I Finally Helped My Friend Invest $50000 Into BITCOIN for Retirement.

[Franctoshi]

Being a skeptic, I'll bring a bit of skepticism to this pleasant conversation topic. Having 50 pieces of bucks, a person does not know how to dispose of them? I don't believe it. Did the money fall on his head? Maybe five thousand, I would believe, but trusting such an amount in a business in which you don’t understand anything and are just starting to take the first steps is unlikely.

If actually you read the thread properly you will understand that it wasn't just an overnight story it happened sometime around May this year and he finally agreed last week to make this investment into Bitcoin after months of research and it was base on his decision. However you are entitled to your opinion but this is fact.
 

The fact that they attracted, and in my opinion, persistently attracted him to investments
 

Wrong.... gave him what I believe is best investment as friend as he seek my attention and didn't force him to take the decision rather gave him all information he need know about Bitcoin and all the risk involved ,as this is equally the business I'm involved in.

For a forum, the post is a nice story, but why don't I see the merit? Or maybe it's just self-praise. Lots of "I" pronouns. And people pretend to believe you?

Written to get some advice from members if it's encouraging and I have gotten a lot of good advice from members like Mk4 and others including yours and Is taking into consideration to diversify.

if something goes wrong, you will be to blame.

You are 100% correct and if it goes successful too same way. Bitcoin have had a good performance over the past 10 years now I still have confidence it will perform well over the next 10 years as it gets more scarce. I would rather advice my friend to invest in a risk asset like Bitcoin than see him loose his fiat currency slowly to inflation over the next years.

Even if a friend recommends it. Or maybe your friend is some kind of millionaire who just throws money around.

That is to say you throw money around investing in Bitcoin.
I guess either you bought the idea of Bitcoin same day it was lunched or either you heard of it from someone and after due research you got involved therefore look into it that way.

Does he know how to trade?

Hodling

Or does he know how to use wallet?

Yes and his learning other things too.

[Agbe]

_we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).

The story is interesting. It is not easy to convince a rich man to invest on digital currency that he has not used before. But there is a question I like to ask. The man is the owner of the money and you only helped him to invest (buy) as it is said by you. Now that the man has Invested, who is to monitor the Investment? You or him? Does he know how to trade? Or does he know how to use wallet?
That amount of money is a huge amount for a rich man to invest on bitcoin. I would also like to know the kind of work the person was doing to accumulate such amount. I asked this question because I believed you are a Nigerian and from the story you said he was a retired... Person and in Nigeria, it is a business person or a Politician can accumulate such amount, civil servants accumulating such amount is a suspect.

But all the same, thanks for convincing him to invest on bitcoin

[Sanitough]

He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run.

Nice story.

You would be very well in convincing your friend if you are not rich. If you are rich too, it would be easier for you to convince your friend. Usually your friend will have more reasons to believe you if you get rich by your investment in Bitcoin. Real story, real investment, real get rich story, it is more convincing for your friend.

I guess there's something in OP too that made his friend easily believed in him, maybe like his life too was changed by bitcoin. That is why he is very certain that bitcoin will definitely be a very good investment for retirement. I just hope OP that you will also explain to your friend that bitcoin is not a get-rich-quick scheme and that he should not set high expectations quickly as bitcoin price changes from time to time. Otherwise, he will be depressed watching every price move of bitcoin.

[Quidat]

He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run.

Nice story.

You would be very well in convincing your friend if you are not rich. If you are rich too, it would be easier for you to convince your friend. Usually your friend will have more reasons to believe you if you get rich by your investment in Bitcoin. Real story, real investment, real get rich story, it is more convincing for your friend.

I guess there's something in OP too that made his friend easily believed in him, maybe like his life too was changed by bitcoin. That is why he is very certain that bitcoin will definitely be a very good investment for retirement. I just hope OP that you will also explain to your friend that bitcoin is not a get-rich-quick scheme and that he should not set high expectations quickly as bitcoin price changes from time to time. Otherwise, he will be depressed watching every price move of bitcoin.

Just tell them or him about the risk then you're good to go.Its understandable that you would really be that bit excited on sharing up the opportunity on which Bitcoin could possibly
give and yes it does changed up lots of lives when it comes to financial thing but always tell about the risk involved so that your friend wont really be that anticipating positive things too much.
Sharing up things like this specially in speaking with Bitcoin does really give out that exposure or adding up on recognition at least even though in a small way but this is really also
a considerable way on spreading up awareness and have that recognition which will help out in overall scale.

[Fivestar4everMVP]

Congratulations to you being able to convince your friend to invest in bitcoin for his retirement,  honestly speaking it's a very good decision and choice you made for him.
But personally,  I have my reservations with convincing friend most especially, when it has to do with investment, and not just in crypto but also in other types of investments like gold,  Forex, stocks real estate etc.
This is because,  it is very easy for this people to turn and put all the blame on you if for any reason, things didn't go the way you both expected,  they turn and tell you that “you are the reason they did that which they did,  that if you hadn't convinced them to choose this one,  they would have preferred to invest in the other one ".
This is why I don't try to convince anybody when the issue of where to invest money arises,  I can only advice you, and I always make sure to put it clear to the person that I am only advising , and that the choice is absolutely his or hers to make, and that all risk involved, I take absolutely no responsibility to any, it is his and his alone to bear.
This is because I personally hate it when people blame me for helpline them.

And I hope your friend isn't a troublesome type that would freak out and won't allow you to rest when he sees -8.02% on his investment (in the short term.)
Anyways, Goodluck to you both

[AmoreJaz]

He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run.

Nice story.

You would be very well in convincing your friend if you are not rich. If you are rich too, it would be easier for you to convince your friend. Usually your friend will have more reasons to believe you if you get rich by your investment in Bitcoin. Real story, real investment, real get rich story, it is more convincing for your friend.

I guess there's something in OP too that made his friend easily believed in him, maybe like his life too was changed by bitcoin. That is why he is very certain that bitcoin will definitely be a very good investment for retirement. I just hope OP that you will also explain to your friend that bitcoin is not a get-rich-quick scheme and that he should not set high expectations quickly as bitcoin price changes from time to time. Otherwise, he will be depressed watching every price move of bitcoin.

that's one dilemma with this situation. once btc falls down its price, his friend might blame him. because let's admit the fact that btc price is not always going up. they should know what they are getting into. also for me, much better if they can diversify their investments. don't go all in in btc, should at least invest in tangible ones like real estate or gold. but in any case, it is the decision of his friend. but should know all the possibilities of going all in.

[Stella Mese]

what you did to your friend is a good step, because in my opinion bitcoin will be more valuable in the future of course because the price will definitely be more expensive because the number of bitcoins in the future will decrease because of the large number of enthusiasts, so bitcoin is very suitable to be made into long-term investments, and for example for retirement provisions, there are even some people who invest bitcoin for inheritance. because they see great potential in bitcoin.