fore the family will begin to use the money for the burial, and the money will be send to my account this month end. And I like BTC investment, I feel like investing the money in BTC since it will take like 9 months before they will demand for the money for the burial and, it look like my opportunity has come. Is it an opportunity for me to blow? Or my opportunity has not yet come? What is your advice to me on this.
Even though you indicate an opportunity when it comes to bitcoin investment, we don’t classify this as an opportunity. But ignorance or negligence—how can you pack the money that is not your own and invest in bitcoin, or is it because you see the price of bitcoin is pumping? Don’t be deceived by the current market. The bitcoin market is unpredictable, mate. You need to understand that this investment has a high degree of risk that involves losing your money. So what if you invest this money and they now ask for it? Unfortunately, the bitcoin market dumps. How will you do? Are you going to take another loan to complete their loan?
However, people say we should invest in the amount we can afford to lose, so let me ask you: Are you going to be able to lose 1.5 million naira? Nah, mate, so you need to think about the move you are about to take. Don’t make any careless moves in the market. Wait for your time to get money and invest. Don’t use money that you are not the owner of to invest in bitcoin. It may be a big problem.
Most of us go dey talk no use loan money invest for btc or borrow money take invest. What of if the person get means to dey pay the money small small while the investment dey run into majority just like I give instance already.
Borrowing money when you have a means of paying it back is not bad. I think the reason why people say we shouldn’t use loan money and invest in bitcoin is because when you take a loan and invest thinking that the market will pump in a short period of time to pay back that loan, that’s the problem, but having the means to pay back not until you wait for the market to pump is not bad since your investment will remain there for a long period of time without bothering on how to pay back the loan.
Talking about the loan to invest, we know sabi say many wealthy people dey borrow money take do business and business go dey move under loan while Dem pay and collect bigger cash again self. Na that one make when some wealthy people die, their business go collapse because bank go collect their money one way or the other.
That type of business you are talking about is not the same as crypto investment. My reason is that those are physical businesses that they can set aside a specific amount that they will be paying back to where they took the loan from because, as the business grows, every single thing they buy and sell in the store will be profitable, unlike crypto investment, where when you invest, you will leave it there for a long period of time till you get your money back with profit.