I gave investment advice to my grandfather. - page 7.

Vaculin

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

Yes, what you did is right. Bitcoin investment has higher risks compared to other investments, so one should not invest all in or putting all his wealth into bitcoin knowing it could always result into life changing losses even with a single mistake done. However, your grandfather could still put just a portion of his wealth and invest in bitcoin for long term. And when that profits, eventually he can increase his investment capital and accumulate more bitcoin for more future profits.

White pawn

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I wonder just how you got your grandfather to invest his money in bitcoin. Normally, it’s very difficult to get through to elderly folks about newer technology and innovations but you seem to have convinced yours to invest his money in bitcoin. If that’s truly the case here, then I must commend and applaud you for undertaking such a feat.
I think it’s great that you mentioned how volatile bitcoin is and its ability to either shoot up in price or decline further down. It’s not wise to keep all your eggs in one basket and I’m glad you let him know that it’s not wise to invest all of his money.

m2017

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

I don't want to sound like a bore, but every time I see a similar topic where people are giving investment advice to their grandparents, second cousin great uncle or whatever, the first thing I want to ask them is. How much wealth have you made from investing if you are already advising others? Nothing? What moral right do you have then to give advice? Earn good money - then speak.

Also, I don't think older people like your grandfather (if that's true) would be much interested in investing if he already has accumulated wealth. More often at their age, other priorities.

I don’t know about others, but this post makes me suspicious that it was written by a cheap analogue of ChatGPT or something like this. The words grandfather, wealth, bitcoin, invest are repeated too often and sound like a mantra.
OP, I'm sorry if this is your actual level of writing skill and I didn't mean to sound rude and don't take my nitpicking seriously.

The Cryptovator

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I really curious how old your granddad is. It's surprising, though, that you were successful in convincing him to buy Bitcoin. Most often, elderly people don't want to understand Bitcoin and don't think that virtual currencies exist. You are certainly a lucky man for having explained things to him appropriately. His entire savings, in my opinion, should not be put into Bitcoin. Gotta keep some money on hand in case of emergency. Because Bitcoin is a very volatile cryptocurrency that could crash at any time for any reason, as we all know. Everything would then be lost or forced to wait longer. As you have suggested, I would also.

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

You mean your father or grandfather? My grandfather will call be me a scammer if I try to introduce him to Bitcoin because he might never understand anything about it. He is an unlearned man that is concerned with his fowls, goat and cows, just kidding Roll Eyes

.

But you gave your father a good advice because he shouldn't invest all his wealth in Bitcoin. You also did well by telling him that just like other investment he can also suffer loss. You need to teach him about keeping his keys and password. I have to introduce you to my grandpa maybe you can convince him to use some of his income from agriculture to invest in bitcoin Roll Eyes

.

jayce

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Well it's tricky for old people to invest in crypto stuffs, which it depends on the purpose of that investment for. If it's me, I'd rather suggest my grandpa to enjoy his retirement by having a trip to any place he likes. Or if he still wants to make an investment, he could just make a store, restaurant, or shop that accepting bitcoin as the payment. Elderly people get used to work for years, and in their retirement, it's bothering them a lot to do nothing in their house. Though you did a good thing by suggesting him not to invest all of his wealth into bitcoin, which the main rule of investment is, don't put all of your money into one basket.

mendace

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

Actually, that doesn't seem like very good advice to me. I think that when you decide to switch from Fiat to Bitcoin, you don't do it to get rich but to embrace a financial revolution that has no equal. So your thought is wrong, when I look at Bitcoin I do it in the hope that one day I will be free and not rich.

Ucy

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You may just let him be. What wise old people see sitting down the younger can't see standing. Maybe he saw something you can't see... The future! They see far ahead.
You could however tell him to split the fund into multi parts with different private keys for more security... There are other security tips you could teach him. You could also teach him how to move about 80% of his funds to stablecoin when Bitcoin reaches it peak at +$30,000 soon, then he can move the fund back to Bitcoin to buy at lower price...this can be repeated to grow the investment faster. His fund in the stablecoin (like USD based) will also move up and he can use that(or even his bitcoins) to pay for things he need considering you said he will invest all his wealth. But I would advice people like him to be careful next time. He should try to stick to investing only part of his wealth in Bitcoin in the future esp to set an example to the younger.
Finally, he is good to go if he is investing longterm. It's like planting a seed and waiting patiently to see it turn into a tree with many good fruits.
I wish him all the best.

Majestic-milf

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Well, I know you have good intentions by introducing your grandfather to Bitcoin investment but I think it's his choice on what to do with his wealth. Because with Bitcoin's penchant for volatility. It would be advisable to use that which he can easily part away with.
Your concerns are really valid and it's good you opened his eyes to the risk of a potential damage to his investment if Bitcoin price experiences a downward surge. Well, even though we're optimistic that we'd soon be experiencing a Bitcoin halving, it's still best to invest invest with what he can afford to lose.

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That's good advice. An important rule of investing is not putting in more than you can afford to lose.
Your grandfather putting all of his wealth into Bitcoin is a very bad decision and one that could have negative consequences.

Much better to buy slowly and spread over multiple purchases, DCA.

Mr.corol

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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??

Topic: I gave investment advice to my grandfather. - page 7. (Read 837 times)