Convincing My Cousin to Invest $20,000 in Bitcoin

[Wiwo]

A cousin of mine working in Malaysia called me a while back; he had accumulated a significant amount of money in his bank account and wanted to move it elsewhere, so I suggested investing in gold and Bitcoin. He understood  ​​investing in gold but felt Bitcoin was too risky. I explained to him that while Bitcoin investments could yield higher returns than gold, there is indeed some risk involved due to the asset's high price volatility; however, many investors avoid panic and remain patient. One shouldn't sell Bitcoin simply because the price suddenly spikes or drops; holding it for the long term is crucial for making a profit. So, I suggested he start with an investment of $20,000. He eventually agreed to invest in Bitcoin, and I hope he sees profitable results.

If I must advise someone on investment, it must come from the place of clear understanding of the risk and the business ecosystem and how they decide to interact with the society. Bitcoin can be a risky asset, but even with such price volatility, Bitcoin has seen adoption in Nigeria. Gold is a good choice too, but for a Nigerian living abroad, if he wants to invest his $20k then Bitcoin should be his preferred choice between Bitcoin and gold as an investment.

[Miles2006]

Investing is different from trade, I understand bitcoin investment can be too difficult to understand and sometimes a lot of people find it difficult to cope reason why many newly investors end their journey so short.
The idea of convincing a friend, family member to believe in bitcoin afterwards they start investing is quite  common nowadays, advising someone to choose bitcoin over gold when clearly they understand gold more might be too risky. Newbies can also understand bitcoin investment first before starting to invest, I’m not saying we should not teach people the right line of investment but are they willing to learn? If such person is not showing any interest then they might end their journey half way.

[RazerMouseMobile]

Investing is different from trade,
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The idea of convincing a friend, family member to believe in bitcoin afterwards they start investing is quite  common nowadays, advising someone to choose bitcoin over gold when clearly they understand gold more might be too risky. Newbies can also understand bitcoin investment first before starting to invest, I’m not saying we should not teach people the right line of investment but are they willing to learn? If such person is not showing any interest then they might end their journey half way.

Based on this article: LINK

Investing is the act of allocating money or capital into assets with the expectation that they will grow in value or generate income over time.

If you will get that definition, we can say that investing is the same as trading because you're "allocating money" in order to buy some assets where you will expect that it will generate you income depending on the time you want to spend on it. Isn't that what you do in trading? You allocate your money, put it in futures account, and use it to buy assets where you hope that you will generate income?

Anyway, convincing another person might becoming common but still I don't want to recommend it. What if they lost their money? Who will they blame? You because they will think that you taught them the wrong way. I still believe in the thinking that we should just let them decide and not convince. We can introduce them to crypto, but let's not come to a point where we will convince them to invest. It's up to them whether they want to do it or not.

[Yablee0]

I’m not saying we should not teach people the right line of investment but are they willing to learn? If such person is not showing any interest then they might end their journey half way.

This is an important fact we must find out first from any dude before pushing him or she into Bitcoin investment to avoid issues in future to come.  However, Bitcoin has recorded so many success over the years but regardless, some push and start people still doubt it and some even term it to be very risky. Therefore, they rather prefer an investment that they can physically get hold of like the gold mining, real estate investment and so on. Hence, I find it risky in sweet mouthing anyone into its investment against their will. But if they can take the final decision or full responsibility by themselves and to be 100% aware of its risk, then that way will be more better and understandable.

[Swordsoffreedom]

I think it is not a good idea to convince someone to invest in bitcoin especially when they don't understand the risks and how bitcoin works.
However, I feel it is too risky to start investing in bitcoin using $20000 , especially for a beginner that doesn't have experience on how the market works. The best thing is to start with a smaller amount of discretionary income, this way they can be able to hold for along time without it affecting their basic needs.
It is good to be patient, have a good plan and avoid making decisions based on short term market trends to ensure long term success.

I don't see anything wrong with newbies starting with a large amount, as long as they really understand Bitcoin and have a proper investment plan .

That said , I agree with you and most people here that talking someone into buying Bitcoin is a bad idea. We are not all in the same boat, from our financial situation to our risk tolerance. What works for you might not work for them. Rather than trying to convince them to buy Bitcoin , it's better to share what you know and let them do their own research, assess the risks  and make their own decision .

[Obulis]

Convinced someone to invest in 20,000 some to invest in Bitcoin is not bad, but do you know that not everyone understand about the Bitcoin? Those types of if try to convince them they will be thinking that maybe your just trying to scam them, and one thing if you want to convince some to invest in Bitcoin you’ve to make sure he have little knowledge on how the bitcoin works before putting him through.

Why convincing someone to invest at times is very risks is because if anything happen there’s no way you can escape from them, they will definitely hold you responsible. Me I can only share my knowledge and experience with those kind of people’s if they find it interesting, and they willing to start up the investments it fine. If the investments backfired they won’t think otherwise to hold anyone accountable.

You first said convincing someone to invest in Bitcoin is not bad but you know the probable danger it can arose. If they finally accept your conviction and invest, then anything wrong happens to their Bitcoin you will likely be the first suspect, so for me it's not a good idea to convince someone to invest in Bitcoin.

Don't forget, when someone who wants to invest in Bitcoin comes to you to enquire from you about Bitcoin knowing that you have been into Bitcoin and when you try to convince someone to invest in Bitcoin are two different things. Someone enquiring from you is a level ground but you convincing someone is not, when you convince someone to invest you are an indirect part of their investment.

[Humblevirus]

Convinced someone to invest in 20,000 some to invest in Bitcoin is not bad, but do you know that not everyone understand about the Bitcoin? Those types of if try to convince them they will be thinking that maybe your just trying to scam them, and one thing if you want to convince some to invest in Bitcoin you’ve to make sure he have little knowledge on how the bitcoin works before putting him through.

It is not a good idea to convince someone to invest in Bitcoin because, if anything goes wrong, the person who convinced them may be blamed for it. Bitcoin has proven to be a good investment, but we still cannot assure anyone of what will happen in the future.The best way is to teach someone about Bitcoin. If the person understands it, they will be more likely to invest in Bitcoin. The word convince can make it seem as though you are forcing someone to do something, which is very wrong.Not everyone knows about Bitcoin, so you can introduce it to people. However, talking only about the positive aspects of Bitcoin is wrong because that is not how Bitcoin should be introduced to anyone.I have been introducing people to Bitcoin, but I have never convinced anyone that they should invest. Instead, I teach them, advise them to do their own research, and let them make their own decisions. Most of the people I introduce to Bitcoin end up investing in it.

[Webutxo]

You first said convincing someone to invest in Bitcoin is not bad but you know the probable danger it can arose. If they finally accept your conviction and invest, then anything wrong happens to their Bitcoin you will likely be the first suspect, so for me it's not a good idea to convince someone to invest in Bitcoin.

Don't forget, when someone who wants to invest in Bitcoin comes to you to enquire from you about Bitcoin knowing that you have been into Bitcoin and when you try to convince someone to invest in Bitcoin are two different things. Someone enquiring from you is a level ground but you convincing someone is not, when you convince someone to invest you are an indirect part of their investment.

There is nothing wrong but the approach need to be clear. I have many friends that have the habit of telling you later that you are the person that influence them to buy what they are not even interested. You can convince him and he is going to believe you and things might work out well but if it goes the other way round, is the friend going to be patient to hold. It shouldn't be the one he will be called out or be seen as someone that doesn't know anything.

If the friend is the type that can be patient in case anything happens later, in that case is the friend you should keep but if they can't handle what will come of Bitcoin, it's better you let them invest on what they like. It's not like if the investment goes well he will tell him to have a share for helping out.

[Stable090]

Investing is different from trade, I understand bitcoin investment can be too difficult to understand and sometimes a lot of people find it difficult to cope reason why many newly investors end their journey so short.

Bitcoin investment isn’t so difficult, just take your time to learn the basics which you are suppose to know, then the more you keep on investing in bitcoin, the more you keep on understanding how things work. Bitcoin investment isn’t as difficult as trading, and most people trying to invest are always looking for ways to make quick profits which at the end things don’t always end well for them.

If you are planning to invest in bitcoin, your target is suppose to be a long term investment target, and you shouldn’t look for ways to make quick profit, because you will end up doing things which you are not suppose to do, and you going to be losing your money which might affect you.

The idea of convincing a friend, family member to believe in bitcoin afterwards they start investing is quite  common nowadays, advising someone to choose bitcoin over gold when clearly they understand gold more might be too risky.

Normally we are suppose to invest more in whatsoever we have more knowledge about, and Incase we want to venture into a new investment, we should make sure we take your time to learn about whatever we are putting our money into, don’t jump into investment hustle because you see other people making money from it.

[TheUltraElite]

Be careful about your choice of words when suggesting bitcoin or any other speculative asset class to anybody. Because ultimately they will connect that asset to you and in case and when they lose money, they will crib to you about losing money.

The person who is informed well, will not do so because you did not attempt to force it on them.

So the better way to do this is to lay out the pros and cons of the asset in front of them and allow them to decide.