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.