Topic: Planning to invest in Bitcoin to perform Hajj. - page 3. (Read 852 times)

Maybe he thinks it's better to make monthly purchases to save on purchase transaction fees and transaction fees to his personal wallet, I think that's a pretty logical reason considering transaction fees are quite expensive these days.
 And to invest, he is or will be investing, not saving, it's just that what is his goal is to go on Hajj to carry out worship, and I think it doesn't matter whatever the goal is why they collect (invest) bitcoin it is their right. And from the amount collected, we have not seen that the capital gain that will be obtained by OP, because the price of bitcoin continues to increase, especially in a matter of one year, of course, it will be a very bullish momentum in the four-year bitcoin cycle.

OP, I respect the initiative that your mother and yourself have taken. You plan to invest $90 per month in Bitcoin and after ten years mother and son want to go to Hajj together from the money received from Bitcoin. Hope you will be successful in long term DCA method investment. Man will not live forever, no one but the Creator knows when he will depart from the earth. I would like to say that whatever you venture into Bitcoin, keep it up, be patient in your long investment journey. May God keep your mother and you healthy, may your dreams of Hajj come true.

op First of all thank you very much for taking this initiative. Every Muslim wishes to perform Tawaf once in the house of Allah, may Allah help you to fulfill your mother's noble wish. But there are risks in Bitcoin still you must have a long term plan in Bitcoin investment check the market and invest patiently you will surely succeed. Of course you have to be a little more cautious in investing as you are saving some money from your mother's business and the money you are investing in Bitcoin itself is definitely going to be used for many noble causes so definitely wish you all the best to make your mission successful. Your mother is very  Wishes for your mother and you to be able to perform Tawaf in the House of Almighty Allah.

It is such a thoughtful thing to do. Doing the maths, it means that in a year, you’d have $1,095 and in a decade (when she’ll be doing her Hajj), that will be $10,950. But the good thing about this is that it is Bitcoin; So not only are you saving, you’re investing too. Bitcoin in the next 10 years will have better value than what it does right now so it is a good plan. Best of luck! Also, can’t you invest it weekly instead of monthly? I just think a month is too much time.

You have my support and my prayers are with you as you move to achieve this goal set by yourself for your mother. I see it as you are honoring your mother. As someone with Muslim friends I understand how important goal is to you and your mother. I want you to consistently review the amount not too fast but if there are anything you can do within this period of the goal setting to its accomplishment that would help you achieve it faster, then do it. If you have a big financial break during this time, take a portion of it and invest there. While you are on this do not ignore the most important aspect of security. If you do not secure your funds and store them well in a good open-source wallet, you will lose them to scammers and hackers.

Do it, brother.

Your plans seems plausible and doable than of those that are just desiring to invest but they don't do any initiative at all. If that's the most convenient amount for you and your mom, do it.

As long as it's not going to affect anything on her life, that's so much better. We will never know how much that $90 per month will be in the upcoming bull run up to a decade.

Really, you can do it and do it consistently. The realization of the profits you hope to get really depends on how long you are able to hold your mother's investment. You may want to consider buying heavily while prices are low and selling during the next bull cycle. If you just accumulate for the next 10 years without selling, you may end up with less bitcoin than if you sold and re-invested at a low price.

Regardless of your investment goals, you just need to know that bitcoin is the most potential asset that can give investors returns. $90 a month is definitely better than nothing, but have you told your mom the consequences including wallet security and private key backup?

It is a good idea to invest in Bitcoin for 10 years at least. If you can invest $90 monthly, it means you can invest $1,080 each year. In 10 years, you already invest $10,800. It is only the capital, the amount of money should be higher because of the price of Bitcoin is always growing. If you invest the Bitcoin more than 10 years, I'm sure there will be a huge profits with the capital more than $10,000.

However, the challenge is to keep the commitment to always invest every month. 10 years isn't a short of time, there should be many challenges. Moreover, our economic won't be always stable, sometimes we have a little problem with the financial stability.

We've always been motivated to work hard because we want someone to fulfill their dream and become happy. But without a good plan, it seems to be impossible. There is no stopping to a person who has the motivation and desires as we surely find ways how to make it possible.
Saving $3/day is big enough for some people as when accumulated, that is $90 in a month. Maybe you can increase the amount to $5 once your business has become established.

Good luck with your journey buddy. It will take a little bit longer but doing this consistently, little by little, it become big soon.

Your plan is great OP. If you can do it more consistently, I believe your goal will definitely be realized in time. Just continue to buy and hold bitcoin regardless of its price. And take time to sell if you see available profits, but I mostly suggest to only sell when a new all time high will achieve, and bull run takes place in the market.

For now, focus on doing DCA with bitcoin. If you can add your personal extra funds, then the more massive your profits will be in the future. Perform DCA with patience, that way you won’t be attracted to sell your bitcoin when sudden price correction appears in the market.

When you make plans with a goal, you become very determined and disciplined along the line to make sure that you meet the goal. When plans are made without any solid goal to meet, along the way you could get distracted and then fall into the pressure of failing to follow through the plan that you made.

Because you have a goal for the Bitcoin that you're investing in currently, I am positive that you will be able to meet your goal and target and even stay disciplined.

 As a bonus point for this target that you set for yourself, after you have successfully been able to send your mom to hajj, the character and discipline of investing with a goal would have already been developed, and that's an extra plus to carrying on through life.

I am not discouraging OP from saving for his mother's pilgrimage, nor did I say it is not worth engaging in. I only spoke my view on going on pilgrimage. If what thrills you in going for the Hajj is becoming an Alhaji or fixing a golden tooth, then you have failed to understand the significance of going to Mecca. The Hajj has more important significance than the title, sightseeing, or the things you will buy there. My position that the funds used to sponsor pilgrimage should be channeled to other development projects is because my country has more priorities. A country that cannot provide basic amenities for its citizens shouldn't cannot provide basic amenities shouldn't be spending money on pilgrimages.  Another reason is because there has been no true change in the behavior of some people who go to these special events. Most of the most corrupt politicians in my country visit these Holy Lands consistently but they are still more wicked. Like I said,  it's just my personal view.

I think it is a relatively good plan.I live in a Muslim country for quite some years now and although it is one of those countries where the majority of population is Muslim most of them do not really care about religion here,anyway I want to point out that the price of Hajj has increased dramatically from what I hear here,now they ask for 4000 EUR for a single person,for an agency to do everything for you.

Maybe you should do the same for your mother,after you collect money after a couple of years with that plan you should be able to achieve what you want and as such you buy your mother the full package needed to do that holy ritual.

I think this is a good decision to start with, it is like investing in the future for a long time to ultimately benefit when the funds are well established. It takes a lot of courage for you to be able to set aside some cash every blessed day out of the business. For me, that would be one of the strongest decisions to make because being able to calculate from now to the next 10 years, which you guys are looking at for your mom, and standing to contribute $3 every blessed day for ten years is a huge task ahead. While I would continue to encourage you to keep up with that arrangement and planning, I would also advise that if you can raise it to $5, it would make a lot of things easier, pending on how you are managing your profit and loss in the business. If the business is in good standing, you can raise it to at least five dollars so that you can have more saved up in a shorter period of time.

I think the above-mentioned would be my own option; it is what I would adopt because I feel like contributing from now to the next 10 years is not going to be easy, rather contributing for the next 5 years would be more feasible. Maybe before then, you would have even gotten some good money to add to whatever you have to make the trip happen sooner. Life is not guaranteed for anyone, and you can’t be sure if a 60-year-old woman would last the next 10 years, even though everyone prays to live long. But using the years of savings will help to get her there as soon as possible.

I think it is better to reduce the years for Hajj and add more resources to the savings as long as it doesn’t affect the business or your profit. After every day, you do calculations to see what your return on investment is, and then you do the plus and minus to see what is left as a surplus. So, every profit you make, if it is $10, you can take out $5 for the savings while leaving the rest in the business. By the end of the month, you would have $150 to buy your USDT and invest in a DCA approach. Another quick advice would be to let the money you are saving be solely for investment and not for trading. Do not trade the money, even if you think you can make more profits. It’s better to continue with the savings and investment according to your calculations rather than using it for trading, which could lead to losses in the end.


Yes, it is one of the Pillars of Islam, and it is one aspect of faith along with prayer because there you also perform prayers. So, I think it is a vision for every Muslim out there across the globe to visit Mecca. It is also his mom’s dream, I believe, like every other elderly person eagerly awaiting the opportunity to travel to Mecca as well.

A huge respect and amazement for the way that idea was developed by you and your mother.
That being said, you are free to invest that much, and who knows? Maybe one day you and your mother will be able to perform the Hajj.
In the meantime, don't worry about the price of bitcoin; perhaps you believe it is time to withdraw your investment, and perhaps at some point in the future, when its value rises, you'll regret cashing it out too soon. If you maintain a sufficient level of consistency, I believe it will eventually have an impact.

$90 a month isn't bad at all - but if the OP could save more, then maybe he could save more than $150 a month. The OP wants the budget to be invested in bitcoin every month with the DCA method - this is a good option, but he also needs to consider many things before making it a reality.

Price volatility is something the OP needs to consider before proceeding with his plan - apart from that, he could also consider other options such as paying in installments to a special department that handles the Haj pilgrimage every month. However, investment certainly allows you to get a return - but paying in installments every month while waiting for the queue number is a wise choice ^{[if that option exists].}

This is a nice plan that will make you fulfil your mother’s dream, and when you do that for her, Allah will never let you suffer in this world. That is just a fact, and if you are going with the plan that you have already started, which is saving $3 per day, you can save enough money to take her here to Hajj in not more than 2 years, so if she is presently at the age of 60 now, she will be 62 or even 63 to perform her Hajj, which she will also enjoy. Because she will still be strong enough to perform all prayers and du’a that she wants to do without a lot of stress. 

Although you said she also has her own savings, the money that you will be investing in bitcoin will not have any traits that they will think the money can be spent on or have been tempered with, so you came up with a good plan that needs to be encouraged because not all children work tirelessly to see that they try and fulfil the dreams of their parents, but you have put it in your mind that you want to do so, which is a very nice step you made, so may Allah help you and see you true as you are trying your best to fulfil her dreams.

An initiative that I welcome. As a religious person, I support your plan, friend. Making Bitcoin a long-term investment asset with the hope that the goal of high price returns will be used for religious purposes.
Just increase it to $100 every month which will be used to buy Bitcoin regularly. If it is $100 every month, then in a year you will collect $1,200. If the exchange rate is in local currency like my country's currency, then in 2 years the costs for one congregation will be met.
Not to mention if the Bitcoin price gets a high return from the purchase price.

It's always good to hear somebody who's been supported by their parents when it comes to investing in cryptocurrency. Unfortunately, my parent's never got involved in investing hence, they don't know anything about Bitcoin. My sister knows about it that's why she's the one I'm teaching currently.

$90 a month isn't a bad idea already, and you already said that it will not be a huge loss for your family to keep $3 a day just to have some funds you can use to invest. Long-term, it will be a successful one just based on the history, and this opinion is coming from a person who's very optimistic with the future of Bitcoin. Bitcoin moves in cycles, so in that span of 10 years, you might experience 2 bull markets. It's the perfect time for you to take profits and keep those to fulfill the goal of your mother. Of course, you need to keep some for it to be re-invested once the bear market happens.

As a family-oriented person, I will pray for your mother, and I'm already claiming that your mother's dream will come true. Just continue investing, continue working, and don't stop doing it for your mother. Take care always OP.

Your mother trust you because you have successfully opened a shop for her and then she sees you as a very responsible young man that she has raised up. I believe that this your plan to save some little amount of profit from her grocery store to invest in the hope to make profits for her to be able to achieve her lifelong desire will work if you are disciplined and then ensure that the bitcoins do not get stolen or lost along the way. Imagine at the end of your journey and when she has finally seen the profit from the investment in Bitcoin, her testimony will be large and never ending because she will tell her friends and anyone she comes across that Bitcoin helped her to be able to achieve her lifelong desire of going for Hajj. I believe that because of her age a lot of people will be interested both people from her age grade, and people who look up to her as someone reliable that cannot tell lies.