Would you advise a friend in the same way?

[Ale88]

Is this the wrong advice? A friend of mine took over his father's company because he is so old already and he told me about the money thats available doing nothing in the bank.

I told him to think about investing that money if he wants to keep the company growing, I told him about how MicroStrategy is doing so well using Bitcoin as a strong backbone of the company, I believe that even a small company can turn big if they use Bitcoin as their main investment.

Or am I wrong? I need to know if this advice is a good one or a bad one, I gave him this advice because we are very close and also because I will do the same thing if I am in his shoe, this is the best thing i can think of right now.

It's understandable that you want to offer valuable advice to your friend about growing their company's wealth. While investing in assets like Bitcoin can potentially yield significant returns, it's essential to consider factors like risk tolerance, financial goals, and the stability of the investment. Bitcoin's value can be volatile, and investing a large portion of the company's funds in it may expose them to significant fluctuations in value. Encouraging diversification and seeking guidance from financial professionals could help your friend make informed decisions about how to manage and grow their company's wealth effectively.

I really don't like OP's advice even though he has good intentions of wanting to help his friend. In my opinion, using a company's reserves or budget to invest in a highly volatile asset like bitcoin is an unwise idea. Not to mention OP completely does not know the business situation of his friend's company, he should not give such arbitrary advice. Finding a financial advisor is the best solution for both of you and the safest. We are just retail investors, not senior financial advisors and knowledgeable about finance, so we limit giving advice to others.

Of course OP has good intentions, in this economic climate for me is crazy the idea of not buying some bitcoins but at the same time is a difficult suggestion because we don't know how the other person could react when there is a dump. Money is no joke, especially being someone's savings, or even worse, a company's savings.

[Crypt0Gore]

Never force your friend to invest in Bitcoin, you should only explain the benefits of Bitcoin to your friend, the risks and benefits of Bitcoin. Then let your friend decide independently, moreover, to invest in Bitcoin, you must first understand the basics of Bitcoin well. You tell your friend the basics of Bitcoin, like how to hold it, when it goes down and when it goes up, and what levels it might go to in the future. Let the decision be made her independently.

I don't see anything on that topic that look like forced, the friend asked for advice and OP delivered, OP wanted the best for this friend it is so obvious, what we can't know unless we ask OP is how familiar this friend is with Bitcoin, because people should not be investing in something they have no knowledge about.

To escape inflation, Bitcoin is a good calling, if the money is just sitting in a bank account for years there will be problems, things are getting more costly, even food is expensive, inflation is hitting very hard, what do you expect? It is only a cool that will keep Fiat in the bank for years now, a million in the bank today will be half a million in value in a year and a half or two, depending on the country's economy.

I don't even want to risk this, I would rather keep my money in Bitcoin, it is left for the friend to accept the advice or say no to the advice, maybe you should read the topic again, there is no single words that look like force to me.

[Uhwuchukwu53]

I think the money in the bank that his father kept was money that was used for emergency purposes. However, it depends on the purpose of the money being saved, if it is for emergency purposes, then I do not recommend investing it. However, if he intends to invest it, then I suggest investing in things that have little risk. Since he may still be trying to adapt to the development of the company he is continuing, it is best not to choose risky investments. When you advise him to invest in something risky, and something bad happens, then the main target to blame is you. Well, but this is just a suggestion from me.

Yes that is reality of most saving by some Great investor, this speak volume in my heart mist good investor save money in bank to serve for emergency or any unforseen circumstances that may arise at the course of running their investment to avoid total breakdown such money can be quickly use to mitigate or savage it immediately, if well verified that is not the purpose of savings there is no need to keep money in bank without yielding any income.

For OP advice in my opinion it would have been a suggestion if the friend is looking for means to spend it ultilize the money but will full details on how the system work inorder to make a choice because human is dynamic in nature as they may begin to apportioned blame if what they expected don't work the way the perceived it is food you allowed him to make choices after full details.

[Gladitorcomeback]

Of course OP has good intentions, in this economic climate for me is crazy the idea of not buying some bitcoins but at the same time is a difficult suggestion because we don't know how the other person could react when there is a dump. Money is no joke, especially being someone's savings, or even worse, a company's savings.

It's barely about your intentions because a person would barely think about what your intention was if they had to suffer because of what you have suggested to them, so if a person suggests an investment to a friend with good intentions but the investment doesn't work out for the friend and he loses money, he would blame the friend for his suggestion and wouldn't say that it is okay, at least your intention wasn't bad. These things barely happen.

This is why I, personally, stay away from such things because I know how embarrassing it can become for me to face that friend if he loses money because of my suggestion even if he doesn't say anything. It is better that I leave him with what he is doing and do what I'm doing and stay away from such stress.

[AnonBitCoiner]

I do not think that it is bad advice, but I believe your friend should research bitcoin on his own as well

It is not bad advice to invest in Bitcoin but people assume it as bad advice when they fail to get profit. The main cause of their failure is that they don't understand bitcoin completely but want to rush towards profit, if they listen to you and then also search by himself as well as learning from watching videos and reading articles then there will be an ease for him to understand Bitcoin accurately.

We cannot share our success and thoughts about Bitcoin to others because they don't listen carefully and after making any mistakes they will put all the burden of mistakes on us. We should keep calm because in this universe if you think positively about others then they start blaming you.