Topic: I Finally Helped My Friend Invest $50000 Into BITCOIN for Retirement. (Read 792 times)

what you did to your friend is a good step, because in my opinion bitcoin will be more valuable in the future of course because the price will definitely be more expensive because the number of bitcoins in the future will decrease because of the large number of enthusiasts, so bitcoin is very suitable to be made into long-term investments, and for example for retirement provisions, there are even some people who invest bitcoin for inheritance. because they see great potential in bitcoin.

that's one dilemma with this situation. once btc falls down its price, his friend might blame him. because let's admit the fact that btc price is not always going up. they should know what they are getting into. also for me, much better if they can diversify their investments. don't go all in in btc, should at least invest in tangible ones like real estate or gold. but in any case, it is the decision of his friend. but should know all the possibilities of going all in.

Congratulations to you being able to convince your friend to invest in bitcoin for his retirement,  honestly speaking it's a very good decision and choice you made for him.
But personally,  I have my reservations with convincing friend most especially, when it has to do with investment, and not just in crypto but also in other types of investments like gold,  Forex, stocks real estate etc.
This is because,  it is very easy for this people to turn and put all the blame on you if for any reason, things didn't go the way you both expected,  they turn and tell you that “you are the reason they did that which they did,  that if you hadn't convinced them to choose this one,  they would have preferred to invest in the other one ".
This is why I don't try to convince anybody when the issue of where to invest money arises,  I can only advice you, and I always make sure to put it clear to the person that I am only advising , and that the choice is absolutely his or hers to make, and that all risk involved, I take absolutely no responsibility to any, it is his and his alone to bear.
This is because I personally hate it when people blame me for helpline them.

And I hope your friend isn't a troublesome type that would freak out and won't allow you to rest when he sees -8.02% on his investment (in the short term.)
Anyways, Goodluck to you both

Just tell them or him about the risk then you're good to go.Its understandable that you would really be that bit excited on sharing up the opportunity on which Bitcoin could possibly
give and yes it does changed up lots of lives when it comes to financial thing but always tell about the risk involved so that your friend wont really be that anticipating positive things too much.
Sharing up things like this specially in speaking with Bitcoin does really give out that exposure or adding up on recognition at least even though in a small way but this is really also
a considerable way on spreading up awareness and have that recognition which will help out in overall scale.

I guess there's something in OP too that made his friend easily believed in him, maybe like his life too was changed by bitcoin. That is why he is very certain that bitcoin will definitely be a very good investment for retirement. I just hope OP that you will also explain to your friend that bitcoin is not a get-rich-quick scheme and that he should not set high expectations quickly as bitcoin price changes from time to time. Otherwise, he will be depressed watching every price move of bitcoin.

The story is interesting. It is not easy to convince a rich man to invest on digital currency that he has not used before. But there is a question I like to ask. The man is the owner of the money and you only helped him to invest (buy) as it is said by you. Now that the man has Invested, who is to monitor the Investment? You or him? Does he know how to trade? Or does he know how to use wallet?
That amount of money is a huge amount for a rich man to invest on bitcoin. I would also like to know the kind of work the person was doing to accumulate such amount. I asked this question because I believed you are a Nigerian and from the story you said he was a retired... Person and in Nigeria, it is a business person or a Politician can accumulate such amount, civil servants accumulating such amount is a suspect.

But all the same, thanks for convincing him to invest on bitcoin

If actually you read the thread properly you will understand that it wasn't just an overnight story it happened sometime around May this year and he finally agreed last week to make this investment into Bitcoin after months of research and it was base on his decision. However you are entitled to your opinion but this is fact.
 
Wrong.... gave him what I believe is best investment as friend as he seek my attention and didn't force him to take the decision rather gave him all information he need know about Bitcoin and all the risk involved ,as this is equally the business I'm involved in.

Written to get some advice from members if it's encouraging and I have gotten a lot of good advice from members like Mk4 and others including yours and Is taking into consideration to diversify.

You are 100% correct and if it goes successful too same way. Bitcoin have had a good performance over the past 10 years now I still have confidence it will perform well over the next 10 years as it gets more scarce. I would rather advice my friend to invest in a risk asset like Bitcoin than see him loose his fiat currency slowly to inflation over the next years.

That is to say you throw money around investing in Bitcoin.
I guess either you bought the idea of Bitcoin same day it was lunched or either you heard of it from someone and after due research you got involved therefore look into it that way.

Hodling

Yes and his learning other things too.

If he should choose bitcoin for investment it is better you give him a proper understanding about bitcoin,  the risk involved and bitcoin is good for long-term investments.  If he agrees to go for bitcoin I believe he won't have much challenge,  according to you Op you said he is rich he won't be desperate to get rich from bitcoin,  atleast he will have patience  to hodl to get better outcome of investment.

You did a very good job for convincing him to buy Bitcoin and I am sure he will not regret his actions as many more profits awaits him.
Bitcoin is my Number one priority/option to buy as an investment, I am just waiting or an opportunity to buy mine too because I now it's still never too late to invest in Bitcoin.

I still do not think that it would be a bad idea. The problem is that you do not know what that person will do. It is not about investing, it is about staying long term and not many people can do that. Reality is that your 50k investment could first become 20k and then become 300k, but if you sell at 20k then you are going to lose it all. I personally advice everyone to not just buy, but consider it gone.

There are a lot of people who didn't listen to me, and there are a lot of people who failed to do what they planned, I mean even if they say they will hold for 10 years, then sell after 6 months of bear market, that is the type of problem we face when we give advice.

Shit things is about to happen or would really be put the blame on you whenever you do recommend something into someone even your friend.Once things becomes sour and bitter then expect that there's always

a blaming time which is really that a very common scenario that would happen.Its not bad to give out recommendations but dont really give out any guarantees or positive things that someone would be expecting

for it to happen.Making out introductions wont really be that bad but you should really make yourself to be safe when it comes to negative things later on when
the market turns out to be salty.

@OP has managed to convince his friend to invest in bitcoin and hopefully, @OP can still accompany his friend to stay calm if the market is experiencing a downturn like we are currently facing.
His inexperienced friend can panic if the price drops drastically and can't hold his bitcoin anymore because he bought it at a higher price than now.
But if @OP can calm him down by saying that rising and falling prices are normal, the prices will rise again.
Precisely at the price decline, his friend could buy bitcoins in greater quantities but hopefully, his friends don't buy bitcoins in one order but divide them into several orders.

I have learnt from experience not to advice anybody to invest in any business or venture. This is because many times I have been a victim of the blame game. I can only introduce a business to anybody and the person would receive a comprehensive lecture about it. And my major focus sometimes would not be on the gains or profit from the venture but the risk involved in it. You would also learn about the skill and virtues that you need to be successful in the business. The decision to invest in the venture would totally at the person's discretion. Investing $50000 retirement benefit is an unimaginable risk. Retirement benefit should be used for more stable investment like real estate. But your friend can bear the risk, then you did a very good job.   

All those comments about people saying introducers get the blame when shit hits fan.

 True. But hard to feel sorry for anyone who also wants to take credit for introducing people to Bitcoin. I love it, good for them and I cannot say I know the full story so reserve comment.

Hope your friend has the stomach for holding if sub-10k BTC appears.

It's mostly the introducer getting blamed when things go South but when everything is going swell, no credit given when due.

Seen so many stories like this on Reddit.

Great news, I think this is the best approach you can make when it comes to buying bitcoins. Take advantage of the cheap prices at the moment while still having some funds left to keep buying in the future when prices might drop lower. And even if prices are rising sharply again you are already invested. I am following the DCA method myself for several month now. Dividing assets into Real Estate / Gold / Bitcoins for retirement is a good idea, but I think you are missing one important thing, Stocks. All three assets you recommend don't provide any income when holding it. Real Estate might give you income when you rent it out, but the most likely scenario is that you live in the house or apartment yourself at an old age. And Bitcoins and Gold only gives us income when we sell it or use it to pay bills. One option that makes sense in my opinion is to invest in high dividend stocks, like that you always have some additional cash inflow every year in form of dividends.

People should never give investment advice to friends, if they are not financial advisors.... and definitely never have to convince people to buy bitcoins. I made this mistake once.. and the guy pulled out early, because he panicked when the price dropped with 30% and he lost money. 

You should rather tell them about your experience with Bitcoin and then wait for them to approach you for help to buy bitcoins. Let them make the choice... DO NOT force them into something that might spoil your friendship, IF it does not succeed. 

If you are able to convince your friend to make a big investment in Bitcoin that is really commendable. But here you should be aware of Bitcoin's security issues including its volatility. Here not only the profit but also the reasons for the loss should be reported to him. You will give him maximum support so that he can never blame you. But since you are advising him, he will be grateful to you if you can earn profit by him.

If I have a friend like you, who asks about Bitcoin investment I will also do the same thing as you, your friend is lucky to be able to invest with his pension fund.

Considering the crypto market is currently falling, maybe your friend has to be patient a little to get good results, 5-10 is a pretty good time for a change.

Not to doubt your story, but you have to be a richer person than your friend to be able to get him to come to you and ask about investments, it is very impossible for someone who already has a lot of money but asks about investing to someone whose wealth is below him.
And if your friend is really rich why does he need to do DCA to increase his assets in Bitcoin it will be easier for him to immediately buy as much as he can afford and save in the period he has targeted to take his profits.