Topic: Invest in Bitcoin by selling wife's jewelry - page 8. (Read 1664 times)

First time I am hearing about such a strategy, are you sure your marriage is going to survive that? We have some jewelry in our family from my great great parents that nobody is wearing. I would never consider selling it though. Its not only the material that is valuable, but also the sentimental value behind. Investing in bitcoins is not a guarantee to make quick short-term profits. It could take another year for the next halving to happen before prices really start to rise again. Just make sure that your wife knows that, it's her jewels and she might feel that she should get the profit you make. Why not try and save every month some money and invest that in bitcoins? Also keeping at least some gold in form of jewelry at home is fine in my opinion. If you don't need the money right now then better to hold some. In case things get really bad you could always exchange gold for some cash rather quickly.

Your projections about the profitability of bitcoin might not be realistic because bitcoin is unpredictable. You might also be correct, no one knows. Don't try to make decisions on investment because you want to cover or recoup your past losses. This is because you might make some wrong decisions or predictions. If your wife is okay with your decision, then it's a little easy. I would advise that you diversify your investment, that is sell some of these precious stones and buy bitcoin, while you also keep your investment in gold.

OP if you can take risk you will definitely see success. The decision you made doesn't seem to be a bad one at all. We know Bitcoin will halve in 2024 and Bitcoin price is likely to go from $100,000 to $200,000 by 2024-2025. If so, you may be at high risk. Never worry about your profit or loss after investing. Remember you must wait until 2024.

we are always reminded not to use money that can change our life or money that we actually use to invest, especially crypto. however, if you've explained the risks of holding bitcoins to your wife, it could be a good option. But, sometimes a plan doesn't work out the way we want, so besides explaining the benefits that could be 10x in 2024, you also need to explain the risks of that. however, if your goal is a long-term investment, it may be the right choice. Instead of keeping the jewelry for a long time, maybe this investment is more profitable. But you also need to be prepared for the risks

Currently the price of gold is very high but the price of bitcoin is very low in comparison so since you decided to sell your wife's gold and buy bitcoin during the peak of gold price, this decision is undoubtedly the best one. But there will definitely be some risk here. Because your wife's jewelry is a very precious thing to you, it will be very bad for you if you cannot return this jewelry to her. And Bitcoin is not always going to grow. But good luck to you

If you ever decide to do this and sell your wife's jewelry, do not forget that especially jewelry often has some value connected to moments, memories, emotions. I don't know your financial situation and whether you want to take on that risk, but if it is for pure speculation, I advise you to reconsider because you can never know whether your prediction becomes true. The biggest gurus in the industry and beyond have frequently failed in predicting Bitcoin's price. Of course when a million people make a guess someone had to get it right eventually, but look out for someone who got it right 3 years in a row

As I said, jewelry often is about emotions and no matter how your gamble plays out in the end, you most likely won't be able to buy the same pieces back for her. It is a copy perhaps, but never the same unless you pawn the jewelry. But that is usually a bad deal.

I also speculate that too. In fact, I aim at $120k – $150k. From past data, every new ATH after halving has given us more than double of the ATH it's replacing. Bitcoin's current ATH stands at $68k+. We understand what a double of that means.

Since she gave her consent, you're in the clear. Though I hope she doesn't have a change of mind before 2024 to reap the outcome of such an investment. It's a matter a patience to achieve result. For me, I expect the new ATH to come in 2025, not in 2024

Bitcoin is referred to as digital gold, so holding gold is equal to holding Bitcoin so I don't see any reason why you should sell one to buy the other.
And bitcoin is a volatile asset it will not be a good idea to hold it for the short term base, as your wife may not have the patience to wait for the ling term base and if things go wrong with the investment it may not end well for you spouse poi t of view.

I hadn't visited this section for a while and now I found this interesting thread. Well mate @LDL, I didn't check the replies on page 2-6, but I hope you did explain its risk as well to your wife. Sometimes, shifting to other investment is not a bad idea to get more profit. But, it's much wiser to have two or more investment assets instead for jumping on one only, let's say 60% for gold and the rest for bitcoin.



Well I dont think that's hot money though, as I believe their gold is not for their daily life, but the saving for their future. But yeah like what I stated above, asset diversification is important.

OP, I don't consider your idea a smart move. Your high expectation on the price of bitcoin is just a mere speculation; the price of bitcoin may or may not possibly touch a new ATH in the next halving of 2024. Your expectations are good for 10x profit in 2024, but you should also be aware that it may be possible next year or in a few years. What will you tell your wife if the price doesn't get to $100,000 by 2024? So I think you should tell your wife about the possibility of getting 10 times the profit next year or in the few years to come so that she is equally aware.

I wholeheartedly agree with other people here saying, that it isn't a wise decision to sell your wife's belonging just to invest. We know how much volatile bitcoin can be, and although her property is considered yours too by law, it's not enough reason to sell an investment for another investment. I also have few friends' way back 2020-2021 who planned to sell their properties to invest in crypto (that time axie is very popular), and so I told them to make their own research first and if they don't understand something they can ask me or just google it away. That time also they are being tempted with their emotions. After several days of research and asking bunch of questions, they have decided to sell their property to invest in another NFT game (I forgot the name but it's something similar to axie), but I told them if they are really sure about their decision, and since they are still hesitating, it's enough answer for me that they are not yet ready to gamble. I may be not a financial adviser, but I advised them to just wait and don't let their emotions run through them, and if they have more questions, they'll have to seek professional counsel not me once they've decided. In the end the new project failed, and they didn't lose either their property or their money. The lesson is not to rush things if you are undecided and if ever the same thing comes into the future, it would be much better to earn a separate money to use for another investment.

in investing you should use cold money, which does not include money that is still used as a need. at least we have a safe reserve fund to anticipate unexpected events in our lives, then after that we think about investing. In my opinion, don't use all the jewelry to buy bitcoin, but some of the jewelry that is sold to buy bitcoin, if your wife has agreed, because for me asset diversification is very important to do, when it happens, then you have to be patient to get 10X like your target , and of course keep our mentality

I also wouldn't sell gold to buy bitcoin, although bitcoin is showing higher returns, the risk is not low either. In case there is no money to invest, I think people should find work to generate more income instead of thinking of selling gold to invest. If we can sell gold, then one day we can sell other assets.

gold is a valuable asset too, because the price always continues to rise from time to time.
so if I personally will not sell gold to invest in bitcoin.
and i prefer to buy bitcoin with idle money,
but of course everyone's thinking is different and it's your right to buy bitcoin with any money,
and I appreciate your thoughts, and your opinion.

Lol, this is comedy at its best, but you phrased it wisely for sure! A calm and well-considered analysis I must say. Wonderful.

@OP why only sell the jewelry? Sell the wife as well so you save the aforementioned potential added costs and divorce costs and buy 10 wives back when your prediction comes true!

Just for the fun of it (I guess...)!

On a serious note, your plan is not as far-fetched as it sounds! Perhaps also sell a kidney for Bitcoin?

Everyone is just doing everything just because they want to invest in bitcoin, how sure are you that bitcoin will cross over $100k before the end of 2024, have you seen what will happen after the halving because I don't think anyone can predict the price that bitcoin will go in the future. There is always a rule in Cryptocurrency which says always invest what you can afford to lose, can you and your wife afford to lose the money which you just invested in bitcoin?
I think it's advisable to invest in both Bitcoin and gold if you can, you shouldn't put all your money in bitcoin, I don't think there is anything bad if you are having other assets, I won't really support you if you tell me you are investing all your money in bitcoin.

In order to succeed in life, you have to step out of your comfort zone, you have to take risks, that is without a doubt a fact. OP can sell his wife's gold for investment as long as his wife is willing to lose the jewels as well. OP should be honest with his wife because investing in bitcoin is as uncertain as you are saying, we just hope bitcoin will hit $100k in the future, but no one says for sure it will hit $100k in 2024. If someone dares to say that, they should sell all assets including houses and cars to invest, even borrow money from banks to invest because the victory is already in their hands. Hopefully, after this topic, there will be no more topics about selling houses, or borrowing money to invest in bitcoin.

Are you sure with this one?
What's your basis on this one?
Do you have a crystal ball to foresee the future? Or are you a grand-grand-grandchildren of Nostradamus?

Well, even I will not give my jewelry to you (if I'm a girl, but I'm not).
It's a good thing that you convinced your wife to sell her jewelries to buy Bitcoin. I hope you shared also the potential risks of it. My family had some jewelries as well, but I will not do the same thing as you did. I'd rather buy Bitcoin with my own money or take a loan (that I can pay).

You are forced? You're convincing your wife to sell her jewelries and you're forced now to sell all of it because you don't have money anymore?

How in the hell you think of investing first where at first place, you don't have any fiat money? You're obsessed in having much Bitcoin that you're forgetting to have fiat money. I'm not an expert, but only Bitcoin holder. Selling your wife's jewelries and invest it into Bitcoin makes sense. What doesn't is that you're selling it in force and you forced to sell it because you don't have money anymore. That doesn't make any sense.

Depending on your risk appetite. I just hope that you and you're wife are still ok and you now have fiat money that both of you can spend.

this is the first time I've heard of people who will buy bitcoin with money from selling gold jewelry,

yes, it is very interesting,
and indeed if you invest the money from the sale of gold in bitcoin, of course you will have the potential to profit during the BUL RUN later, however
You also have to be prepared to suffer losses if the bitcoin price drops.

I don't think we will know the price of bitcoin in the future, because bitcoin's price is unstable, and it could be that your investment will suffer a loss,
I want to ask if you explained to your wife that investing in bitcoin is risky?
if your wife already knows that investing in bitcoin is risky, there is actually no problem, well, good luck with your investment.