Bitcoin purchase using proceeds of a sold asset

[DabsPoorVersion]

I had a discuss with someone about how people become successful through the Bitcoin space with  a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

Share your thoughts on this as to what you consider a wise counsel...

The Bitcoin journey of CZ is not a good example for someone who is just going to start investing in Bitcoin. CZ has knowledge of cryptocurrency and had the goal even before he sold all his properties. CZ does not sell his assets then purchases Bitcoin and waits for the bull run to come. He made a move to become successful himself which is the opposite of what you have suggested.

If he plans on investing in Bitcoin, don't make a rush decision. Don't give up all his assets and invest all to Bitcoin then wait for it to grow and do nothing. It will make him suffer over time and probably regret it sooner or later.

[aoluain]

Then find money elsewhere? If he thinks it's his only chance to invest in bitcoin then he has already failed. Imagine thinking that there aren't any other possibilities than selling your house. You don't need to invest all in one go. You can buy slowly but surely. What does he think? That bitcoin will go to $1 million next month?

I agree there are other ways, my own personal approach was before the last halving I
took a personal FIAT loan and bought Bitcoin. It was good timing because approximately
12 months later it was paid back.

For the OP's friend selling the house will directly affect his parents, if it was just himself
living in it I would say sell it and use a percentage to buy Bitcoin, if it didnt work out
at least all was not lost ^{just my 2 satoshis}

Anyway the timing of this is a little off because by the time the house is sold and monies
received it could be another 3 months, we will have already moved to almost a
month before the halving and its likely the Bitcoin value will have risen. Better to find
an alternative plan and buy Botcoin sooner.

[DanWalker]

Share your thoughts on this as to what you consider a wise counsel...

What I want to know is have you sold your house to invest in bitcoin? And will you profit from the sale of your home? If you haven't done that, you have no right or qualification to give advice to others about selling their home or property to invest in bitcoin.

Giving bitcoin investment advice to your friend is actually a good thing and I know you want to help him but giving advice to sell your house to invest in bitcoin is the worst idea I've ever heard. Have you considered the scenario if bitcoin does not recover and continues to decline for years to come? What will happen to your friend and his family? Are you rich enough to take care of them while waiting for his bitcoin investment to recover? If you can't guarantee that to them then your advice is bad advice.

[tajimas]

Don't expect that what works for someone might as well work for him too, following CZ success direction might be the wrong path he may take in his entire life if he isn't careful. I hope you let him know crypto isn't a get rich quick scheme so he gets that mindset out of him.

If he truly wants to be successful in crypto, tell him to get a part time job, get paid, uses 10% of his income to buy and hodl Bitcoin every payday and see how it goes during the long run.

[m2017]

I had a discuss with someone about how people become successful through the Bitcoin space with  a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

CZ’s financial success will now excite people’s imaginations for a long time. He became a successful CEO not because CZ sold his house and invested in bitcoin. Don’t think that the secret of success is simple: sell your house -> buy a bitcoin and you will be rich. It's an illusion. Now is a slightly different time, different from when CZ bought a bitcoin.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

The decision must be made independently, being prepared to take full responsibility upon yourself and the opinions of those around you must be ignored.

If he is ready to trample on the comfort of his parents, that is his right. No matter how his risky venture leads to his parents ending up on the street. One mistake - this is exactly what will happen.

He can enter this space in small steps. He doesn't have to put the whole house on the line right away. Let him practice with small bets first.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

In part this is true. But it is more likely that they are not ready to risk what they have. Having a house and not having a house are two very different things.

Share your thoughts on this as to what you consider a wise counsel...

It's easy to give advice, but not easy to make decisions. His life (house) is his to make choices.

[Pmalek]

@OP
If you are a good friend, you'll tell him not to make stupid decisions like selling your home for an investment in bitcoin or anything else. If he doesn't have money to invest, then he shouldn't invest. You don't take an asset as valuable as your house in a gamble to get more in the future. In reality, most people have something. Tell him to start with a smaller investment. He probably owns something he doesn't use any more. If he has a car, he can sell that and buy a cheaper one. Perhaps he has a bike, a computer, a PlayStation, some jewelry, etc. that isn't essential to his life. All those things are better to sell if you aren't using them and badly want some money to throw around. 

Oh look, one more thread that seeking a suggestion from the community toward investing in Bitcoin.

Your friend is right, he need to sell his house and use that money to invest in Bitcoin. My suggestion he need to take a loan as much as possible, don't worry about the interest because he can pay it after Bitcoin break new ATH.

Careful. Some people may read this as financial advice and not understand that it's sarcasm.

[Tony116]

Do you tell him stories about billionaires like Elon or Bill Gates? People who dropped out of college and became the world's top billionaires today. LAUGH. You need to understand that each person's situation, knowledge and experience is different. You cannot compare and equate everyone as the same.

From what you said, I bet you have never read about CZ's background and his journey to building Binance. The success he has today is not just selling his house and buying bitcoin and doing nothing. You are too naive to only look at what he has without thinking about what he has gone through and had to face to get where he is today. Don't blindly copy someone else's recipe, you need to be flexible and adjust to best suit your situation.

[LesterD]

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

All I can say is, not good advice. Is that "someone" your friend?
Help him in the correct way, or if you really don't have a good idea what will be the best thing to do right now to invest in Bitcoin, try to learn and do research together. Instead of advising him that when it comes to investing in Bitcoin, there's no need to invest in one go using a large sum of money. Don't destroy his future mate.

[lovesmayfamilis]

I'm sorry for your friend's parents. In the end, they will one day find themselves on the street with their son bankrupt, since he has the thought of selling the house. We often see such tragedies when people's greed takes over and they sell their family's valuables, wives' jewelry, houses, and lands, but we do not see them after they become winners. Do you know why? Because there are no winners, but there are unhappy people who regret what they lost. If you are going to buy bitcoins by taking off your last pants, that is, selling absolutely everything, it is better to wait until you have a lot of these pants. You need to rush only when your head is full of fleas (a Russian proverb).

[btc78]

will he still have a house to live in?

it’s good to think about investing in bitcoin but i don’t think you should sacrifice the things you have to invest
while bitcoin is a safe investment it’s not gonna give you profit right immediately after

does he have other source of income? because i strongly suggest that he keeps the house and gets the money from somewhere else to invest in bitcoin also tell him that he doesn’t need to invest a huge amount in bitcoin right away introduce him to the concept of DCA

[flyingcarpet]

I had a discuss with someone about how people become successful through the Bitcoin space with  a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

Share your thoughts on this as to what you consider a wise counsel...

We shouldn't influence anyone because some people invest in Bitcoin to buy goods and some people sell goods to invest. It's a purely personal decision.

Anything can happen in the market, positive or negative. It is not easy to sell real estate and invest. If you don't have property or money to invest, it may not be right to make certain decisions about the market. Maybe your expectations will not be realized and the opposite will happen. Maybe there will be many more property owners, we don't know. Some decisions have to be made by the investor himself.

I think talking about the risks of the market is the best thing to do in this sense. It is the investor's decision whether to make sanctions knowing these risks or not.

[YUriy1991]

Don't expect that what works for someone might as well work for him too, following CZ success direction might be the wrong path he may take in his entire life if he isn't careful. I hope you let him know crypto isn't a get rich quick scheme so he gets that mindset out of him.

If he truly wants to be successful in crypto, tell him to get a part time job, get paid, uses 10% of his income to buy and hodl Bitcoin every payday and see how it goes during the long run.

If he has a desire, if he doesn't,  just listen he might be afraid to invest by looking at such complex market volatility.

If we are ready to enter the market and invest in BTC, we should not be half-hearted. You have to definitely focus and my assumption is that the steps you convey sound good and are suitable if we want to implement them, but it's a good idea to just not use them. If it turns out that 10% also has needs that need to be covered, it could cause the average percentage as planned to change.

[Cryptomultiplier]

I had a discuss with someone about how people become successful through the Bitcoin space with  a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

Share your thoughts on this as to what you consider a wise counsel...

We shouldn't influence anyone because some people invest in Bitcoin to buy goods and some people sell goods to invest. It's a purely personal decision.

Anything can happen in the market, positive or negative. It is not easy to sell real estate and invest. If you don't have property or money to invest, it may not be right to make certain decisions about the market. Maybe your expectations will not be realized and the opposite will happen. Maybe there will be many more property owners, we don't know. Some decisions have to be made by the investor himself.

I think talking about the risks of the market is the best thing to do in this sense. It is the investor's decision whether to make sanctions knowing these risks or not.

The fact that Binance's ex CEO sold his property and it paid off well for him after investment in Bitcoin, doesn't mean it would work out well for someone else, if they do sell off their property and invest in same BTC.

I would like to think that before the EX Binance CEO made such moves, he must have had options to settle on, he must have done a very proper assessment and done his own research so as not to slack off on making his profit upon liquidation of his investment assets.

The friend in the story, should also check out these scenario and let his parents live well, he can take out a loan he knows he can payback or sell his car to prove a point, but out of respect for the parents living in that house, he should consider other less value properties to sell off and invest in BTC and try to improve or get the best knowledge first before selling off his main property having toiled so much to acquire it.

[Queentoshi]

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

While we try to invest in bitcoins, and also encourage others to invest in bitcoins, we need to be cautious about the kind of advice we give them. Because although some have good intentions, the process to get to the intended intention which is good is bad. I do not support the advice that your friend should go ahead to kick his parents out of the house he owns which they are currently living in because he wants to invest in bitcoins. The only condition he has to relocate his parents should be that he is moving them to a better place. We should not make poor and selfish decisions that will hurt our loved ones just because we want to invest in bitcoins.

[aylabadia05]

It is too extreme to use money from selling assets such as a house to invest in Bitcoin.

Bitcoin is a good investment asset because people who dare to invest in Bitcoin have proven that they can get big returns in the long term.
Isn't there another alternative to be able to invest without having to sell your house? because investing is not a forced activity.

Using your house as collateral to take out a loan taking into account the interest rate might be possible, but I don't recommend it because it could still be risky.

[Promocodeudo]

We should allow individuals to decide if is necessary for them to invest in Bitcoin or not, but telling them about Bitcoin is not bad, your friend has given you reasons why he doesn't want to dispose of his house, do you know that the advice you are giving to him may have a negative and positive ending, if he finally decides to sell such property and use the money to invest and something happens he will blame you and this may lead to what you don't expect, in the other way round if he is been profited he might praise you but to avoid unnecessary drama allow him to take his decision because of the uncertainty of the price, when you are advising people about bitcoin, there are things you need not say.

[Yatsan]

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

While we try to invest in bitcoins, and also encourage others to invest in bitcoins, we need to be cautious about the kind of advice we give them. Because although some have good intentions, the process to get to the intended intention which is good is bad. I do not support the advice that your friend should go ahead to kick his parents out of the house he owns which they are currently living in because he wants to invest in bitcoins. The only condition he has to relocate his parents should be that he is moving them to a better place. We should not make poor and selfish decisions that will hurt our loved ones just because we want to invest in bitcoins.

Also, there are people in there; you just cannot throw away their "shelter" simply because you are interested to an investment. If that's the only concern he should atleast compensate another shelter to still  be lived by his family members. Also, if the property is not solely under his possession. Indeed there are players who succeeded from doing such thing, it shouldn't be a normal thing to do. Putting all of the proceeds into 1 bucket won't be much ofan advised one. If you have the chance to do so then that would be better of course. Do not be too blinded of this itechnology's assurance of profit 'coz there's no such thing as an easy way to do so.

[Kaliandra]

Lots of people are lucky as a result of investing in BTC with reckless capital, sometimes there are those who sell land, houses and so on, but of course not everyone will be lucky, especially now that BTC prices are getting more expensive, so of course there must be special considerations when buying BTC and think about the risks.

I personally invest in BTC and always trade in BTC, but I personally prioritize business in the real world, because in the internet world, trading and investing in BTC are very risky, and in the crypto world it is always full of drama. Look at how many people have lost due to investing in crypto because they prioritize speculation and don't prioritize risk.

in my opinion investing in btc is a good thing but buying btc must be with money that is ready to be lost because in my opinion selling a house to invest in btc is something that is very high risk, because the price of btc could go down in my opinion it is a good way to invest in btc or trading in crypto is to keep using money that is ready to be lost. maybe some people will be lucky investing in btc by selling property and other expensive items but not necessarily us. unless you already have a lot of insight and knowledge, because if  have a lot of insight and knowledge, of course you won't prioritize speculation, but rather the certainty of what you already know.

[Assface16678]

Don't expect that what works for someone might as well work for him too, following CZ success direction might be the wrong path he may take in his entire life if he isn't careful. I hope you let him know crypto isn't a get rich quick scheme so he gets that mindset out of him.

If he truly wants to be successful in crypto, tell him to get a part time job, get paid, uses 10% of his income to buy and hodl Bitcoin every payday and see how it goes during the long run.

But we have a saying that, without a risk theres no gain, it maybe true but the weight of this risk is too much as his friend will sell a property make an investment it is good yes because looks like his friend is very dedicated to earn and invest in crypto or bitcoin but the thing is the risk of his investment, we always says that invest only the money you can afford to lose but OP's friend got his capital from a proper which if instances the investment didn't do well then they can't get back the property and also it will be a big regret for him and his family as the family doesn't agree at the first place, The OP is right about the statement that, don't let anyone dictate of what his friend gonna do, but I think the OP considers the weight of the risk his friend carrying.