Topic: Planning to invest in Bitcoin to perform Hajj. - page 5. (Read 852 times)

Its such a good idea and initiative, you can be making a weekly or monthly collection from the daily saving in USD to be converted to bitcoin and then you can have more opportunity to see the money building itself overtime, additional upon the daily contribution your mother is making from her earnings in her business, you can make a decision on helping as well by closing it for her to be $5 with your addition of $2 to it, this will also make it more faster and easier to see the dream come to pass in the plan for the holy pilgrimage with bitcoin money.

I am religious but I don't see visiting the so-called Holy Land as something paramount to me. When the government of my country allocate millions of dollars to sponsor these pilgrimages, I see it as a waste of funds. The money could be used to engage in development programmes in the country. For me, I don't think I will ever save because I want to engage in religious obligations like pilgrimage. I would prefer to give the money to charity than to go for such an adventure.

Please forgive my bluntness, who am I to dictate what you or your mother want to do with Bitcoin investment? Everybody has priorities and will have to achieve the needs at the top of the scale of preference. Since performing the Hajj is your mother's desire, I wish you all the best of luck. It is good you are using the DCA strategy and your plan is long-term (10 years). If you continue hodling, hopefully, the money to finance her pilgrimage will be available in eight years. I pray your mother gets all the spiritual benefits that the Hajj brings.  

How much does Hajj cost from your country? $90 per month is about $1,000 annually, or $4,000 every 4 years, or $12,000 every four years, considering that the price of Bitcoin will double in 4 years.
According to Google, a Hajj trip costs an average of $7,000. If we say that your country will cost $9,000, and calculating that she may buy gifts when return, then 4 years of savings is sufficient.

Yes and thanks for this. But I already know and have studied everything, because the Hajj pilgrimage is obligatory for Muslims, even though I can afford it. And my mother really wanted to go there to fulfill her obligations, and my mother also performed the Umrah with my father when my father was still alive.
And I use this investment method not only to perform the Hajj, but for everything including old age security. And my mother has also registered for Hajj, which is most likely if there are no obstacles around 2030 or before that, depending.

Whether the ultimate goal of this long-term investment is Haji or assets to secure your mother's old age, it makes perfect sense and I fully support your plan . I don't know what your family's average income is, but as long as you calculate carefully and come up with numbers appropriate to your family's economic conditions, you can implement your plan without worrying too much .

By the way, your plan reminds me of a friend of mine, he had a similar plan as you. He spends $50 a week buying bitcoin and he has been doing it for the past 2 years. But his plan is shorter than yours, he plans to make it until the next bull season comes.

I suggest it's better to just use Umrah, after all Hajj and Umrah are still the same. The reason is Umrah can be done at any time, while Hajj requires a very long waiting time. You also need to consider how much it will cost once to leave, including costs for necessities there. Each country has different rates depending on your government policy. In my country the cost of going on the Hajj is around $6500-$7000 including expenses while there. And don't forget that to be able to go to Hajj the queue can reach 4-10 years.

We need to compare this with a consistent net investment of $3x 1800 days (5 years) = $5400 (of course because investing in Bitcoin will experience fluctuations, rising and falling prices in bull & bear markets).

In my opinion, in that way, your mother's dream can definitely come true. There is only one thing that needs to be adhered to, namely being ready to uphold the initial principles and goals. Because it is not easy to survive in investment, there are urgent needs and other obstacles. Hopefully your struggle will be achieved

Thank you all, and actually this goal is not only to fulfill my mother's wish to perform the Hajj, but to ensure my mother's old age too.
Everything has been thought through carefully, and the figure of $3 per day has been considered after prioritizing essential needs, and what's more my mother still has extra monthly money from her other children which I think will be fine.
Once again, thank you for your input and prayers, and also pray that what you all hope for can come true.

I never knew what "Hajj" means, not until I visited Google, and was told Hajj is simply an annual Muslim pilgrimage to Mecca, which is said to be mandatory through out a person's life time. So in regards to this case, so saving $3 daily just to enable your mum accomplish her mandatory life task is literally a smart idea, but only if deducting $3 daily won't affect her business in a long run, because if I was to be in your shoe, I think saving $1 daily for the next 10years would have rather been a better idea, since she is already 60yrs now and has probably 10yrs more to embark on this journey of her's. Hence, I was thinking saving $1 daily in BTC is still not a bad idea, as in a 1yr you should be having $365, so multiplying this by 10yrs will give us $3650, plus how much the price of BTC likely to skyrocket in next 10yrs, which is the best investment plan, while trying to help her embark on a life changing journey.

From what I understand after searching on the internet, Hajj is an annual prigrimmage journey to Mecca. I don't know you country of residence but if you can be saving $3 a day in fiat, that will give you $90 in 30 days and $1080 in a year. So in 10 years, you should have about $10,800. This amount may or may not cover the trip to Mecca but saving in Bitcoin will no doubt make your mother's dream a reality because the value must have appreciated over the years and I wish you all the best.

I would also like to mentally support you with your dreams. Investing $90 a month seems like a very good price to me, so good that in ten years you will be able to go on Hajj with your mother. I am also not a Muslim, but I respect such traditions because I know how important they are for believers. Do not pay attention to the price of Bitcoin so that it does not tempt you to do one thing or another. If you have the opportunity to invest such an amount, boldly stick to your goal.

So good that you and your mother already thought of money for emergency and actually have it.

It is impossible to DCA with $3 daily and even with altcoins, you will lose a lot of the fund percent to trading fee and withdrawal fee. If I am right, exchanges have limit on minimum value you can trade and likely $3 is not enough too.

It is possible to DCA with $90 monthly and I hope it is your plan. Estimate your DCA investment with $90 in next 12 months.
https://dcabtc.com/

Can I know what is Haji?

It is not a bad amount. But do you have some sales report on the average sales or profit of your mother's grocery store? If it's more than $3 then that's fine but you have to consider everything like expenses, daily operations cost and those stuff that will be lessened to the profit that the store generates on a daily basis. Try to make some report and compare it with at least a week or two or even a month and see if it's showing good numbers. Because if $90 in total for a whole month is already big for that store, I'd advise to prioritize first the expenses and daily costs.

I am not Muslim and I might not be able to hold performing Hajj as a priority but I do have an idea regarding how significant it is for Muslims to perform Hajj.

What you just said is what we call the DCA method or dollar cost average which is the process of acquiring Bitcoin through regular intervals instead of buying Bitcoin one time big time. Usually DCA method is preferred because it can mitigate risks investment brings. I think it is a good idea that you have shared to your mom about bitcoin and she is also willing to participate. I do not know how much you need to perform Hajj but I believe that you can earn profits through this method.

I hope that your mother's wish come true. Sending all the best for you and your mother.

I have an investment plan for my mother by collecting $3 every day from the results of my mother's business and that $3 is a small portion of my mother's business profits. My mother owned a grocery store and after my father died, I built a grocery store for my mother with the goal of giving my mother something to do at home.
And my mother already knows that I have been involved with Bitcoin for a long time and I have discussed this, and my mother agrees because she knows the benefits and changes that I get from Bitcoin in the long run. And my mother has great hopes that Bitcoin can provide good profits in the long term, she wants to use these profits to perform the Hajj or can be used as extra money which my mother has long planned.

And I would like to know your opinion whether this plan will be successful in the long term and aims to provide additional funds to carry out the long-desired Hajj. My mother is currently 60 years old and wants to perform the Hajj at the age of 70, and my mother also has savings that she has been working on for a long time and also has the same goal and is sometimes used for emergency funds.
And with this I took the initiative to plan this which I will do in stages and my plan is, using $3 a day from my mother's grocery store in 30 days = $90 that I will spend in Bitcoin every month. And I will also increase my purchases when my mother has excess money or unexpected money because that often happens.

And I ask for prayers from the BTT Forum which I respect so that my mother's dream of performing the Hajj can come true.