figmentofmyass
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July 09, 2019, 08:33:30 AM |
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Hi guys. I have a friend who's parents are looking for alternatives and want to invest money into something other than their IRA account. They have a fixed IRA with about $100K, but they are unsatisfied with the miserable amount of interest they're getting. I mentioned to them that bitcoin is a possible alternative and one they can look into. Do you agree? Do you guys consider bitcoin a reliable and stable investment for long term holding(5-10yrs)? i would say the prospects are good. personally, i'm betting the price will be much higher in 5-10 years. nothing is set in stone though. it would surprise me a lot, but bitcoin could still return to a bear market from here to sub-$3k levels. the odds are low considering the momentum and gains of this rally, but it's possible. keep that in mind when investing with retirement money. usually people put those funds into very conservative investments, not assets that could possible halve in value over the next month. |
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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Pursuer
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Where is my ring of blades...
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July 09, 2019, 08:43:10 AM |
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Hi guys. I have a friend who's parents are looking for alternatives and want to invest money into something other than their IRA account. They have a fixed IRA with about $100K, but they are unsatisfied with the miserable amount of interest they're getting. I mentioned to them that bitcoin is a possible alternative and one they can look into. Do you agree? Do you guys consider bitcoin a reliable and stable investment for long term holding(5-10yrs)? i would say the prospects are good. personally, i'm betting the price will be much higher in 5-10 years. nothing is set in stone though. it would surprise me a lot, but bitcoin could still return to a bear market from here to sub-$3k levels. the odds are low considering the momentum and gains of this rally, but it's possible. keep that in mind when investing with retirement money. usually people put those funds into very conservative investments, not assets that could possible halve in value over the next month. in my experience in bitcoin market when a trend changes for good, there is no way to change it back no matter what happens. for example in 2018 when we entered the bear market as the year began there was no way anything could change it at all. and similarly right now that we have entered the bull market and have already risen more than 250% in the past 6 months there is no way to change that trend. so I would say with confidence that there is no way bitcoin could enter bear market and drop anywhere near $3k! |
Only Bitcoin
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subSTRATA
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:^)
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July 09, 2019, 11:06:02 AM |
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My tactic: keep buying small amounts of btc, this way you buy at low and high dollar/btc rates.
Eventually it will be worth much more.. my guess.
that's the sentiment most die hard bitcoin believers have. It's definitely paid off in the last few years for people with this mindset. i would say the prospects are good. personally, i'm betting the price will be much higher in 5-10 years.
nothing is set in stone though. it would surprise me a lot, but bitcoin could still return to a bear market from here to sub-$3k levels. the odds are low considering the momentum and gains of this rally, but it's possible. keep that in mind when investing with retirement money. usually people put those funds into very conservative investments, not assets that could possible halve in value over the next month.
this exact this has happened in the last few years, and it can definitely happen again. however, my personal belief is that with cryptocurrencies taking offthe way it is now, I don't believe any significant crash is likely without some major event setting it off. likewise, I think the price is starting to stabilize quite a bit, and without some major stimulus, I don't see the price rising in any significant way anytime soon. |
theres nothing here. message me if you want to put something here.
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gentlemand
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Welt Am Draht
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July 09, 2019, 11:25:50 AM |
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The gist I'm getting from the OP's people is that they'll be the very first to sell in a panic and spend the rest of their life cursing BTC. The idea of it being a viable route for your nice retirement funds is plain stupid.
You need to go into it with your eyes and your legs wide open. Anything could happen. They sound like the type of person who shouldn't be putting any more than 1-5% of their originally planned amount in. Even then that might break their spirit.
People get awfully funny about money and us lot are so far gone we're the worst to ask about Bitcoin's prospects.
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Vaskiy
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Tontogether | Save Smart & Win Big
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July 09, 2019, 11:32:10 AM |
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That's good to know about your friends parents not getting satisfied about the investment plans. No investment provides with such an increased profiting same as bitcoin as well other cryptocurrencies. Another important thing, bitcoin serves as a good investment for people who are long term focused.
None can assure for short term or long term assured profit. Invest and the rest happens with the market, we need to make use of the opportunity.
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NathanJB
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July 09, 2019, 11:36:11 AM |
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Stable, nope. Reliable, yes. It is not stable because its value is always fluctuating. It is up today and down tomorrow, or even up this hour and down the next. So stability is something you should not be looking for in Bitcoin. It is reliable because its value is generally appreciating no matter the rise and fall on an hourly and daily basis.
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Herbert2020
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July 09, 2019, 11:59:30 AM |
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My tactic: keep buying small amounts of btc, this way you buy at low and high dollar/btc rates.
Eventually it will be worth much more.. my guess.
that's the sentiment most die hard bitcoin believers have. It's definitely paid off in the last few years for people with this mindset. "die hard bitcoin believers" is a meaningless term in my opinion. logically speaking you analyze bitcoin and see its potential, if you did then you start investing in it. but most people don't have a large sum of money lying around that they could dump into bitcoin! so they have to slowly buy bitcoin each week/month as they are left with a little bit of money after expenses. that means buying little by little and since you already know the long term potential buying at $3k then $4k then $10k isn't really a problem since you plan to hold long term and when it reaches something like $100k it wouldn't matter anyways. |
Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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Herbet Fry
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July 09, 2019, 12:32:05 PM |
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You know.... A better idea would be this.
Hopefully you have a decent amount to invest so it turns enough profit for you.
There many companies that have been around for years and years even older then us. They offer anywhere between 8-12% per year. They make no promises but historically speaking this is accurate. (never trust and investment that makes you promises)
For convience, we will say you open an investment of 100k with 12% APR so it is 1% per month
Take that 1k each month and invest it into altcoins you believe in and funnel those through into bitcoin. Hopefully, you make a good turn over and get some crypto in your prort folio while taking a small risk investing with money you already got just for investing your fiat. You will always have the 100k as well.
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izanagi narukami
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July 09, 2019, 12:45:14 PM |
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The greater the interest , the more risk they must face if we talk about investment.
Yes, bitcoin can yield profit more than IRA but remember the risk
IRA can provide you some profit ( usually stable and government also support )
So it's depend on their decision
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Pyr3x
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July 09, 2019, 12:50:31 PM |
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I think that everyone should be responsible for their own lives, including their own money. You can not rely only on the advice of other people, you need to think with your own head. My advice is to study the information about bitcoin and make a decision about investments on your own
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ene1980
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July 09, 2019, 01:31:10 PM |
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I mentioned to them that bitcoin is a possible alternative and one they can look into. Do you agree? Do you guys consider bitcoin a reliable and stable investment for long term holding(5-10yrs)? Is it safe to assume the only direction(barring a few dips here and there) bitcoin will eventually go from here is up? Do you foresee it going below $10K, or even $9K ever again? Is it even possible to see the lows we saw a few months ago(ie $3500) ever again?
I will never advice anyone to invest into bitcoin if they are not interested in the market, if they are willing to learn about the market and can do everything on their own then it is a good thing, if not never advice anyone as they could sell the coins when they see a deep correction and then put the entire blame on you for their loss because of their foolishness as i have my experience advising others. Bitcoin is not a stable market but in the long run the price will reach new levels but you can expect a correction anytime and hence there is no guarantee that the price wont go below $9k. |
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jakelyson
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July 09, 2019, 03:52:18 PM |
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snip
If you do your own analysis you can personally take the decision on your own investment
Not everyone is financially literate. Even if you do your own analysis, making large investments have lots of pitfalls. 100K is already a large sum of money and I already have seen so many wasting money to investments because of unwise decisions. Financial advisers can help you in that aspect. You never need to hire any advisor for crypto investment. There are plenty of scammers in this forum as well as outside their to scam you so don't be the victim on hiring someone.
Hope you can understand what I am saying.
OP does not intend to push crypto-investment to his friend's parents anymore because of the risk. They will hire a portfolio manager which is a wise choice. And investment is not limited to crypto and no one will take any investment advice from this forum seriously. |
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Apaxy
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July 09, 2019, 05:54:23 PM |
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Investing in Bitcoin is really very profitable, but they carry a fairly large risk. Investing in Bitcoin, in the hope of making a big profit, is practically How to play Roulette, but with great chances. In any case, everyone who invests Bitcoin should have other sources of income.
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omone1
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July 10, 2019, 06:36:06 AM |
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Bitcoin price is very volatile, and they may not need to put all the $100k in buying bitcoin, I will advise you first lecture them on the nature of bitcoin and since you told them between (5-10)years as a form of investment, then am super bullish on this. Some percentage can be try on bitcoin maybe 30% let them see the progress so you know you are dealing with patient people.
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imstillthebest
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July 10, 2019, 06:42:21 AM |
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lol thats what you call serious ? i think your joking because you are asking if bitcoin is reliable and stable kind of asset .
before you jump here ,didnt you do any research about bitcoin or cryptos ? you know bro they are all volatile or unstable . thier value can move from time to time which simply means that they are not a kind of stable investments but they can provide you a good profit becuase of their unstableness .
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nutella_11
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July 10, 2019, 06:47:49 AM |
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Bitcoin is a high risk investment. It's always said with crypto that you should only invest money you afford to lose. Yes, it sounds scary.
Bitcoin has periods when it rises wonderfully and periods when it heads down abruptly. And everything in between. So while some did and will get rich from Bitcoin, others did and will lose greatly.
If one can handle this amount of risk, fine. On the other hand, I would not advise it to somebody in the risk of hearth attack to invest large amounts in it.
Totally agree. Cryptocurrency investments are always risky. Not everybody can handle that. |
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1BTC EQUALS 1CAR
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July 10, 2019, 07:56:51 AM |
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Hi guys. I have a friend who's parents are looking for alternatives and want to invest money into something other than their IRA account. They have a fixed IRA with about $100K, but they are unsatisfied with the miserable amount of interest they're getting. I mentioned to them that bitcoin is a possible alternative and one they can look into. Do you agree? Do you guys consider bitcoin a reliable and stable investment for long term holding(5-10yrs)? Is it safe to assume the only direction(barring a few dips here and there) bitcoin will eventually go from here is up? Do you foresee it going below $10K, or even $9K ever again? Is it even possible to see the lows we saw a few months ago(ie $3500) ever again?
Please give me your thoughts. IRA or Bitcoin for the long term?
Going back below $9k is still possible but I think it only has a 10% chance. This time is going to be different because Mark Zuckerburg helped us to promote the good use of cryptocurrencies. His project opened the eyes of the world and telling them indirectly that blockchain and crypto is the future just like how how sees his social media empire Facebook when he was just still studying it. |
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valentin68
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July 10, 2019, 08:51:28 AM |
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When we talk about banks that keep cash money, a good interest rate is 6.5%. There is something named "compound interest" that can give you a higher interest rate. The compound interest has been invented by Italians in the 16-th century.
Instead of having the interest added to your bank account every year, the interest is added to your bank account every week or every month.
Thus you receive interest to interest. This is very good.
Bitcoin is the future of the money. Until now there was no money like bitcoin in the World. Instead of going to the bank and begging them for your money you have the money in bitcoin. No one in this world knows what will happen with the value of the Bitcoin in the next 10 years, but forecasts say that the value of the bitcoin will appreciate approx 20x to 100x in the next 10 years.
If you ever read the book Foundation, by Isaac Asimov, in this book someone is trying to forecast the future of the humanity for the next 1000 years. He is successful in doing this forecast for the next 700 years.
This is what Satoshi Nakamoto has tried to do with bitcoin, to forecast the evolution of the World finances for the next 100 years. (The prices go up in this world, and Bitcoin is trying to compensate these prices.)
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Rebdoomer
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Buy Bitcoin
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July 10, 2019, 10:08:41 AM |
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Just like with stocks. If no one is talking about it, then it's the perfect time to invest in it. When Bitcoin was at it's lowest point in late 2018 that's the perfect time to invest in Bitcoin. I would not recommend investing right now as everyone is on the Bitcoin hype at the moment. Pro tips.
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xSkylarx
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July 10, 2019, 10:17:16 AM |
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For me bitcoin is a reliable investment but not stable. I've owned bitcoin since 2016 and we can see its growth from the past years. But the price is very volatile when we remember what happened last year where it crashed from $20k to below $4k. If you don't want to lose big in bitcoin, only invest what you can afford.
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