A friend of mine is unfortunately going to prison for up to a year, possibly more. He told me he plans on putting all his fiat into bitcoin while he's away. Can't work out if that's a good idea or not, he said he may trust me to keep an eye on them and to cash them out if the price tanks. I don't really want that responsibility but am happy to help him however I can, if that's what he wants.
Do you think this is a good idea?
Personally I think it's risky, if he kept it in fiat then he would have the same amount of money when he comes out. He is clearly hoping for profit and sees that him not being able to touch them as a good thing.
Converting
everything to bitcoin is definitely too risky in my opinion. keeping a percentage (probably 10-33%) would be OK IMO.
You also need to have clear rules on what 'tanking' means. you don't want him to be unhappy with your decisions when he gets back.