only!