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

[Franctoshi]

My biggest challenge was convincing my close friend looking for a long term investment (10+ years) but don't like Bitcoin and you know Bitcoin is the right option for him.

I got a close friend who believes so much in me when it comes to doing profitable investment, during early May this year (2022) He asked me what kind of investment that one could go into for long term that he's looking into investing in the future and for his retirement period, He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run. So when he asked me about the best investment which he could go into, I told him I'm gonna give him a feedback soon. I gave him a week to see if he's really ready on what he asked me for, within that time interval he called me that he's still waiting for my feedback.
In my knowledge about Bitcoin I already knew that the best choice of investment for him in that regards is Bitcoin, then when I invited him to my house I gave him a  list of 3 asset to invest in, which are:

•Bitcoin
•Gold
•Real Estate

I went futher to explaining which asset between the 3 assets is the best, I first of told him the purpose of that Bitcoin and problem is meant to (Uses cases), that Bitcoin is scarce and would outperform the two assets and yield more returns in the long term than the two if he gives the 3 assets 10+ years period of time as he's looking into long term.
I equally told him that Bitcoin is more liquid than the two asset in the sense that buyers are always there and you can liquidate your Bitcoin as easy as ABC anytime.

Goiy further I equally told him that Bitcoin is revolution of money and being your own bank (the only freedom form of money in the world)
That Bitcoin is more secure in the sense that you can have Bitcoin stored in hard wallets like Nano ledger wallet etc and move about with your money wherever you want to go with lesser cost of storage, While Gold for it cost you to move it around and land is immovable and will cost you more trying to secure them, in some cases in my area land may enter into dispute.


To cut the whole story short he categorically said he don't like Bitcoin..... Reason due to uncertainty of Bitcoin that it might get banned today or  tomorrow, but I knew this is because of his misconception about Bitcoin and realized that I have a lot of Job to do on my friend to give him the right information he needs to know about Bitcoin.


What I did  in getting him interested /convinced.

So during this crash I realized that it is the best opportunity to have him invest in Bitcoin,

1• Therefore I first started sending him an educational short write up of how the internet started 1999/2000 that this is a kind of thing involving with Bitcoin and Money.

2• I started sending him a link to Bitcoin YouTube videos to watch as he started asking me some questions which indicates he's beginning to have some interest , As they said a "prophet is not of worthy except in his home town". It's better he watches from other sources than from the only one I have been teaching him.

3• So lastly the one that spark his interest up was that recently I started by giving him list of billionaires who has invested in Bitcoin like Michael Saylor, Elon musk and other institutional investors like the world largest hedge fund manager Blackrock coming into the space.

I even paid an artist who customize a very nice gold colour Bitcoin wall frame for him that has big Bitcoin Logo and name on it which I gifted him ,same like the one I got in the house which he do much love.

Just yesterday I was amazed he told me that he now wants to buy the Bitcoin and I have helped him we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).

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[_act_]

Nice reading this.

Hope you let him know the risks involved too and safety measures?
Hope you told him to use a cold wallet, like hardware wallet?

You know that it is not good to use a centralized exchange for your friend will not have complete control over his own asset, also not good to use a centralized wallet for the same reason. Not good to use a close source and online/hot wallet for it, they should all be avoided. Getting a cold wallet like hardware wallet would be better and he should totally be avoiding scammers and hackers.

Hope you told him to read some articles about seed phrase and private key or you well explained to him and keep on repeating it for him, that he should protect them safely and have recovery backups in a safe place, I mean the seed phrase backup.

You can even advice him to use passphrase which can help him against attack, but he must lost the passphrase, having a backup for the passphrase would be best and recommended.

But I would have adviced him to just put 50% on bitcoin while others on gold or real estate. But that does not mean that bitcoin will not increase in price than gold and real estate, but to just diversify.

[Maus0728]

Convincing him to get into bitcoin is a pretty good move as long as you also educate your friend how to properly secure his asset. Because if not, I am certain that you'll be having a bad day when those bitcoin gets lost either by getting hacked or losing the seed phrase.

Teach him at least some basic cyber hygiene.

[tbct_mt2]

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.

[AicecreaME]

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 agree.

People won't believe in you unless you show them your money, I don't know why but it always work. People loves money, and I think that's the reason why they get scammed most of the time. I think if your friend believe in you when you told him about Bitcoin even though you're just beginning your journey in Bitcoin, that's great, because your friend will surely grow with you and hopefully makes a lot of money in Bitcoin with you in the long run.

Investing in Bitcoin is much better than saving your cash in a bank. Bank is just using your money for loan with a high interest while they only gives their users pennies in return. Bitcoin is gonna give you profits much bigger in the long run.

[Franctoshi]

Hope you let him know the risks involved too and safety measures?
Hope you told him to use a cold wallet, like hardware wallet?

I have already started giving him all necessary information he needs to know about Bitcoin and what really caught my attention was him actually looking for long term 10+ years investment, Therefore with 12+ years Bitcoin in existence and performance gave me a bit confidence about Bitcoin as best option.

But I would have adviced him to just put 50% on bitcoin while others on gold or real estate. But that does not mean that bitcoin will not increase in price than gold and real estate, but to just diversify.

Equally a good idea to diversify in order to compare the 3 assets performance towards that time and at the end of his investment, like I said we only bought 1 BTC already and proper DCA is in place too.

Hopefully you also told your friend that he doesn't necessarily need to invest in one of the three choices. If he's so unsure he can simply allocate 33.33% on 3 assets(screw gold though, go 50% on BTC and real estate instead) to spread out risk.

This is another great idea as I will be taking it into consideration as we still have some cash left over.

What you've done to your friend is really good. At the same time you could've said about the risks. I believe you could've failed to mention it on the thread.

I did tell him about the risk involved though I didn't mention it on the thread , he did some research on Bitcoin before he decided.

[Solosanz]

I'm not really sure how good is this, convincing your friend about Bitcoin when he's not like Bitcoin or doesn't have intention to learn it yourself is risky move.

If his investment will work like the previous history where Bitcoin price will increase after 4 years cycle, then your friends wouldn't mad and call Bitcoin is scam. But when it does wrong, he might say Bitcoin is scam and even more don't want to become your friend anymore. I have met such people in my life and that's the reason why I don't want to speak or discuss about Bitcoin even though he is my close friend etc.

[Upgrade00]

Great read. It's best that your friend got interested on their own, with the information provided.

First point to note; I assume that since they are investing for the long term (10- years), then they are not putting in money they urgently need. One should never invest amounts they cannot afford to lose, especially into a high risk asset.

Second point; How to secure the asset is more important than acquiring it.
For a purchase of that amount, your friend should definitely get a hardware wallet for cold storage. They should also preferably be privacy cautious when buying, or sending to their different addresses.
Back ups are also an important factor.

Thirdly, they should be aware of taxes regulations in their area.

[posi]

And the next thing you should teach him how to manage and store this digital asset, since he decided to keep it for up to 10 years, it is not a bad idea to introduce a hardware wallet.

It doesn't matter how much bitcoin he holds, what matters is that he is still a newbie entrant in the market, so you will be the one who is always by his side, cheering him on during his holding time, once a bear market occurs, he will lose his will and panic sell them.

[cheezcarls]

My biggest challenge was convincing my close friend looking for a long term investment (10+ years) but don't like Bitcoin and you know Bitcoin is the right option for him.

I got a close friend who believes so much in me when it comes to doing profitable investment, during early May this year (2022) He asked me what kind of investment that one could go into for long term that he's looking into investing in the future and for his retirement period, He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run. So when he asked me about the best investment which he could go into, I told him I'm gonna give him a feedback soon. I gave him a week to see if he's really ready on what he asked me for, within that time interval he called me that he's still waiting for my feedback.
In my knowledge about Bitcoin I already knew that the best choice of investment for him in that regards is Bitcoin, then when I invited him to my house I gave him a  list of 3 asset to invest in, which are:

•Bitcoin
•Gold
•Real Estate

I went futher to explaining which asset between the 3 assets is the best, I first of told him the purpose of that Bitcoin and problem is meant to (Uses cases), that Bitcoin is scarce and would outperform the two assets and yield more returns in the long term than the two if he gives the 3 assets 10+ years period of time as he's looking into long term.
I equally told him that Bitcoin is more liquid than the two asset in the sense that buyers are always there and you can liquidate your Bitcoin as easy as ABC anytime.

Goiy further I equally told him that Bitcoin is revolution of money and being your own bank (the only freedom form of money in the world)
That Bitcoin is more secure in the sense that you can have Bitcoin stored in hard wallets like Nano ledger wallet etc and move about with your money wherever you want to go with lesser cost of storage, While Gold for it cost you to move it around and land is immovable and will cost you more trying to secure them, in some cases in my area land may enter into dispute.


To cut the whole story short he categorically said he don't like Bitcoin..... Reason due to uncertainty of Bitcoin that it might get banned today or  tomorrow, but I knew this is because of his misconception about Bitcoin and realized that I have a lot of Job to do on my friend to give him the right information he needs to know about Bitcoin.


What I did  in getting him interested /convinced.

So during this crash I realized that it is the best opportunity to have him invest in Bitcoin,

1• Therefore I first started sending him an educational short write up of how the internet started 1999/2000 that this is a kind of thing involving with Bitcoin and Money.

2• I started sending him a link to Bitcoin YouTube videos to watch as he started asking me some questions which indicates he's beginning to have some interest , As they said a "prophet is not of worthy except in his home town". It's better he watches from other sources than from the only one I have been teaching him.

3• So lastly the one that spark his interest up was that recently I started by giving him list of billionaires who has invested in Bitcoin like Michael Saylor, Elon musk and other institutional investors like the world largest hedge fund manager Blackrock coming into the space.

I even paid an artist who customize a very nice gold colour Bitcoin wall frame for him that has big Bitcoin Logo and name on it which I gifted him ,same like the one I got in the house which he do much love.

Just yesterday I was amazed he told me that he now wants to buy the Bitcoin and I have helped him we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).

I acknowledged the fact that you have convinced your long time close friend to put his $50,000 into Bitcoin for his retirement. But did you also informed him of the risks as well like there are no promises or astronomical guaranteed returns in investing into Bitcoin? And did he also bought a hardware wallet like the Ledger Nano S?

I assume that your close friend is so new about Bitcoin and the world of crypto based on my own understanding because of sharing some of the popular names, companies, etc. Anyways, great job for introducing him to Bitcoin though.

[Jody.Drummer]

Positive points I can take from the story of how you convinced a friend to like bitcoin and invest in it. With such a large amount of money, at least he is aware of the risks, not only because Bitcoin is now common in the news. Although investing in Bitcoin doesn't have to be rushed, there's still time to learn, get to know and spark an inner interest. It's not at the instigation of someone else that buying Bitcoin in the wrong place where he doesn't know a safe exchange and how to buy in the right area would be quite a hassle for you. Trust your friend that what he bought today has a much greater value in the future.

[kryptqnick]

I guess the problem is that if a person is rich enough to risk $50k, this person probably doesn't need to think about retirement and doesn't really need any profits he'll get from the long-term Bitcoin investment, whereas a person who should be worried won't have nearly as much, so making a difference would be hard for that person because of not being rich. I am happy your friend decided to go for it, and I think it will highly likely bring great long-term profits. I just hope that if he can spare $50k on an experiment, he's also doing something good for society (like a socially responsible business, a charity, educational/healthcare project etc).

[salad daging]

You give good advice to your friends about how bitcoin will be in the future although this is not certain but we see the history of bitcoin is always a new record for a long time.

I think your friend doesn't have to invest everything in bitcoin and in my opinion gold, Real Estate is also a good choice even though the return is not like bitcoin but in the second investment it is safe and stable so there will be no doubt except bitcoin.

From this story your friend already has bitcoin, which means he will wait for the price of $100k if it happens then he will be a high profit compared to other investments.

But still take the good side of him and let him do what he does best.

[marcotheminer]

DCA over the next year or two could be a good idea with 50k.

[AbuBhakar]

I respect people like OP that have a balls to convinced there friends to invest something big on Bitcoin and assuring them for the return. I myself is afraid to do it because it might backfire to our friendship once the result didn't go exactly what we want since this money is a retirement fund not just a free money for investment.

I'm looking on the part that you warn your friend for risk involved because we can't assure that the price will above the current 10 years from now. I hope you consider telling him the risk so that you can protect your personal relationship with him if something wrong happened.

[stomachgrowls]

I respect people like OP that have a balls to convinced there friends to invest something big on Bitcoin and assuring them for the return. I myself is afraid to do it because it might backfire to our friendship once the result didn't go exactly what we want since this money is a retirement fund not just a free money for investment.

I'm looking on the part that you warn your friend for risk involved because we can't assure that the price will above the current 10 years from now. I hope you consider telling him the risk so that you can protect your personal relationship with him if something wrong happened.

Giving out some assurances is somewhat risky yet you are really that putting that friendship or relation to others at risk specially if the market would be experiencing deep declines or very bearish market

which it would really be impossible that friend of yours wont really be panicking unless if you told him about the risk factor which he do able to make himself that prepared on these kind of times.

But its really a good gesture and initiative for someone to tell about Bitcoin and invest on long term but they shouldnt forget about risk taking thing because not everything looks
good would end up to be good on future years to come but we know bitcoins potential which is something that cant really be resisted.

[mk4]

•Bitcoin
•Gold
•Real Estate

Hopefully you also told your friend that he doesn't necessarily need to invest in one of the three choices. If he's so unsure he can simply allocate 33.33% on 3 assets(screw gold though, go 50% on BTC and real estate instead) to spread out risk.

[Asiska02]

This is great news OP. I'm so amazed on how well you were able to persuade your friend and help him see the benefits of investing in bitcoin. Making him conduct his own research is a fantastic idea as well because he now understands what he is investing in and what he will gain in the long run.
The idea of DCA is a very good as he is investing a huge sum of money into bitcoin. This will enable him to lessen the effects of volatility and increase the value of his investment. As a beginner that he is, and also if he is less bothered about the technical aspect of the market, DCA is the best option.

[KennyR]

What you've done to your friend is really good. At the same time you could've said about the risks. I believe you could've failed to mention it on the thread. If you haven't, then brief him with real time examples of people experiencing the profit as well as loss. This lets your friend understand the reality and get going with it than just having a mind of profiting alone.

[lionheart78]

Why am I seeing that your friend doesn't need 10 years to harvest his profits?
It is really a wise decision that your friend decided to invest in Bitcoin even though he has fear because of future uncertainty due to government regulation.  I bet it is hard for you to encourage your friend since he has negative connotations on Bitcoin.  I am glad your explanation made sense to him.

[dothebeats]

It's a huge commitment, and surely your friend must have trusted you enough that he's willing to give this a go even if he hated the idea of bitcoin from the beginning. Personally, if I was a newcomer to the scene, I wouldn't commit that big of an amount immediately, and would perhaps just trickle in some few hundreds every month as I get to learn about bitcoin. Of course, I would still diversify my investments and still get a share on some of the traditional investments that we have just to be on the safe side, and I hope that your friend does this too.

[AakZaki]

This is a great example of inviting someone to invest in bitcoin. but what needs to be considered is the level of risk that will be experienced by your friend. you really have to explain how the risk will occur, and how much return will be obtained. Investments in gold or housing are also quite good, maybe not all in bitcoin, because if any egg in one basket falls, some of the eggs will break or all of them. It's the same when bitcoin falls you don't have any backing assets to buy anymore. always do money management to enter the crypto market, you should suggest to your friends.

[rby]

It was a good story and it ended well. I have to say first that your friend really trust you for him to take your advice to invest his retirement fund into bitcoin. As you have been teaching him, also continue sending him video clips and links. Also introduce him to this forum and always check on him.
I would have been worried if you bought at the wrong time  but it's fine you bought at the right time. Hope he is holding his key phrase. If you bought in exchange please move it to non custodial wallet. Make him to know the risks involved and also assure him that he will make profits in the long run.

[Vaskiy]

It's a huge commitment, and surely your friend must have trusted you enough that he's willing to give this a go even if he hated the idea of bitcoin from the beginning. Personally, if I was a newcomer to the scene, I wouldn't commit that big of an amount immediately, and would perhaps just trickle in some few hundreds every month as I get to learn about bitcoin. Of course, I would still diversify my investments and still get a share on some of the traditional investments that we have just to be on the safe side, and I hope that your friend does this too.

Not everyone does it. The friendship seems to be very strong and that's the reason he had invested such a big amount without any hesitation just on friend's suggestion. This is good, but diversified investment keeps you on the safer side. Maybe the profit seems to be little less. Apart from this, his friend should focus on learning about cryptocurrencies and find the possible ways to increase his holding amount through different forms of trading practice than just keeping it idle.

[Detritus]

Reading through your post is 😥, but I love the part where you told him about the risk of his asset liquidating like ABC and also the guide you gave him on the safe storage of the Bitcoin. The part were you sent him some papers to read and the YouTube video, I would advise you continue to send him more papers about Bitcoin and other YouTube video too. Even as he has invested, is good to keep him well involved in what he is  into.

[Davidvictorson]

To cut the whole story short he categorically said he don't like Bitcoin..... Reason due to uncertainty of Bitcoin that it might get banned today or  tomorrow, but I knew this is because of his misconception about Bitcoin and realized that I have a lot of Job to do on my friend to give him the right information he needs to know about Bitcoin.

Op don't just give him the right information, give him all the information. Sometimes, I catch myself holding back from trying to convince some close buddies to hop on the bitcoin train because I don't want to tell them I want to show them. I see that the OP glamorize bitcoin. Tell your friend the bitter truth about bitcoin. It is high risk. Tell him it is volatile. Tell him about how he can easily lose his coins easily to scammers if he gets too greedy or trys to play smart(coins doubling). He worked so hard for the money and it would be bad to lose it all in the twinkle of an eye.

[blockman]

I like it when you've given him a week to know if he really is interested in what you're going to say and also I like it when you've given him the other options.
It's actually a good choice to diversify for him if he's looking for long-term investment. I hope that your friendship will last and won't be the same as the others because after looking at the condition of the market and the person invested don't like the situation, the blame goes onto the one giving suggestion.

[qwertyup23]

Convincing him to get into bitcoin is a pretty good move as long as you also educate your friend how to properly secure his asset. Because if not, I am certain that you'll be having a bad day when those bitcoin gets lost either by getting hacked or losing the seed phrase.

Teach him at least some basic cyber hygiene.

In addition to convincing him to proper securing his asset, I would also like to recommend that investing BTC for retirement does not entirely mean that you have to HODL for a certain long period of time. For example, half of the $50,000 ($25,000) can be used as a short-term investment where your friend may convert to cash once the price of BTC increases in the market.

Remember that the volatility of BTC's price makes it a perfect opportunity to invest in either short or long-term. Since its price already reached an all-time-high of $60,000, chances are that it would probably reach that price again in the near future.

[worle1bm]

It's really cool that you somehow convenienced your friend for investing in bitcoin for his future plans but you should also make him aware about the other factors that can largely affect him like the Major dips that can occur anytime plunging his initial investment by a significant margins and he tends to sell them at loss also but make sure he has long term holding in mind that will be profitable for him and also a hardware wallet for storing his coins.

[Uang_kartal]

a lot of money in my opinion. If the background is for a pension fund, this is great. In the long term in choosing an action, I think you are very brave and understand the risks. Both are volatile. Its security and liquidity. You provide complete education. I am in your friend's position, I will be carried away by fomo indirectly. hhe
you are so facilitating so detailed and it makes anyone will be impressed with the help. maybe in the future more people will care, like you

[Don Pedro Dinero]

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

To me, the story told by the thread's creator sounds not very credible, and the fact that he has not received any merit, at least for the moment, makes me think that others who have read the thread are not sure of its veracity either.

People don't get rich by chance. Unless your friend won the lottery, he usually acquired his wealth through a business, and people who get rich that way have a minimal idea of investments. It is strange that his rich friend tells him that he has 50,000 USD to invest and he has to explain Gold and Real State to him. Maybe the rich friend doesn't know about bitcoin, although he might have heard something about it, but about Gold and Real State for sure.

Anyway, nice story, but I don't quite believe it.

[adzino]

Excellent that you convinced your friend to invest in bitcoin, but have you also told him about all the risks involved with crypto currencies and that the price might go down anytime? Have you told him that the currencies are very volatile? I expect that you also helped to understand how to keep his wallets safe and secure and told him make backups of his wallets. I hope the $50,000 he invested is money that he doesn't want and can afford to lose.

-snip-
2• I started sending him a link to Bitcoin YouTube videos to watch as he started asking me some questions which indicates he's beginning to have some interest , As they said a "prophet is not of worthy except in his home town". It's better he watches from other sources than from the only one I have been teaching him.

3• So lastly the one that spark his interest up was that recently I started by giving him list of billionaires who has invested in Bitcoin like Michael Saylor, Elon musk and other institutional investors like the world largest hedge fund manager Blackrock coming into the space.

-snip-

2. Make sure you sent him videos from credible sources.

3. I hope he isn't investing "because rich people invested".

[ethereumhunter]

It is an interesting story about you and your friend.

I hope your friend is not watching the market movements too often because that can make him panic. You give information about bitcoin and explain it to him so that he could invest in bitcoin with his money.

Take care of 1 Bitcoin and not let that sell easily because you want to show how strong bitcoin is. Keeping DCA will give him more satoshi until he says it is enough to have bitcoin and it is time to wait for the next rally/bullish time.

[Anonylz]

It is good to let more people know about btc and what they stand to gain just by buying what they can afford, the more we create awareness about btc the more people around us will understand it and want to get involved and the more the gap between those who knows and who does not will be reduced. However, it is equally important to prepare the mind of such people about the risk (particularly the bear period) when the price will go lower, this is the period that freaks new investors out and should be pointed out from the beginning of mentoring.
In any case, am happy for you and your friend, that's quite some money he his prepared to invest. hope he gains more from it in the future

[xSkylarx]

3• So lastly the one that spark his interest up was that recently I started by giving him list of billionaires who has invested in Bitcoin like Michael Saylor, Elon musk and other institutional investors like the world largest hedge fund manager Blackrock coming into the space.

I hope this is not the only reason why your friend invested into bitcoin that he is aware of its volatility. Those popular personalities and institution have huge amount of money and it woudn't be a big deal for them if they lose money from their bitcoin investment. If I remember correctly, Elon's company Tesla sold their bitcoin at a loss or maybe at breakeven price because bear market happened.

[YOSHIE]

My biggest challenge was convincing my close friend looking for a long term investment (10+ years) but don't like Bitcoin and you know Bitcoin is the right option for him.

$50,000 more than the two Bitcoins he got, that's a great idea you propose to your friend, especially long term investment, if Bitcoin breaks through $50k or $100k/Btc your friend has become a rich man from his retirement fund.

There is a little advice from me for you and your friend, before your friend makes a deposit and invests, tell him the risk first, because we don't know whether Bitcoin currently has reached its lowest point or there is a possibility that it could go down again after your friend bought it, give a bad understanding first if Bitcoin drops even worse than the current price, I think it is necessary to prevent panic from your friends.

[Viscore]

Convincing him to get into bitcoin is a pretty good move as long as you also educate your friend how to properly secure his asset. Because if not, I am certain that you'll be having a bad day when those bitcoin gets lost either by getting hacked or losing the seed phrase.

Teach him at least some basic cyber hygiene.

Bitcoin is definitely a good retirement investment but still, invest with caution. Making him aware that there is also risk in investing in bitcoin, and that anytime it could be lost or stolen if his account will not be properly secured. Have his private keys kept privately, and that disclosing it to others will always be not advisable. If he’s already aware on how to keep bitcoin as a long term investment, and with patience of course, that way it will bound to succeed.

[freedomgo]

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.

Convincing is an art and it will only be easier for you if you yourself is also a role model. That means you have to show the proofs first that you are earning well in bitcoin and it makes your life create big difference now. With that, the person you get to convinced will feel confident that investing in bitcoin is a perfect choice. And that he should also be aware and be educated rather on how to make his investments safe and secured, away from the hackers and scammers around.

[khaled0111]

OP, I appreciate your enthusiasm and I encourage everyone to tell their friends and relatives about bitcoin and explain to them how it works.

However, and to be honest, I don't think you had to go as far as to convince him to invest in it for the long term: First, because you don't won't to be held liable in case something goes wrong. Second, because I believe the whole idea of buying bitcoin and holding it for long time is a good idea for the simple reason that it was meant to be used as a payment method and if everyone is going to stockpile it in their wallets,  it will end up having no value.

[Ihugbogo]

There are lots of mistakes which I have made in life which am not proud of, but becoming someone's financial adviser will never be part of my mistake. I encourage people teach them crypto and allow them to make there choice and decision on what to do with the information I have giving them. You did well buy investing for your friend into crypto. But it's risky making financial decisions for someone's else wealth. If anything happen like price dump and they are impatient and need the money at that time you will be healed responsible.

[scoumoune]

This is amazing! Assuming he had the money and it wasn't foregoing some real living expenses, this is a great story.

[zbutterfly]

Just yesterday I was amazed he told me that he now wants to buy the Bitcoin and I have helped him we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).

this is too risky, bitcoin and other chains are too volatile, if you want minimal risk leave it to the financial manager, or you can use the money for stocks (obvious companies) that have dividends. I even agree to buy gold instead of bitcoin, because in this case your friend doesn't understand blockchain and has never been in that field. If you really want to invest in bitcoin, start with a small investment, in my opinion 1 BTC is a large amount.

[lovesmayfamilis]

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

Moreover, everyone has long understood that in any random or non-random situation, if something goes wrong, you will be to blame. The fact that they attracted, and in my opinion, persistently attracted him to investments

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?

[Russlenat]

Convincing him to get into bitcoin is a pretty good move as long as you also educate your friend how to properly secure his asset. Because if not, I am certain that you'll be having a bad day when those bitcoin gets lost either by getting hacked or losing the seed phrase.

Teach him at least some basic cyber hygiene.

He won’t get wrong investment with bitcoin as it remains the best asset in the crypto market. Gold and estate returns may also be good but definitely, bitcoin exceeds them when it comes to profiting. However, there’s always high risks when you invest in bitcoin, as you won’t be seeing stable price for bitcoin because it’s more on price fluctuations, and hopefully your friend is aware of that. And yes, let him be aware too that stealing or hacking bitcoin is very possible, so he should always be responsible on keeping its private keys more safe and fully secured. Bitcoin’s value is growing in time, that is why we should guard its safety at all times.

[ingiltere]

Even though it was due to misinformation it's still interesting that somebody who "don't like Bitcoin" decided to invest 50k dollars. You must be adept at getting your ideas accepted.
I think he made a good choice. I don't know if it would be enough to retire but it certainly will help him retire earlier. In ten years anything is possible, we can only presume of what we learned from the past. I'd say ten years later Bitcoin will still be here and in higher price than today. There is no way of knowing if it will be millions of dollars or stuck at thousands if you don't have Back to the Future Time Machine or something like that.
Every investment have some risks. In my experience Bitcoin is one of the safest ones, see the irony.

[pawanjain]

Wow, that's really good to see people are still helping their friends and relatives to get into bitcoin. Due to the FUD happened recently bitcoin was dumping a lot.
This made many people to panic sell their coins and some are even afraid to invest in bitcoin again.
But it's good to see there are also people who are ready to grab this opportunity to invest in bitcoin.
Do make sure that your friend is aware of the risks associated with investing in bitcoin and also why he shouldn't share his private key to anyone.
Let him know the dos and donts of investing in bitcoin.

[Leviathan.007]

That's good to hear you explained to him everything related to wallets because unfortunately mainly whenever people explain bitcoin and cryptocurrencies to other people for investing the only thing they explain them is about the profits they can get from investing in bitcoin and they don't really explain bitcoin itself for them while people should understand in what they are investing and what they are buying, also the other thing you could do about him was about the money management and you could teach him also about this because that's the first step whenever someone starts to invest on something.

[Strongkored]

He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run. So when he asked me about the best investment which he could go into, I told him I'm gonna give him a feedback soon.

Not to doubt your story, but you have to be a richer person than your friend to be able to get him to come to you and ask about investments, it is very impossible for someone who already has a lot of money but asks about investing to someone whose wealth is below him.
And if your friend is really rich why does he need to do DCA to increase his assets in Bitcoin it will be easier for him to immediately buy as much as he can afford and save in the period he has targeted to take his profits.

[Frengki_cisco]

If I have a friend like you, who asks about Bitcoin investment I will also do the same thing as you, your friend is lucky to be able to invest with his pension fund.

Considering the crypto market is currently falling, maybe your friend has to be patient a little to get good results, 5-10 is a pretty good time for a change.

[BobK71]

If you are able to convince your friend to make a big investment in Bitcoin that is really commendable. But here you should be aware of Bitcoin's security issues including its volatility. Here not only the profit but also the reasons for the loss should be reported to him. You will give him maximum support so that he can never blame you. But since you are advising him, he will be grateful to you if you can earn profit by him.

[Kakmakr]

People should never give investment advice to friends, if they are not financial advisors.... and definitely never have to convince people to buy bitcoins. I made this mistake once.. and the guy pulled out early, because he panicked when the price dropped with 30% and he lost money. 

You should rather tell them about your experience with Bitcoin and then wait for them to approach you for help to buy bitcoins. Let them make the choice... DO NOT force them into something that might spoil your friendship, IF it does not succeed. 

[Mauser]

Just yesterday I was amazed he told me that he now wants to buy the Bitcoin and I have helped him we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).

Great news, I think this is the best approach you can make when it comes to buying bitcoins. Take advantage of the cheap prices at the moment while still having some funds left to keep buying in the future when prices might drop lower. And even if prices are rising sharply again you are already invested. I am following the DCA method myself for several month now. Dividing assets into Real Estate / Gold / Bitcoins for retirement is a good idea, but I think you are missing one important thing, Stocks. All three assets you recommend don't provide any income when holding it. Real Estate might give you income when you rent it out, but the most likely scenario is that you live in the house or apartment yourself at an old age. And Bitcoins and Gold only gives us income when we sell it or use it to pay bills. One option that makes sense in my opinion is to invest in high dividend stocks, like that you always have some additional cash inflow every year in form of dividends.

[UserU]

People should never give investment advice to friends, if they are not financial advisors.... and definitely never have to convince people to buy bitcoins. I made this mistake once.. and the guy pulled out early, because he panicked when the price dropped with 30% and he lost money.  

You should rather tell them about your experience with Bitcoin and then wait for them to approach you for help to buy bitcoins. Let them make the choice... DO NOT force them into something that might spoil your friendship, IF it does not succeed.  

It's mostly the introducer getting blamed when things go South but when everything is going swell, no credit given when due.

Seen so many stories like this on Reddit.

[buwaytress]

All those comments about people saying introducers get the blame when shit hits fan.

 True. But hard to feel sorry for anyone who also wants to take credit for introducing people to Bitcoin. I love it, good for them and I cannot say I know the full story so reserve comment.

Hope your friend has the stomach for holding if sub-10k BTC appears.

[Zlantann]

I have learnt from experience not to advice anybody to invest in any business or venture. This is because many times I have been a victim of the blame game. I can only introduce a business to anybody and the person would receive a comprehensive lecture about it. And my major focus sometimes would not be on the gains or profit from the venture but the risk involved in it. You would also learn about the skill and virtues that you need to be successful in the business. The decision to invest in the venture would totally at the person's discretion. Investing $50000 retirement benefit is an unimaginable risk. Retirement benefit should be used for more stable investment like real estate. But your friend can bear the risk, then you did a very good job.   

[traderethereum]

@OP has managed to convince his friend to invest in bitcoin and hopefully, @OP can still accompany his friend to stay calm if the market is experiencing a downturn like we are currently facing.
His inexperienced friend can panic if the price drops drastically and can't hold his bitcoin anymore because he bought it at a higher price than now.
But if @OP can calm him down by saying that rising and falling prices are normal, the prices will rise again.
Precisely at the price decline, his friend could buy bitcoins in greater quantities but hopefully, his friends don't buy bitcoins in one order but divide them into several orders.

[Hamphser]

All those comments about people saying introducers get the blame when shit hits fan.

 True. But hard to feel sorry for anyone who also wants to take credit for introducing people to Bitcoin. I love it, good for them and I cannot say I know the full story so reserve comment.

Hope your friend has the stomach for holding if sub-10k BTC appears.

Shit things is about to happen or would really be put the blame on you whenever you do recommend something into someone even your friend.Once things becomes sour and bitter then expect that there's always

a blaming time which is really that a very common scenario that would happen.Its not bad to give out recommendations but dont really give out any guarantees or positive things that someone would be expecting

for it to happen.Making out introductions wont really be that bad but you should really make yourself to be safe when it comes to negative things later on when
the market turns out to be salty.

[darewaller]

I still do not think that it would be a bad idea. The problem is that you do not know what that person will do. It is not about investing, it is about staying long term and not many people can do that. Reality is that your 50k investment could first become 20k and then become 300k, but if you sell at 20k then you are going to lose it all. I personally advice everyone to not just buy, but consider it gone.

There are a lot of people who didn't listen to me, and there are a lot of people who failed to do what they planned, I mean even if they say they will hold for 10 years, then sell after 6 months of bear market, that is the type of problem we face when we give advice.

[Hyphen(-)]

Just yesterday I was amazed he told me that he now wants to buy the Bitcoin and I have helped him we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).

You did a very good job for convincing him to buy Bitcoin and I am sure he will not regret his actions as many more profits awaits him.
Bitcoin is my Number one priority/option to buy as an investment, I am just waiting or an opportunity to buy mine too because I now it's still never too late to invest in Bitcoin.

[Rockstarguy]

If he should choose bitcoin for investment it is better you give him a proper understanding about bitcoin,  the risk involved and bitcoin is good for long-term investments.  If he agrees to go for bitcoin I believe he won't have much challenge,  according to you Op you said he is rich he won't be desperate to get rich from bitcoin,  atleast he will have patience  to hodl to get better outcome of investment.

[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.