He wants to Invest in Bitcoin for His Retirement.

[TheUltraElite]

Gains are a function of time and capital. Capital may be high but if you dont give it enough time or dont have enough to time at hand, then its of no use.

It is encouraging to see older people have interest in bitcoin, but be careful because often this interest comes from unscrupulous people who may have hinted at bitcoin leading to huge gains when the latter party only wants to rob that person of their money in the names of crypto - these scams are very common among elderly.

Long term investment would have done well provided he had started at younger age.

[Amphenomenon]

Your input can help this man through me.

Just like others as spoken already him investing in bitcoin base on his plans is really not advisable from the short time and it becoming a source of living for him with this short frame.

To be frank I doubt if there's any other investment that  will actually be able to work out well for this short time of months and also become a source of living for him  and his family with this time frame. He should consider adding time on his investment plan

My advice is that since it's obvious Investing in bitcoin won't work for him, he should go for other investment that will work for him but also not bother much about the ROI rather the risk involved in order not to be carried away by high returns and then fall into scam or pitfalls.

[cr1776]

Lol.

First Bitcoin isn't an online business and the second, few months savings aren't enough for retirement.

I feel like your Pastor is looking for "magic money" where he can earn a big amount of money without doing anything from small amount money, which is impossible in the first place. It's better if you tell him, Bitcoin can't do like that.

Exactly.  Bitcoin could be up in a few months.  It could be down in a few months or it could be around where it is now.  A few months isn't a long enough time horizon.  If it was money he could afford to lose and had other sources of income and his timeframe was 5-10 years, it might be different. 

[SatoPrincess]

And I told him the two types of investment. Short term and long term and I suggested long investment for him but he said he likes the short term investment because he can feed from it and I told him that, he can't invest in bitcoin and still feed from it.

From this point, I can tell that your pastor cannot afford to invest in bitcoin and is only looking for magic money on the internet. Bitcoin investment is a very volatile investment. Newbies need to be well aware of this, when introducing bitcoin to someone make sure to stress that bitcoin market does not move in a straight line, it has both bullish and bearish seasons. When next you have a meeting with him, tell him he should only invest what he can afford to lose, and see how he responds to that.

[SquirrelJulietGarden]

First Bitcoin isn't an online business and the second, few months savings aren't enough for retirement.

I feel like your Pastor is looking for "magic money" where he can earn a big amount of money without doing anything from small amount money, which is impossible in the first place. It's better if you tell him, Bitcoin can't do like that.

It's better to tell him this fact about Bitcoin and add one more warning, don't feel disappointed with no chance to get rich quick with Bitcoin and small initial capital, then fall to altcoins.

Tell him risk of altcoins and fact about them is: no opportunity to get rick quick with altcoins and most of altcoins die after several months, couple of years. Many people feel like they missed great opportunities with Bitcoin because they are late comers, and they want to be early comers with altcoins.

Wealth does not come but Poor and bankruptcy comes when they invest all money into altcoins.

Tell him to apply DCA, Dollar Cost Averaging, if he decides to invest money in Bitcoin.
https://dcabtc.com/

[Huliya]

You invest a portion of your savings in bitcoins for the long term, while also adopting more permanent, productive measures for short-term needs. This way, you can benefit from long-term gains in Bitcoin while having some security for immediate financial control. I think the dollar cost averaging method (DCA) is a good strategy, especially for fixed income.

[Adams0001]

I don't advice this. You made him to see Bitcoin as a business he can  invest in and make profit. I beg to differ unless you're going to teach him trading. He's old and that's his retirement money he should rather go invest in some business that he has experience in. As an old man, he may have some  underlying health conditions that affects old people which may include hypertension etc, I don't I would want to put an old man through the ups and downs of the market no matter what my strategy is. Nigeria is a poor country and every single penny matters especially as it is his retirement funds. This is my opinion.

You are completely correct. Bitcoin is not a business that will bring profit easily you need to spend time to achieve your goal. Bitcoin is an investment that will take a long time to be profitable on it, so you should not advise someone to invest in bitcoin if he doesn't have something to do, because as he said, he will retire so soon and he has family to feed, and he can't feed family with Bitcoin money because you can't get profit every day or week, so it is better he should look for another business to do that will be giving him small small gain that will support him to feed is family.

Don't encourage someone to invest in bitcoin if they don't have another source of income. Investing in bitcoin can be risky as prices fluctuate frequently. If you think you'll get quick profits and be able to support your family, you're mistaken. Instead, find another business to pursue.So don't tell him to invest in bitcoin if he doesn't. He should get another business to do,  they have many business that people are doing and be profitable, bitcoin is a long time investment if you don't have source of income you can be patient to stay for long term.

[Zaguru12]

Trading? Ah! That is not possible and that should not be mention because it is too risky. Investment is still the best option. And he has no retirement benefits from the church as a Pastor but only from the stipend and once he has retired, the stipend will also stopped because he is not in active service again. And that's why he is eager to invest. But I don't know how much he has at the moment to kick start any investment. And I believed many pastors in Africa is facing this problem because they were completely relying on the church stipend and when they are not in active service, they will not have anything to feed themselves. So we have to change their thinking from now. Tell your church leaders to invest now before it too late.

I still think both of you are not too far from the thing, i honestly think both options too me are risky, first trading take time for you to master and that doesn’t mean you are going to be successful out of it, so it should be totally out of the option. As for investing into bitcoin I think it has its own risk because the question is how much time does your pastor has left to hold on to his bitcoin holding. A period less than a year from now is going to a very bad idea although he can simply keep his money there as savings but the profits later wouldn’t be that worth it not forgetting that it could still be in loss. For me if he has many more years to still go before retiring he could just invest but if he doesn’t then he needs to look elsewhere like starting with a small business at least this will make him have a means to fall back to before the time and also fulfill his wish to invest into bitcoin

[Mayor of ogba]

Op, you are the reason why your pastor is insisting on investing in bitcoin for short-term profit. You know it is not suitable for newbies to invest in bitcoin for short-term profit, and your pastor lacks the required skills to do that, but you went ahead to tell him about short-term profit, which he thinks is easy to achieve. Since you have more knowledge about bitcoin than your pastor, if you tell him to invest in bitcoin for long-term profit, he will do it because he sees you as someone who can guide him to the right part as far as bitcoin investment is concerned. But your pastor is not in the right condition to invest in bitcoin, so I will advise you to tell your pastor to start a business; he doesn't have the patience to invest in bitcoin now, and if he goes ahead with the bitcoin investment and bitcoin price drop, the fear and tension of losing his money will make him sell his bitcoin even when he is at a loss. But if your pastor refuses to listen to you, do not help him invest in bitcoin for short-term profit because he will fail and you will be blamed for it.

[legendbtc]

Personally, I don't want to give investment advice to others and would say no to investing for them. If it were me, I would only be able to provide materials or be willing to teach him the basics of bitcoin and let him make his own decision after having basic knowledge of bitcoin.

As you can see, everyone's circumstances and investment mindset are different. While you want him to invest long term in bitcoin, he wants to invest short term, and what if he doesn't listen to your advice and loses money? Not only will it bring his life to a standstill, but it will certainly affect your reputation, and you will even be considered a scammer. I think you should consider carefully if you still decide to invest on his behalf while you cannot guarantee that he will follow your instructions.

[retreat]

If he wants to retire soon, then what he needs to prepare is passive income, where he can allocate his retirement money to get a stable cash flow to support his various needs. If he invests in Bitcoin, it is not right for his condition, since the price of Bitcoin tends to be unstable and he cannot get stable money from it. So one of the best options for him is to use his money to open a business or he can use his retirement money to add capital to other people's businesses and get a share of the profits from it. I'm not saying that investing in Bitcoin is not good, but he just needs to set his priorities right, so he doesn't waste his retirement money.

[zulqarnain2917]

It sounds like you're in a complex situation with a senior pastor seeking advice on investment, particularly in Bitcoin. Here are some thoughts to consider Given the pastor’s imminent retirement and the need for stable, immediate income, it’s understandable why he favors short-term investments. However, Bitcoin’s volatility makes it unsuitable for short-term income needs. You might want to suggest safer, more stable investment options that could provide regular income.

[Ruttoshi]

A Senior Pastor (The Most Reverend in the Province) in my Church called me last week Sunday to see him after the Sunday service which I did. When I met him, he told me that he wanted to see me for a very long time. People have told him that I am good with bitcoin investment andalso teaching people in it. Thathe has three children and all have graduated from University but because of the way things are in the country, they have not secured jobs. And any moment from now he will retired. So he wants to invest online business if I know any. And I told him that I know of only one which is investing in bitcoin.

And I told him the two types of investment. Short term and long term and I suggested long investment for him but he said he likes the short term investment because he can feed from it and I told him that, he can't invest in bitcoin and still feed from it. He can't feed from it because if he does then he will be at the losing side so the best option is the long term investment.

And he said I should managed the investment for him and I told him that he should used one of his trusted children but I can only be a mentor, guidance and adviser to him and not to manage the investment for him. And I will introduce the DCA method of investment for him since he depends on the monthly stipend of the church. My problem here is, the time he is planning for his retirement investment is too close. It is just few months to his retirement and that is when he is serious about it. What was his plan for all these years in active service?

As it is, we have scheduled another meeting this Sunday again after the Sunday service. And if he is serious I will invest for him but I prefer the long term but as a age man, really he needs an investment that can brings feed to his table daily and that is why he was insisting on the short term investment buy that cannot do him anything base on the volatile nature of Bitcoin.

Your input can help this man through me.

ell him NO and to run away. Bitcoin is a scam, a fools game. I am an intelligent, educated engineer. Just do some basic research and see that all of the white paper points have been debunked. Bitcoiners make up new stories and they eventually are debunked as well. Bitcoin websites are constantly all over the place with their predictions (1 million by 2025, LMAO at that one), often contradicting earth other. Only the whales make money. Only people that profit from you buying will tell you to invest. Any small fries are just feeding the whales.  Bitcoin had been crashing for a while now, with the whales propping it up. Most people get this, which is why most of us ignore bitcoin. We know better.

For you to say those words that I bolded above shows that you are only an intelligent construction engineer but not an intelligent computer engineer and programmer, neither an intelligent economist. Bitcoin is real and has great potentials, it is the best investment currently if you look at how the value increased sin 2009 till date and it is still increasing rapidly.

If it is scam why will US approve no bitcoin ETF and why will any institution invest in bitcoin ETF, why will El Salvador use bitcoin as their reserve and they are in huge profits, why are government against the decentralized nature of bitcoin amd trying every means to see how they can kill the anonymity in bitcoin. Or do you know more than all those people I mentioned above or more intelligent than them. Don't get decieved and think it is smartness.

[sunsilk]

To be honest, if that's his retirement fund I won't advise him to invest in Bitcoin. They are believing you and your words because of the word of mouth that has introduced you to them. But we don't have the same take with risk and volatility.

He might be surprised when he actually start to invest in batches. If he insists and he's willing to invest really to Bitcoin, he can start with smaller amounts. As you have introduced or about to introduce DCA, that's a good start.

But still, he should be advised that investing on Bitcoin doesn't grow quickly compared to what most of the people think because all they see are the results and not the hardships and endurance that every investor takes.

If you are in doubt OP, just give them materials for them to learn on their own first so that they'll have an idea and tell them to invest only to the things that they understand.

[aoluain]

And I told him the two types of investment. Short term and long term and I suggested long investment for him but he said he likes the short term investment because he can feed from it and I told him that, he can't invest in bitcoin and still feed from it. He can't feed from it because if he does then he will be at the losing side so the best option is the long term investment.

And he said I should managed the investment for him and I told him that he should used one of his trusted children but I can only be a mentor, guidance and adviser to him and not to manage the investment for him. And I will introduce the DCA method of investment for him since he depends on the monthly stipend of the church. My problem here is, the time he is planning for his retirement investment is too close. It is just few months to his retirement and that is when he is serious about it. What was his plan for all these years in active service?

Your input can help this man through me.

If he wants to invest into Bitcoin for the short term there are two things which I
personally would be mindful of.

1.) we are soon entering a period of time, 6 months which could see the market
rise past the ATH and set new highs before it corrects back. This has happened
for the previous two halvings,
and it may not happen.

2.) I am mindful of Bitcoins 4 year cycle, and this year is the 4th year which could
see big growth as above. Also consider the second half of 2025 and 2026 and
2027 where there could be very little growth in the market until 6 months before
the next halving.

I think he needs to be aware of there potential movements.

Also definitely stay away from trading.

[BIT-BENDER]

Firstly what do they know you as in terms of Bitcoin investment. Are you the type that is always optimistic about Bitcoin and always very bullish. I suggest you tell people the pros and cons, the good and bad, the ups and downs on Bitcoin and crypto-currency in general.

It's good you are seen as an advocate for Bitcoin but please is best you tell the Rev everything, all the possible outcome, the usecase and functionality so he can be the one to decide if he wants to invest or not

[Churchillvv]

Of course he should have done that earlier prior this time and age but since the best time to invest is now, he can probably make use of this dips in the current market situation, but for some reason I will only have you to remove his mind from making any weekly or monthly profit from his bitcoin investment because it will definitely not yield the result which he wants or it's not longer what it is meant to be, long term should be his goal at least 4 years should even be advisable.

Perhaps I trust you will know your way around this situation because it's not your first time of hearing people talk of advise like this.

[Pandu Geddon]

Your input can help this man through me.

if the one who comes to you and learns to invest in Bitcoin is one of the pastor's children, I agree more. because the money from the investment will still be used for daily living needs, it is highly not recommended.
The ups and downs of the market will not guarantee that short-term investments will produce profits that can support their needs. I am sure you understand this which makes you suggest long-term.

just suggest that the pastor use his savings or pension for a real business that is closer and easier for him to master. Bitcoin investment will not be suitable for his situation. you have to give wiser advice that he can accept.

[SatoPrincess]

And if he is serious I will invest for him but I prefer the long term but as a age man, really he needs an investment that can brings feed to his table daily and that is why he was insisting on the short term investment buy that cannot do him anything base on the volatile nature of Bitcoin.

Your input can help this man through me.

In as much as you are enthusiastic about spreading awareness of bitcoin to others, do not invest for them. You do not have to act as an intermediary to make the investment on their behalf. If you do so, you’re indirectly taking responsibility for their investment and should anything go wrong you are likely to be held responsible for their losses.

If he needs cash flow he should look for a business to invest in. Bitcoin investment isn’t suitable for people who do not have a job or means of taking care of their day-day bills.

[Baki202]

You invest a portion of your savings in bitcoins for the long term, while also adopting more permanent, productive measures for short-term needs. This way, you can benefit from long-term gains in Bitcoin while having some security for immediate financial control. I think the dollar cost averaging method (DCA) is a good strategy, especially for fixed income.

When you invest a portion then you can invest in something so that you will have money to do other things because you might not make money everyday from bitcoins so you need money to actually feed and pay bills since you are already retired and you don't have any other source of income and spending on the money on investing in bitcoins is not advisable I will even prefer you to divide the money into different investments so that you don't much problem with money, and even short time is not that short. So doing DCA is good and most people don't want use that stregegy, best advise make use shtrategy like DCA they should not be having problems. What ever decision you are making should be smart one, so that you won't waste more money since it's your retirement money you spend it wisely.