Anyone who says that they're a "millionaire" because of crypto is so painfully naive that they don't realize they're the perfect embodiment of what being a "paper millionaire" actually is.<br><br>In this case a paper millionaire is someone who while they may in theory be worth "millions" of dollars but the actual cash they have on hand in their bank accounts is fairly low and the rest is tied up in property (house/car)/their "investments" in crypto.<br><br>Now those idiots have lost their "millions" and they have to face the reality that they're just average schlubs who will eternally have $500 in their bank account.,(reply>), Most milionaires and bilionaires are iliquid. Elon for example has his fortune tied to his companies, he's probably just has a few million real cash available.,(reply>), all markets are like that when they fall. you have just never truly seen it happen in the mainstream markets, since they have direct accses to the money printer. elon is not liquid. bezos is not liquid. har to be liquid when 80% of your assets suddenly go away. have to live unbelivably far below your means for that to not matter