He wants to Invest in Bitcoin for His Retirement.

[Gladitorcomeback]

I think Bitcoin may not be able to fully meet its demand. The probability of Bitcoin's failure to meet its demand is high. Because we know that Bitcoin can be as profitable in the long term as it can be in the short term. Bitcoin often continues to decline in value month after month. How will he handle the situation where investment is his only breadwinner? Will he be prepared for the loss then? Will it suit him?

This is the reason why it's not recommended for anyone to invest their savings or the money that they have to feed themselves or their families because you can't always expect to get quick results from cryptocurrencies even though they sometimes can surprise you, and this is for all of them, including Bitcoin. Someone who invests the only money they have in a cryptocurrency hoping that they might get weekly or monthly earnings might get disappointed at some point.

So those who don't know much about the market and cryptocurrencies need proper guidance before they make a final call because if they make a decision based on what they have heard, they might make a wrong decision because there are millions of mouths with different words and interpretations about something. We wouldn't know what the truth until we do some research ourselves.

[Crypto Library]

This is the reason why it's not recommended for anyone to invest their savings or the money that they have to feed themselves or their families because you can't always expect to get quick results from cryptocurrencies even though they sometimes can surprise you, and this is for all of them, including Bitcoin. Someone who invests the only money they have in a cryptocurrency hoping that they might get weekly or monthly earnings might get disappointed at some point.

So those who don't know much about the market and cryptocurrencies need proper guidance before they make a final call because if they make a decision based on what they have heard, they might make a wrong decision because there are millions of mouths with different words and interpretations about something. We wouldn't know what the truth until we do some research ourselves.

Good recommendation.

I will say here bitcoin is the best for making investment on cryptocurrencies but bitcoin has the high volatile market conditions and that's is of the big cause people are still facing losses even they are invest on bitcoin. And here investing for the retirement can't be good idea.

Because here the man who will make investment is old person and the emergency situation with the health issues are mostly happens in this period and here even the risks management strategy the DCA method applied their have also risk if the person need the money in the bear season. So I will also not recommended that idea but he can do investment on bitcoin with DCA what doesn't make any impact to his life for the investment.

[Nheer]

I don't advice this. You made him to see Bitcoin as a business he can  invest in and make profit. I beg to differ unless you're going to teach him trading. He's old and that's his retirement money he should rather go invest in some business that he has experience in. As an old man, he may have some  underlying health conditions that affects old people which may include hypertension etc, I don't I would want to put an old man through the ups and downs of the market no matter what my strategy is. Nigeria is a poor country and every single penny matters especially as it is his retirement funds. This is my opinion.

Bitcoin investment definitely not an ideal investment for him not with his retirement money, retirement money is issued so a person can invest it in something that he can make a living from which definitely bitcoin cannot do that for him. Bitcoin is a risky investment that needs a lot of time and patience and also invest only money you can afford to lose but clearly retirement money is not one a person will be willing to lose.

Trying out other businesses is not a bad idea but then even businesses are not safe as they also involve certain risks and nothing is guaranteed. Business is not an easygoing process, it’s easy to establish when you have money but not so easy to manage, alot of people have tried out several businesses and end up as failures so even businesses are risky and also there. Are several factors to be considered to establish a successful business.

If he can think of a very suitable business then i think business is the way for him, at least he will see how his money is spent and when the business fails there will be no regret compared to if he invested in bitcoin.

[BlockExplorer24]

"Investing in Bitcoin for retirement? Well, that's one way to keep the faith strong! 😅 But tell the pastor that Bitcoin might be a bit too volatile for divine intervention—he might need more than a prayer to retire comfortably! 🙏📉"

[Dailyscript]

It's not always about diversification sometimes. Yes, doing the right diversification can lead to financial stability and wealth. On a deeper note if you have a proper investment in one asset it will yield a huge return if the money invested in it is much. Now this is how these things work. When you invest in Bitcoin what determines the level of profit we can have is the number of accumulations and how much we have invested in Bitcoin. So the higher the number of Bitcoin the higher the returns when the price gets high.

Diversification has its pros and cons, it is not as perfect as we think. Putting our eggs in multiple baskets can help us minimize risk because anything can happen, but it also limits our investments from achieving the maximum possible return. For example, if we diversify our portfolio into 50% gold and 50% bitcoin, then obviously gold will give us safety but the return cannot be better than bitcoin. Meanwhile, if we invest only in bitcoin, we will face greater risks but can definitely get maximum profits.

After all, it all depends on each person's choice. Putting all your eggs in one basket isn't necessarily a bad thing when it comes to a potential asset like bitcoin.

I understand you so well. If we are lucky to diversify into a better asset then the reverse will be the case. Some persons are lucky enough that they diversify into an asset that yielded profit which helped them boos their accumulation in Bitcoin investment quickly reaching their target.

My own definition of diversification simply refer to investing in a business. Because if the business is thriving it will sort out many things. Not jsut stopping us from tampering our Bitcoin investment, but it will serve as a sustain for our other expenses and yet little profits from it can be added to increase our Bitcoin accumulation.

[Mpamaegbu]

Your input can help this man through me.

There are lots of holes I picked in the whole clergy situation as you narrated. Let me dwell on just three of them for didactic purposes.

First, I like the part you posited that you didn't want to hodl the investment for him but that he should get a trusted child of his to hodl and monitor it on his behalf. That's what I also do. This has helped keep me out of trouble with people. Once I set it up for them, I let them keep it. I only get involved when they want to sell or transfer if they can't do it on their own. Nobody likes to see their investment depleted and if that begins to happen they want to quickly blame it on someone if they aren't seeing it go down themselves.

Second, I would never suggest crypto investment for someone going into retirement. It's too dangerous, whether it's on a short term or long. What if wallets get hacked? What if passwords get misplaced? What if coins dip at a time they're in dire need to sell off and attend to their financial needs? There are so many "ifs" to it.

Third, I don't understand the part where people have to wait until their retirement to start up something that can get them passive income. Your clergy's situation cuts across many civil servants I know. Most of them find it difficult having investments by the side while in active service and that's lack of financial wisdom.

[Agbe]

Your input can help this man through me.

There are lots of holes I picked in the whole clergy situation as you narrated. Let me dwell on just three of them for didactic purposes.

First, I like the part you posited that you didn't want to hodl the investment for him but that he should get a trusted child of his to hodl and monitor it on his behalf. That's what I also do. This has helped keep me out of trouble with people. Once I set it up for them, I let them keep it. I only get involved when they want to sell or transfer if they can't do it on their own. Nobody likes to see their investment depleted and if that begins to happen they want to quickly blame it on someone if they aren't seeing it go down themselves.

Second, I would never suggest crypto investment for someone going into retirement. It's too dangerous, whether it's on a short term or long. What if wallets get hacked? What if passwords get misplaced? What if coins dip at a time they're in dire need to sell off and attend to their financial needs? There are so many "ifs" to it.

Third, I don't understand the part where people have to wait until their retirement to start up something that can get them passive income. Your clergy's situation cuts across many civil servants I know. Most of them find it difficult having investments by the side while in active service and that's lack of financial wisdom.

All your points are good. And mostly the second point. Forum has thought me a lot of lessons so when I am involved in cryptocurrency with anyone I have to be very sensitive and be careful with the person. I will not invest and monitor someone investment. I can only direct the person to buy and invest for the first two to three times. And when the person can buy by him or herself then I left everything for them to do. And as you said, can only answer questions from them I'd they don't understand anything either they want to sell and they don't know whe to do. When you involved in another person investment and if anything happens then you are to blame and to avoid such. I have to tell them everything both the advantages and disadvantages so that when it happens I will not be blamed again. But their errors or impatient.  As for the second point, I think it is not bad to tell someone to invest in bitcoin if the time before the person will retire is still far. And before then as I said, tell the person both the pros and cons so that you not be held responsible when there is any downfall. And it is very wrong for someone to start planning to invest when he about to stop working. There is no need for that unless the person has another business running to fetch him coolly money.

[Fiatless]

As for the second point, I think it is not bad to tell someone to invest in bitcoin if the time before the person will retire is still far. And before then as I said, tell the person both the pros and cons so that you not be held responsible when there is any downfall. And it is very wrong for someone to start planning to invest when he about to stop working. There is no need for that unless the person has another business running to fetch him coolly money.

I don't also think that it is bad to introduce people to invest in Bitcoin. Investing in Bitcoin is not illegal and it can be profitable. After all, it was someone who introduced some of us to Bitcoin. Some people might blame you in future for not advising them to invest in it. We shouldn't only look at the negative consequences, the investment might become fruitful.

But also understand the reservations of Mpamaegbu, some retirees don't have other sources of income and depend solely on the pension or gratuity. I will suggest that your pastor invest part of his retirement benefits and keep others for his upkeep. But if he has other sources of income that can sustain him, Bitcoin is a good investment. But don't forget to teach him how to keep his funds safe.       

[Mpamaegbu]

~snipped~

And before then as I said, tell the person both the pros and cons so that you not be held responsible when there is any downfall.

Experience has taught me never to trust people for their verbal agreement when it has to do with a huge financial commitment. Not everyone can take the hit when shit happens. Some will melt under the heat and deny they ever agreed to it. If you must go ahead with that, try have some sought of cover for yourself; either as signed agreement or audiotape it. It's just an honest suggestion. Make person nor carry you enter police station.

[Blitzboy]

Your pastor's got the right idea about Bitcoin. Money is evolving toward this direction. Timing is important, nevertheless, particularly in relation to approaching retirement. He has to be wise about this. I understand the attraction of short-term profits. But for someone in his position, long-term stability is key. DCA comes in here for that. One approach even a billionaire may value is this one. You steadily invest a little bit at a time. It helps you ride out volatility and removes the guessing from timing the market. Like laying brick by brick a strong basis for your financial future.

Your pastor definitely possesses vision and has a wonderful heart. But he requires direction. Help him to see that the long run has actual strength in Bitcoin. Its about ensuring your future rather than about becoming wealthy rapidly. And that calls for discipline, patience, and some knowledge.

[AmoreJaz]

~snipped~

And before then as I said, tell the person both the pros and cons so that you not be held responsible when there is any downfall.

Experience has taught me never to trust people for their verbal agreement when it has to do with a huge financial commitment. Not everyone can take the hit when shit happens. Some will melt under the heat and deny they ever agreed to it. If you must go ahead with that, try have some sought of cover for yourself; either as signed agreement or audiotape it. It's just an honest suggestion. Make person nor carry you enter police station.

Always give a disclaimer that no matter what the results will be is that you are not liable with the consequences that they will face. You can always give your inputs but it doesn't mean, they need to follow. At the end of the day, it is their money at stake, so they need to take care of their own funds as no one will look for it but themselves.

[The Cryptovator]

Before suggesting someone invest in Bitcoin, we need to keep in mind some important points. Advising someone to invest in Bitcoin won't be a be a proper adaptation unless he knows what Bitcoin is and how it works. You shouldn't take the risk of other investors because you can't secure his funds in case the price drops hardly. It's crypto, and anything could happen at anytime. For better practice, you need to explain about Bitcoin. Let them decide whether they want to invest or not. If someone needs to feed from Bitcoin earnings, then ask him to keep his funds in the bank. Because if it falls, he can't survive. 

[Iranus]

~snip

~snip

My own definition of diversification simply refer to investing in a business. Because if the business is thriving it will sort out many things. Not jsut stopping us from tampering our Bitcoin investment, but it will serve as a sustain for our other expenses and yet little profits from it can be added to increase our Bitcoin accumulation.

Building a business is also a form of investment, but what I'm talking about here is just assets like gold, bitcoin, real estate, stocks...

Perhaps we have different views on the concept of diversification. To me, running a business means we are talking about source of income, and if someone has multiple sources of income it is great and everyone's dream.

As for me, I will never associate risky investments like bitcoin, or stocks...with my business, I want to keep them completely separate and unrelated. Because in my opinion, it would be too risky if we used a single source of capital to serve venture investment as well as our business. What if we don't have a proper spending plan when investments are losing money while our business needs money?

[Cryptoverse24]

Bitcoin is a great investment option for retirement if you hold your BTC for 5+ years.You cannot expect to get huge returns from bitcoin investing in the short run.If your pastor regularly needs funds for short term use then he better invest in dividend paying stocks.

[sokani]

Trading? Ah! That is not possible and that should not be mention because it is too risky. Investment is still the best option. And he has no retirement benefits from the church as a Pastor but only from the stipend and once he has retired, the stipend will also stopped because he is not in active service again. And that's why he is eager to invest. But I don't know how much he has at the moment to kick start any investment.

Davidvictorson is right. The only way your pastor can make money quickly from Bitcoin is trading, and that's if he's proficient in trading. Aside that, it's not a good idea to invest in Bitcoin since he's looking for a quick money. There are other profitable businesses he can venture in that can guarantee steady income, let him do some findings. If he must invest in Bitcoin, then it should use his spare cash and not money meant for the family upkeep or vital projects.

[rodskee]

He comes to the right person because you are one of the knowledgeable person here and your advise is completely correct .

[dezoel]

"Investing in Bitcoin for retirement? Well, that's one way to keep the faith strong! 😅 But tell the pastor that Bitcoin might be a bit too volatile for divine intervention—he might need more than a prayer to retire comfortably! 🙏📉"

Yeah. Bitcoin is volatile but it is if someone is investing for the future. If you are investing for the future and money that you will not need immediately then it is definitely a good choice because if you had bought Bitcoin seven or eight years ago, you would have received about 20 or maybe 50 times your investment.

Even if you withdraw all your invested money with profit, you still have a good amount of Bitcoin behind you. Likewise, those who are investing today will withdraw their invested money with profit after four or five years. Even so, I'm sure they'll have BTC in their wallets, so those who think ahead always succeed.

A wise man, when he does something, carefully evaluates the pros and cons and only after that he puts his hand into something, so those who do business or understand business know this very well. Trading is not something that only gives profit as the market fluctuates they are mentally prepared that they may have to hold their money or even lose for some time. Make the best strategy before doing any work so that you don't have to leave the work-up in the middle.