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Author Topic: Would you advise a friend in the same way?  (Read 1266 times)
Outhue (OP)
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April 05, 2024, 09:10:33 AM
 #1

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.

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Oshosondy
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April 05, 2024, 09:14:52 AM
 #2

You do not need to give him this kind of advice. You can advice him about how bitcoin is a good investment and that he can invest in it, but do not take it to the level of involving his parent company. Let him be the one to make that thinking and decision by himself. If bitcoin price start falling after he invested his father company money on it, he will start to blame you, even though the price of bitcoin will later still increase above the price he started investing.

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April 05, 2024, 09:21:06 AM
 #3

This depends on how much money the company has. Is it company money or inherited money from his father?

I think your friend needs to divide the company's money in the bank into several priorities, such as: capital reserves, emergency reserves. If the company has remaining money from mandatory reserves, it can be used for investment. He also needs to divide investments into at least two things, such as low-risk investments and high-risk investments.

I know bitcoin has a high rate of return on investment, but bitcoin falls into the high-risk investment category. This is not a good choice for small company investments unless the company already has strong financial reserves.
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April 05, 2024, 09:28:50 AM
 #4

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

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legendbtc
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April 05, 2024, 09:54:42 AM
 #5

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.

First, do you know what percentage of their company's capital MicroStrategy is using to buy bitcoin? I bet they are not stupid enough to use all the company's capital to invest in bitcoin and have no savings in the bank. Second, if your friend's company is in trouble and needs money urgently to handle it while his bitcoin investment is losing money because of the market dumping. How will you help him solve that problem and are you willing to take your money to help his company?

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April 05, 2024, 10:13:42 AM
 #6

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.
On the one hand, you as a friend are not wrong in saying that you are investing in Bitcoin.
On the other hand, the effects of price volatility that you cannot understand well can impact you, hot balls will be thrown at you.
As a good friend, don't have to give advice in certain circumstances if he doesn't ask for it. I think as a good friend, don't immediately advise him to invest if he doesn't know yet. Just guide him to know what Bitcoin is and other knowledge that is important to him.

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April 05, 2024, 10:20:18 AM
 #7

Cooperations function differently from how individual retail investors do. Without more information on the cost of production of the company, cashflow and whether or not it's privately or publicly owned you cannot give an advice on investments they can make.

You also cannot relate just any business with Microstrategy, they have different goals, cash flow, profit returns and investment targets.

As a rule of thumb, I do not advice anyone to invest in Bitcoin or in anything at all. I can only tell you the merits an demerits I have recognized and allow you make your decision.

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April 05, 2024, 10:28:25 AM
 #8

He needs to know all the sides of the coin with trading on cryptocurrency.  It is still a lot of risk and all the big investors are conservative on the profit they want and exit time, so he won't regret taking the decision.  I can't assure anyone 2x from the present price of bitcoin but I can see other altcoin do that . So it is a tricky choice of coin to invest in at the moment

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April 05, 2024, 10:34:27 AM
 #9

If your friends really sure if the cash on banks won't be touched for long time because he already set aside money that will be for emergency needs, then it's not wrong to invest the money rather than leave it on banks.

If I were you, I would advise him to invest his money without mentioning which assets he need to buy because each person has different risk tolerance, knowledge and experience. Even he keep asking which asset that I invest or he should buy, I will not answer.

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April 05, 2024, 10:38:27 AM
 #10

~
What's the purpose of the money that's being on the bank?
Is it for emergency purposes? If yes, then tell him to not touch it at all. I mean emergency purposes for the company because you don't know what can happen in the future.

TBH, comparing his company over Microstrategy isn't a good thing. Is his company as huge as Microstrategy? Yes, the company is continuously buying Bitcoins, but I still believe that they have extra funds that will be used just in case the company needs it. Does your friend's company have money have that? If yes, then go ahead let your friend invest into cryptocurrency "ONLY" if he knows about it. Don't let him invest the company's money because it's your advice. Let him invest because he knows cryptocurrency.

Well, you said it already, but TBH, I don't recommend somebody to invest into Bitcoin unless they're knowledgeable enough already. Good Luck I guess.

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Marvelockg
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April 05, 2024, 10:46:55 AM
 #11


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.
or he is still new to the business, it's best he relaxes and figure out how best he can effectively run the company for at least one year and then look at the excess profit that comes into the company before thinking on investing parts of the profit into Bitcoin or any other investments. It's necessary to understand that running a company isn't a simple task that you can easily figure everything out just by occupying the office as the boss and so it's necessary he ensures things all intact financially in the company before thinking to diversify the companies savings into another asset.

If we assume that the company is doing too well and still have excess money that's lying dormant, then you can consider using like 50% of the excess money as an initial money to front loard bitcoin while the remaining 50% will serve as emergency fund for the company. If after a while everything's seems to be going on well with no effect regarding the money that has been shifted into buying of Bitcoin, then you can probably advice that he start buying more using the DCA methord by then he must have gotten all the basics of investment into Bitcoin and wouldn't look you as someone that's possibly looking for ways to squander his fathers wealth.

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April 05, 2024, 10:53:43 AM
 #12

You did the worst thing you could in my opinion.

You are giving this guy an investment suggestion even YOU are not sure about.  You told him what he should do and then went to the Internet to ask if that was actually a good idea?  How do you expect this to end?

My advice.  Do not mix up friendships and business.  The latter can be rebuilt, but if the first suffers damage, it may be irreparable.

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OcTradism
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April 05, 2024, 10:55:38 AM
 #13

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.
You are wrong.

Because to run the company, he will need money. MicroStrategy has deep pocket and they did not invest all money they have to bitcoins.

Your advise is wrong too that if your friend took over the company from his father, with a task to run it, he has to do that. If he wants to invest in Bitcoin, do it with his own money or with part of revenue from that company.

If your friend invests in bitcoins, but then change to trading and use leverages, he will destroy the company inherited from his dad.

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April 05, 2024, 10:58:17 AM
 #14

Is this the wrong advice?

Honestly? I don’t think so but it all depends on how you gave the advice to your friend.

If you carefully taught him everything he has to know about bitcoin regarding its history and even and especially the risks associated with investing on it then I think it’s okay. Of course he has to do his own research and it is up to him and other shareholders if there are any to follow up on your advice. As a friend, you just offered a possible solution for his problem so don’t fret too much about it.

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April 05, 2024, 10:59:24 AM
 #15

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.

Never give advice, let alone advice for BTC. The common folk don't understand the BTC cycle, so as soon as we hit the bear market, guess who's getting blamed for their -80% loss... If he has money, tell him to see an actual financial advisor.
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April 05, 2024, 11:04:33 AM
 #16

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.
I would consider your suggestion to be absurd especially since it is important to have your friend in the business that your friend's father has a business standing and not to invest all capital bitcoins in your friend's father.
You yourself know that investing in bitcoins is risky and if your friend's father can't make this investment at the right time, then your friend's father's investment will definitely be at risk and the amount of profit he would have gotten if he kept money in the bank might be less profit than investing in bitcoins.
Also, if your friend's father has invested in bitcoins and is not careful in hoarding those bitcoins, your friend's father's bitcoins may be at risk. You should be careful in giving advice especially if your friend's dad can't keep bitcoin holdings in the right wallet or if your dad's bitcoin gets hacked for some reason then your friend's dad might blame you for losing his bitcoin.

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.Duelbits.
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April 05, 2024, 11:14:48 AM
 #17

It is good advice OP but don't pressure your friend to invest in Bitcoin especially if he is not fully knowledgeable about this. And since he is new to the company and his position, it could be best to listen first to his teammates. It was not because we are close to someone, we are confident enough that suggesting investing in Bitcoin will save them. We keep in mind that not all who invest in Bitcoin become successful and your friend might fail as well.
What you did is that you are dealing a huge responsibility with your friend. I'm afraid they will blame you and the company for such a suggestion in case it fails.

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April 05, 2024, 11:40:23 AM
 #18

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.

As much as I like to encourage people to invest in Bitcoin, I'd say this is not a good advice. The money does not belong to him, it belongs to the family, so it'd be wrong to invest it without the family's knowledge and consent. The right thing is to have a round table discussion with his dad and other siblings and make them see why it is good to invest in bitcoin rather than having it in the bank.
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April 05, 2024, 11:55:44 AM
 #19

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.
A company that tries to follow Microstrategy investment steps does not have the same source of support so its output is also not guaranteed. Because the Saylor company clearly has ready financial support in any case, you may not be wrong but giving a friend the option to invest in bitcoin with the company stagnant condition, unstable income is very risky. So it all depends on whether your friend's company is able to balance everything, including the risks of Bitcoin itself.

The company involves many parties and there are many things that need to be considered. Therefore, it is not enough to just give advice about investment if your friend does not fully understand what Bitcoin is, its benefits and risks.

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April 05, 2024, 12:12:20 PM
 #20

Well the thing is owning or managing a company is a different story or different thing, you see it's okay to suggest about bitcoin investment to your friend it will really may help the company or your friend but the thing is ensure that he has a proper knowledge and skill in investing in bitcoin because we know how volatile and risky bitcoin can be, and there is not a guaranteed that if his company money will grow or the opposite, maybe your friend can try to invest his own money first after that if he is good or has a shot on it then he may use his company's funds or money to invest in bitcoin and be in his company in order to grow more. so in short think throughly before you can suggest something, or it is okay to suggest but don't do reckless move especially in bitcoin, wrong investment can burn all your money.

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