Topic: Bitcoin as a retirement plan for my parents (Read 563 times)

In general, it is never advisable to invest in what we fear of losing, and in this case, the money is not on the OP's property, but on the property of his parents. The best that can be done is to convince them that bitcoin is one of the successful investments in the long term, while pointing out that it is not possible to set a specific time.
Also, we cannot blame anyone for his fear of what might happen in the future, especially if he lived through market reversals and was aware of it. On this basis, it can be proposed to invest part of the savings in Bitcoin (at least as an experiment) and then leave them with the option to continue investing more money, or to be content with that amount, or to abandon the whole idea.

Well, we can say that the most convincing power is to show other people the output of your crypto investment first which I agree with that. Maybe, if OP has it, possible his parents will be convinced. But for me, I don't make decisions about what my parents wanted with their money. Let us say that Bitcoin investment is profitable but can't say that all people who invest in this area went well, some ended up losing their money because of being impatient and lack of knowledge about the market. And this will possibly happen to his parents.

Convincing them to invest in bitcoin for their retirement plan will not work if not supported with real testimonies. At least, you should be profitable with your investment first so that you can easily attract them and make them believe that bitcoin is never a scam but certainly a profitable source of income. That way, once they invest, at least  it’s their own decision since the money are theirs and not because of your own will.

looking at the recent market trend I'd advise that you avoid persuading people to join cryptocurrency, even when that person shows interest of investing into crypto always explain to them the losses and profits involved in it. Because after the 2021 trend, lots of people joined cryptocurrency, later when the price plunged down they ran back to disturb those who introduced them into cryptocurrency. As for your parents if they don't like the idea, no need stressing yourself. Work on investing your own money into cryptocurrency, it's better to handle the outcome between yourself than answering multiple questions everyday from your parents about their money invested into cryptocurrency.

It wouldn't be a bad idea if they'd allocate a small part of their retirement plan in Bitcoin in order to diversify it since Bitcoin is not correlated to any other asset despite being a high volatile and risky one , but investing all their finds into it would be the worst idea ever. As for gambling games, you should only invest what you can afford to lose. And it would be surprising if they don't need their retirement plan.

It’s not really a wrong idea to consider bitcoin as a retirement plan but know that it can also result into life changing losses than just mere profits. Especially that your parents are not exposed with bitcoin trading or investing. However, if you are making significant profits already with bitcoin, maybe you can start convincing them but never force them to go along with your own decision. Their money, their rules. Let them decide if they want to invest in bitcoin or not.

Find some means first so you can start investing in bitcoin and when your investment paid off, that’s the time that you can make a good move to prove to your parents that bitcoin is real legit and not a big scam. Do not convince them to like and invest in bitcoin, just let them know once you are making consistent profits with bitcoin. I guess those proofs will be good enough to make them favor with bitcoin in the end.

Do not convince your parents to invest in bitcoin especially if they are against in it in the first place. Otherwise, you will only take the blame once their investment does not work according to the plan. Instead, show them your profits once you experience a big break in bitcoin. Maybe that will help change their minds and will start to be open-minded on the potentials of bitcoin. And they will be the one to take the initiative and research on how to succeed with bitcoin.

FTX case really brings a huge impact on crypto. I assume many people feel panic when it happened previously, that's why the prices of crypto coins freefall severely at that time. Panic people may sell their coins and quit crypto investment. Well, there is no force to invest in crypto, it is just for people who believe in crypto only. It is difficult to convince people who feel negatively about crypto, especially old people. I also have some family members who are already above 50+ years old, they don't believe in something like crypto. So, I never try to convince them to join crypto. 

You don't need to force your parents. Why don't you invest some money for them? I mean you buy Bitcoin with your own money and you plan it for your parents' assets in the future. I think it will be easier than convincing your parents to trust in Bitcoin. 

I don't know why on Earth would he want to convince his parents to invest in Bitcoin when they have not seen any tangible results that would make them also want to be a cryptocurrency investors. We don't force to invest in what will benefit them in the future that is why we need to make sure that we are a successful investor as either a crypto investor or trader.

It is the result that people see that would make them want to invest in what you are doing to be like you. The fear is that, nobody would want to put there money in something that would lead to loses and not able to access there funds. There had been plenty of crypto scam and ponzi schemes that had made a lot of persons to loss money so become conscious of any investment is important to avoid regret.

You can only know what has happened and you cannot know what will happen in the future. Therefore, if parents trust you and spend all their savings on buying bitcoin, and later they will depreciate for reasons beyond their control, they may lose all their retirement savings.

Your father's stubborn attitude because he doesn't know how to work and the potential that can be generated from Bitcoin. No need to think too much about how to convince your parents to get involved in Bitcoin, all you need to do is prove the effort from your belief in Bitcoin. Bitcoin has very high volatility so it requires a strong mentality to get involved in it, it's very risky if the reality they receive doesn't match what you tell them because it will make them even more ignorant with Bitcoin.

Whether we're going to believe what it says on OP, considering investing crypto as a retirement plan should be planned so well. Because investing seems to become useless if we don't know anything about it and most of all, if we're not interested in this. Because how hard is the OP to convince his parents but if it was not their interest, he would still fail? And the question is if they are also to take risks.

We can't compare the people who live in poor countries to rich countries as their mindset is possibly different and much more different when it talks about investment.

Cryptocurrency is not entirely banned in Nigeria but the banned is only placed by the CBN government in restricting Nigerians from doing any crypto transactions directly from the bank.
There are exchanges that offers customers opportunity to buy Bitcoin with small amount but it do varies on the exchange definition of small. Here is link about some exchanges and the minimum amount of bitcoin they  allow customers to buy (they varies from 0 to $10)11Best Places To Buy Bitcoin

They investing in stocks is not bad either though alot of Nigerians knows about bitcoin and cryptocurrency but most perception of them are either wrong or vague .

Due to the fact that many of them have had their minds poisoned by a variety of unethical activities taking place online, particularly scams, and as a result of bad news they have been hearing about online investments like all this ponzi schemes, so many elderly people's minds have become weak towards anything involving the internet, many of them are thinking negatively of Bitcoin because of all this act of scam that are very common on online nowadays.But I think the next generation is learning a lot about bitcoin currently so I expecting much them in crypto industry very soon.


Never try to persuade anyone to invest in Bitcoin, especially your family members,If not something happens to their Bitcoin investments, you will be held liable.Bitcoin is an excellent investment, but nobody can predict what the future will hold for it. Currently, you are unsure of what will happen to the price of Bitcoin in the near future. Why would you try to persuade someone to invest in something you can't guarantee of?The best thing you can do for anyone, whether a friend or a family member, is to educate them about Bitcoin and encourage them to conduct their own research. If they are satisfied with the results, they will be persuaded to invest in Bitcoin without any further convincing, so let them develop their own courage rather than pressuring others to do so.

It is pretty hard if they are also a close-minded person but of course, I don't suggest this it my parents for they possibly have an idea what they gonna do with their money and make it enjoy within. Might mentioning this is the best idea but not it reaches the point that we need to urge them and say it was the best investment as they are old and can't bear the stress unlike us who still have the capability to manage it well.

Yes, that's right, we have to work on our own and start our investment with the use of our money.
Because for me, I'd rather see my parents enjoy their money as they are old and tired already from working. It's time for them to enjoy themselves and become stress-free.

I'm just wondering how you wanna convince your parents to believing you -- I saw an OP saying Nigerian parents are always becoming too sceptical in stuffs like that.. I can't say they're not but I don't wanna make that a predominant factor as old peeps in the outside world would also do the same thing... Apathy remains a core dissociative factor and that can actually happen anywhere... Only that I can also say 9% out of 100 of them aged people in America would feel the same way.
Bitcoin made as a retirement plan isn't  bad for your parents if they've got to do it professionally...

Sandra 🧑‍🦰

In addition, if I'm not wrong, from what I understood from what she mentioned in the OP, cryptocurrencies are illegal in her country, so I don't think this is a good idea either.

For somebody young and adventurer who lives in a developing country it could be great to travel somewhere where they are not banned, invest the funds he/she can afford to lose, and HODL: he can lose all, or achieve financial freedom in several years. But if his parents are not so young, they don't believe cryptos can have any pros because of what they hear day to day, and worse, it is illegal, maybe you should consider to stop convincing them and start thinking on yourself.

I do think that it is also better to keep track of your investments even if you plan on using it as a retirement savings for your parents. Given its volatility in the price, it may change suddenly and its price may also skyrocket without any given notice.

Based from experience and on history, every fork that happens in BTC increases its price substantially on the market. You may want to take advantage of the boost and re-invest the BTCs after you recover back your initial investment for maximum safety and profit.

Convincing your parents to invest in bitcoin is not a good idea because I know you will encounter many difficulties, especially when they are old and they believe that any method of making money online is a scam. I sincerely doubt they will listen to you, particularly when you explain the risk associated with bitcoin investment and the time they will spend before getting their money back with a profit. You can see that they are used to receiving a salary, so they won't be interested in learning about these things.

I would advise you to only assist them with real-world business where they will see money as they are used to and they will be the ones to manage their business rather than you wasting your time convincing them to invest in bitcoin where you will be in charge of the coins, but if the Bitcoin price does not work out as you tell them for an extended period of time, I believe you will be the one to blame.