Buying bitcoin as retirement savings is a good and advisable means of saving for the future, but first, you will need to let your parents know about the risk associated with holding Bitcoin and as for old people bitcoin may not sound appealing to them since they may not have the time to wait for the price to increase or waiting for it to recover at whatever point.
Just like the FTX impact that you mentioned, it has forced Bitcoin investors to wait longer to see the price recover to the point it was before the attacks, so it may be a difficult journey for retirees who have already spent their time on salaries and stable earnings.
Topic: Bitcoin as a retirement plan for my parents - page 4. (Read 544 times)
I couldn't make up my mind on where I should post this whether Bitcoin discussion or beginners and help, settled for this because I think this is something a beginner would ask.
I came across Bitcoin around 2020, yes before the halving and was talked into by a friend to try it out. I was interested but been a student I wasn't with any tangible fund so had to seek my parents help. They were skeptical in investing because they believed online transaction are just scams or always end in losses. My friend made good return after the halving around 2021 (He is a believer of HODL) and i made some too( am not someone known for their patience) but was still filled with regret due to selling earlier.
My country is known for some group of guys called yahoo boys who deal sometimes in crypto scam(a reason crypto is banned in my country) now if you tell most people in my country that you deal in crypto you are branded like one of the boys. My parents are not different they frown against it thinking crypto is a means of scamming others thus biased to stocks.
The FTX bankruptcy that lead to a massive dip in Bitcoin didn't help either. The loss affected my confidence in Bitcoin (cut me some slack knew nothing of this forum) and my parents who I almost convinced took it as been unprofitable and filled with losses.
They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.
I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance
I came across Bitcoin around 2020, yes before the halving and was talked into by a friend to try it out. I was interested but been a student I wasn't with any tangible fund so had to seek my parents help. They were skeptical in investing because they believed online transaction are just scams or always end in losses. My friend made good return after the halving around 2021 (He is a believer of HODL) and i made some too( am not someone known for their patience) but was still filled with regret due to selling earlier.
My country is known for some group of guys called yahoo boys who deal sometimes in crypto scam(a reason crypto is banned in my country) now if you tell most people in my country that you deal in crypto you are branded like one of the boys. My parents are not different they frown against it thinking crypto is a means of scamming others thus biased to stocks.
The FTX bankruptcy that lead to a massive dip in Bitcoin didn't help either. The loss affected my confidence in Bitcoin (cut me some slack knew nothing of this forum) and my parents who I almost convinced took it as been unprofitable and filled with losses.
They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.
I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance
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