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

[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.

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[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.