Convincing My Cousin to Invest $20,000 in Bitcoin

[Stable090]

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 the idea of ​​investing in gold but felt that 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.

You should make sure your cousin knows basic things about bitcoin before he start investing in it, and I hope you won’t just end up regretting at the end, because if anything happens to the investment, then you are going to be blamed for it because you introduced him to it. Don’t be surprise that some people that don’t even trust you so much, so they going to accuse you of scamming them if anything happens to their investment.

You should teach your cousin how he will protect himself from scammers, how he will protect his wallet, how he will properly secure his seed phrase, and other things which you think he should know. Also hope all the $20,000 is not the only amount your cousin is having left, because he shouldn’t even try to invest everything he is having into bitcoin.

Since you have convinced him to invest in bitcoin, tell him to start with little amount of money, the more he keeps on understanding things, the more he should keep on increasing the amount he is investing, but even after he fully understand how bitcoin works, he shouldn’t invest everything he has in bitcoin investment.

[Alphakilo]

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 the idea of ​​investing in gold but felt that 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.

You should make sure your cousin knows basic things about bitcoin before he start investing in it, and I hope you won’t just end up regretting at the end, because if anything happens to the investment, then you are going to be blamed for it because you introduced him to it. Don’t be surprise that some people that don’t even trust you so much, so they going to accuse you of scamming them if anything happens to their investment.

You should teach your cousin how he will protect himself from scammers, how he will protect his wallet, how he will properly secure his seed phrase, and other things which you think he should know. Also hope all the $20,000 is not the only amount your cousin is having left, because he shouldn’t even try to invest everything he is having into bitcoin.

Since you have convinced him to invest in bitcoin, tell him to start with little amount of money, the more he keeps on understanding things, the more he should keep on increasing the amount he is investing, but even after he fully understand how bitcoin works, he shouldn’t invest everything he has in bitcoin investment.

I don't even think teaching all about Bitcoin is enough, the cousin should be introduced here to this forum to learn things for himself and be well aware of latest happenings and information in the crypto currency space, because at the end of the day, no matter how much you teach him, he may still make mistakes when it comes to being patient with his investment and protecting it from loss or hacks or scams.

It's a good advice to use more than one self custody wallet to secure the $20k in Bitcoin and he could accumulate more if possible and wait for up to 5year or more when Bitcoin gets to a new ATH before selling or diversification into other notable assets of his choice. The best part is that once he gets the understanding, everything becomes so much more easier to do himself without even telling you.

[jossiel]

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.

I am even hesitating to tell $20 to people who ask me how much they should invest but you said $20,000 to him.

Maybe your cousin has a deep pocket and this money isn't really a lot for him and he's looking to invest in Bitcoin for a long time.

He just waited for your go signal and that might be a sign for him to invest it without hesitation. Good luck to him, as that good luck is for all of us bitcoin holders.

[Makus]

I don't think that I can convince anyone to invest in Bitcoin, telling people about the importance of investing and convincing them are actually two different things, what if he ends up losing? I'm sure you know he is going to blame you for his losses. It is very risky to do this especially when dealing with someone that hasn't invested in Bitcoin before. $20,000 is a lot of money to use as a Start up.

I hope you also taught him about the importance of protecting his seed phrase because he is definitely going to need that and also he should be careful so he doesn't get scammed.

[Bigjoe33]

@OP, I will praise you for having that balls of telling a figure to your cousin to invest to bitcoin. Because if it's me, I have never convinced nor told any of my relatives to invest huge amounts.

I told them to start with a couple of bucks if they have a spare maybe $5 or $10 or whatever is required minimum amount on an exchange.

You should be prepared for some backlash from your cousin if the price plunges without a notice.

I will always maintain that am not in for this convincing work, no way. Coming into Bitcoin should be voluntary, not someone telling you and you begin to think about it and the money. Thinking it's corrupt and not good enough.

But if that be the case, tell your sister to invest with little money first. That money mentioned at the topic seems too big for me for a because she is just starting, and for it to mature and she growing also in knowledge and understanding, knowing how things work. Starting small has always been the best for me, so that if she starts and builds confidence in the process, she can invest with any amount of  funds she can afford.

[Rruchi man]

I don't think that I can convince anyone to invest in Bitcoin, telling people about the importance of investing and convincing them are actually two different things, what if he ends up losing? I'm sure you know he is going to blame you for his losses. It is very risky to do this especially when dealing with someone that hasn't invested in Bitcoin before. $20,000 is a lot of money to use as a Start up.

If the person values the $20,000 or the money in any denomination over the relationship he has with you, your relationship could potentially end if the investment starts acting in a manner that the person did not expect based on your explanation and the way you convinced him to get involved with bitcoin.

When providing financial advice to people, always ensure to add a disclaimer because you're not a financial advisor, so your advice should always come with the opportunity and space that the person you are advising has to fill, and that space is where the individual needs to go on their own and make their research about investments that they've been referred to by you.

[Natalim]

No one can guarantee what will be the future price of bitcoin due to its high volatility and uncertainty, so I don't see good reason to convince someone to invest in bitcoin. Instead, let your cousin decide whether he's willing to take the risk and invest or learning about bitcoin might just be enough for him. You don't want to be blame after when bitcoin price drops sharply and could take years to recover again, or worst despite of its high volatility, bitcoin might stay bearish the whole time.

Reality is, what we all have are just speculations about bitcoin, no one holds what's actually the price for bitcoin in the next days, months and years.

[Questat]

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.

Would you be responsible if bitcoin won't meet your cousin's expectations? This is where I don't want to convince anyone to invest in any risky asset like bitcoin because even though we all know that its highly profitable, but the question is, when will bitcoin be reaching its new all time high and make us all profitable? I bet no one can answer this.

Being positive about bitcoin isn't enough, we need to gain assurance and security first before deciding to convince someone to finally invest in bitcoin. For now, the decision to invest in bitcoin is only left to your cousin, not for you to decide.

[Maslate]

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.

Is your cousin patient enough to wait like 5-10 years before making profits? I guess no one would take the risk to invest in bitcoin with the amount of $20k and reap profits after a decade, except if he has nowhere to spend his money and just let it sleep in the bank. But for beginners in bitcoin, most likely they are still hungry to gain quick profits and your cousin may not be an exception.

Just introduce bitcoin to your cousin, and leave him the decision whether he'd be willing to take the risk and invest his $20k or might probably be investing through DCA. That sounds safer for me.

[2Pizza410000BTC]

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 the idea of ​​investing in gold but felt that 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.

Everyone has benefited by investing in Bitcoin and holding it for the long term, but those who cannot hold it for the long term and cannot calm themselves down in the volatility have suffered from their Bitcoin investment. Actually, your cousin is completely new here, but if your cousin really invests $20,000 in Bitcoin, it will not be a bad decision, it will definitely be a good decision, but my advice to him is that he must definitely give maximum security to his Bitcoin wallet because if he cannot give maximum security to his invested wallet, he will be in a lot of risk. However, teach your cousin a plan to hold Bitcoin for the long term and advise him not to be afraid of market volatility.