My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.
My only question to all, was I able to give my grandfather the right advice??
The mind of old people doesn't work the way young minds do and for you to be able to convince him to invest in Bitcoin is quite surprising and I commend you for that, and also you letting him know that there is a possibility of losing money (i.e when the price of Bitcoin falls) that way he'll be able to prepare his mind for what comes afterward and reduce panic.
It depends on the trust I think. If old people trust a person, they will definitely listen and do what that person tells them or advise them to do. Honestly, it is not surprising to see old people investing on Bitcoin. They have the money and many invest and become a victim of scam company, so it is not surprising that his grandfather will listen to @OP and invest in Bitcoin since Bitcoin is nowhere near to being a scam.
I personally would hesitate to recommend investing in cryptocurrencies to my grandfather, as I would be concerned about the potential risks involved. He is getting up there in years, and he might not have the time or the stomach to weather the ups and downs of the crypto market. If he wants to invest his money, there are plenty of more traditional options that might be better suited to his goals and his comfort level.
I think your faith in the Bitcoin market isn't enough that you can recommend it to your grandfather. Anyway, we have different kind on how we see things so if you think that Bitcoin is not an advisable investment for older person then I think that is good enough reason to hesitate.