Ordinarily, I don't like asking questions like this because I feel they're personal questions that should be answered by myself alone but it has been on my mind for a very long time and I have not gotten a solution for it.
I have a friend that works hard. He does two jobs and he makes a lot of money. Most of his money is in a savings bank account where he saves them. He doesn't have any use for it right now so the money is just sitting pretty in that account. Lately, I've been having the urge to advise him to buy Bitcoin with like 40% of his savings and HODL. Holding won't be an issue for him because he has the patience of an old man. He has left the savings in his account for over two years without touching it. Now imagine him transferring that energy to Bitcoin.
The problem is, someone has convinced him to buy altcoins before now, I think in late 2021 or thereabout. He bought three different altcoins for about $500 and now two out of the three coins he bought are worthless. one is worth about $0.045. The price ain't the issue, the issue is these coins are not like Bitcoin that will rise again.
I have explained all he needs to know about Bitcoin to him and he understands. He understands how Bitcoin is not a get-rich-quick scheme, the risk, and the patience involved.
He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.
So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.
