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.

[SmartCharpa]

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.

Not at all, you are not wrong in advising your friend to start a Bitcoin investment with the company money that is the bank. But in this case, according to the way you summarized it, I don't think your friend sought any advice from you, he only talked about the company money that is the bank, I am not sure if he asked you, where and what to do with the money that can bring profit to the company. To be honest, that is why risky things, don't tell them if they didn't ask, and don't advise them when you are not asking for it. For example, now that you advised your friend to invest in Bitcoin, he accepts the advice you gave him, did you think he would not show any kind of reaction towards you if the Bitcoin crashed? You have to wait for someone to decide what they can do before you can advise them.

However, we are talking about family company here, his dad is still alive, and your friend may not have the right to control the family money. In a situation where the company needs the money to use on something that can bring benefit to the company, did you expect him to tell the company that he has invested the money in Bitcoin? The family may even think that he has used the money on other things, you may even get yourself into trouble if they find out you are a person who advised him to purchase Bitcoin with company money. If your friend considers your suggestion as the best option, I believe he should inform his family about his decision and the risk involved in Bitcoin, they should not accuse you of being a scam if the price drops.

[ThemePen]

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.

I completely agree with this perspective. When someone advice or suggestion causes harm or financial loss their good intentions are mostly forgotten. Person who suffered loss is more likely to focus on negative outcome than intention behind advice. This is natural human response and it is wise to acknowledge it. It is great that you prioritize avoiding such situations and recognize potential embarrassment and stress that can come with giving advice that does not work out. By being mindful of this you are showing a thoughtful and considerate approach to your relationships and that is something to be commended.

[SAHASAN]

Understandably, your friend is new to Bitcoin
The first suggestion should have been to keep his company alive and invest a portion of the company's profits in Bitcoin as savings.
And as the company continues to get him a good knowledge of Bitcoin which he can find out through this forum and through Google search.

[armanda90]

I think too risk when recommended some companies investing in bitcoin behind their financial condition not stable yet, seems difference with bigger company such as MicroStrategy has doing well with their stable financial condition and easily to manage when investing in bitcoin behind their assets enough for company operation cost. Recently, MicroStrategy is not hold bitcoin for longer time and take advantage with bitcoin bullrun and bearsih moment to sell or buy back, regarding has good financial condition of company its easily to make investing in bitcoin but with your friend company better recommended advantage side of bitcoin its self.

Its too risk when recommending them for investing in bitcoin behind when price of bitcoin get down and difficult to manage company cost will give bad mentality impact for your self because advice them for investing in bitcoin.

[AVE5]

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.

In the first place did he seek for your advice of If may ask?
It only feels wrong when you try to convince him to have the money Invested on bitcoin but right when you shares about the potentials of bitcoin in both Ups and Down with him and let him decide according to his conscience.

[Lanatsa]

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.

In the first place did he seek for your advice of If may ask?
It only feels wrong when you try to convince him to have the money Invested on bitcoin but right when you shares about the potentials of bitcoin in both Ups and Down with him and let him decide according to his conscience.

If you do base up on his sentence or the words that he spoke then he told that his friend reached him out or told him about the his fathers company and telling that the money is available and doing nothing in the bank. So OP did make out some recommendation about Bitcoin which it isnt really that a bad recommendation but of course it would be best that OP did make some caution or making up some warnings that potential of losing money or would be having negative is there on which simply means that whenever the market do make out such dip or correction then you wont really be getting any blamed with that compared if you do have just explain to him about making profits without explaining about the potential risks that it could have on which it is really that very wrong.You would really be recieving those negative words that came from your friend because you had missed out on telling him about the risks involved.

This is  why on the moment that you do make out such recommendation then it would be always better to explain about its pros and cons and let him decide whether they would be putting up their business funds
or company funds into it because you have that making them getting convinced about the opportunity or chance that it do gives on making even more profits on just simply holding. It is really just that a matter of time and a matter of market condition on where the results would really be ending up on being positive or negative. Only put up on the amount which arent intend to be used because if you do find yourself on negative and you do need those funds then it would be a realized profit and taking it back would be challenging.

[Su-asa]

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.

Though Bitcoin is a good investment plan right now, but you shouldn't make it look lik the only option out there .i don't think you should involve yourself in situations like this as it might not end up well. Even though Bitcoin is a good investment, some people who really don't understand how it works might take it as scam ones the price begins to dip. I would advice your to say off from his decision on what to invest with his families money. You can just give him some tips but dont get too involved in it. If he decides to invest that's his choice so that he will be the one to bear any risk that come with it

Bitcoin investment is a safe heaven investment but it's also a risky investment, we that already have the knowledge of investment won't be afraid when Bitcoin is dipping because we know Bitcoin will increase again. People who sell bitcoin out of fear are like a short time investors or traders, a long term investors are not scared if Bitcoin is dipping and what makes a real Bitcoin investor is the fact that even when Bitcoin isn't skyrocketing they are still buying Bitcoin believing thar Bitcoin price will high.

[Zanab247]

So let me summarize you had a friend whose dad is old and own a pile of cash in the bank and a company right? Did your friend need advice from you or this is just your initiative. I mean if the business is running well you can use the money in the bank to grow the company without bitcoin. Just tell them there is bitcoin + and - of it and let him decide, if you friend think forward he might consider to buy some bitcoin

I guess is love he has for his friend that made him to brought out the idea of BTC, which he know that if his friend can put those money into BTC, it will going to bring out good results in the future, which you know that BTC can bring such result.

Even though, the business is running well or not, as long the money is there for no use, it can add more money into the company account that will make the company to be among the standard and financial exploit in the country, if the Money can be invest in BTC.

I know that his friend will surely listen to his advise, because BTC has plenty evidence that will make people to believe that it will going to bull massively to cause people to earn from the bull run.

[milewilda]

So let me summarize you had a friend whose dad is old and own a pile of cash in the bank and a company right? Did your friend need advice from you or this is just your initiative. I mean if the business is running well you can use the money in the bank to grow the company without bitcoin. Just tell them there is bitcoin + and - of it and let him decide, if you friend think forward he might consider to buy some bitcoin

I guess is love he has for his friend that made him to brought out the idea of BTC, which he know that if his friend can put those money into BTC, it will going to bring out good results in the future, which you know that BTC can bring such result.

Even though, the business is running well or not, as long the money is there for no use, it can add more money into the company account that will make the company to be among the standard and financial exploit in the country, if the Money can be invest in BTC.

I know that his friend will surely listen to his advise, because BTC has plenty evidence that will make people to believe that it will going to bull massively to cause people to earn from the bull run.

Sharing up some idea on which he/she do knows that it could bring out that positive outcome but of course just like on what mentioned above that on the moment that you do make out those kind of recommendation then it would really be always best that you should really be that telling them about the risks involved because there would really be no assurance that you could really be able to make money. If those funds are really that sitting idle then for sure your friends dad/father will really be might be tending to expand the business on using up those funds or would really be diversifying in other key areas on which this is something that would really be viable for them to do so. If they are really just that contented on what they do have now then it would be their call but since your friend telling about that kind of issue and condition then making out some advises and recommedations isnt really that prohibited.
Just like into those words above is that you shouldn't really forget on telling about the main problem of trying to invest or put your money in Bitcoin is that there would really be that chance on seeing negative
instead of positive but since recovery is inevitable then it will really be taking up some time for you to see those green conditions. If your friend wont really be that not be able to handle such potential risks
then it would be wise that he shouldnt really be making that further step because there are people who cant be able to bare up with the risks involved.

[bitzizzix]

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.

Though Bitcoin is a good investment plan right now, but you shouldn't make it look lik the only option out there .i don't think you should involve yourself in situations like this as it might not end up well. Even though Bitcoin is a good investment, some people who really don't understand how it works might take it as scam ones the price begins to dip. I would advice your to say off from his decision on what to invest with his families money. You can just give him some tips but dont get too involved in it. If he decides to invest that's his choice so that he will be the one to bear any risk that come with it

Bitcoin investment is a safe heaven investment but it's also a risky investment, we that already have the knowledge of investment won't be afraid when Bitcoin is dipping because we know Bitcoin will increase again. People who sell bitcoin out of fear are like a short time investors or traders, a long term investors are not scared if Bitcoin is dipping and what makes a real Bitcoin investor is the fact that even when Bitcoin isn't skyrocketing they are still buying Bitcoin believing thar Bitcoin price will high.

Of course, when investing in Bitcoin, you must really have sufficient knowledge before doing so and also understand the risks involved and most importantly have a strong mentality when facing significant declines. Because this will definitely happen, even though in the end the price of Bitcoin will rise again, it cannot be denied that if that happens there will definitely be concerns even though we have been in this industry for a long time.
So, beginners must learn and understand everything related to Bitcoin. Even though Bitcoin is a promising long-term investment, it requires sufficient knowledge so that when unexpected things happen you can handle them.

[Furious 7]

Bitcoin investment is a safe heaven investment but it's also a risky investment, we that already have the knowledge of investment won't be afraid when Bitcoin is dipping because we know Bitcoin will increase again. People who sell bitcoin out of fear are like a short time investors or traders, a long term investors are not scared if Bitcoin is dipping and what makes a real Bitcoin investor is the fact that even when Bitcoin isn't skyrocketing they are still buying Bitcoin believing thar Bitcoin price will high.

When uniting the word safe with risk it is actually quite ambiguous because in the end we also don't need to be naive to say that being in bitcoin is a place full of risk but in the end it is worth what we will get when we really do it seriously and indeed in a way that is appropriate because it cannot be denied that bitcoin is a very worthy place when talking about investing especially for crypto so it is indeed the right choice actually to be in bitcoin.

What needs to be thought about is how we can stay firm and stay strong mentally, especially if we are going to do long-term hodl because we know that with the condition of bitcoin whose volatility is unpredictable, not a few people give up and ultimately blame bitcoin even though it is their fault because of decisions made when mentally weak so it is important in this case that we must really maintain mental and firmness if we really want to be in bitcoin because when something like that is not maintained then we will not have a strong foundation especially when we see bitcoin experiencing corrections and decreases.

[Sandra_hakeem]

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.

That's one of the lamest advices I've heard in a while and I'd rather tell him to leave the money in the bank as the company may require an immediate asset to run an upgrade, develop new devices whatsoever...

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 depends on whatever extra thought you gave him, that we ain't aware of.

[livingfree]

To Op and anyone that have been a real bitcoin enthusiasts. I admire how you are wanting to support Bitcoin through this means of introducing it to someone.

But there are right ways of doing it and I won't do the same thing, I'll tell that guy to invest on their company's resources that shall increase the productivity of their workers and company's sales and profit but not through investing in BTC.

I know that his friend will surely listen to his advise, because BTC has plenty evidence that will make people to believe that it will going to bull massively to cause people to earn from the bull run.

He might listen but it's best if that friend will invest to Bitcoin as an individual and not with his company's money.

[MiF]

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.

We can all give an advice and is up to them if they are goin to believe it or not, they need to decide by thier own so also make an advice to do more research and not just invest quickly let them know first the two possible outcome which is win or lose, if we cant earn then we will lose this is normal and this was already been experience by most of the investors specially small time investors.

[KennyR]

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.

We can all give an advice and is up to them if they are goin to believe it or not, they need to decide by thier own so also make an advice to do more research and not just invest quickly let them know first the two possible outcome which is win or lose, if we cant earn then we will lose this is normal and this was already been experience by most of the investors specially small time investors.

We can give suggestions as well as introduce them to the possible choices, because not many are aware of the cryptocurrency investment. Later, your friend and his family will decide whether they need to invest or not. Before making an investment, it is always a must to do research and have statistics on the success. While giving suggestions, we need to just give the outline and shouldn't make a comparison with companies like Microstrategy. These companies will have different businesses and invest in Bitcoin, whereas small-scale companies couldn't do this. If the friend goes by your word and makes a lot of money, he will be happy, if not, it might lead to the end of your friendship.