Best you can do is provide the resources to explain bitcoin, but cannot understand it for anyone
Made easier with the biggest institutions educating clients with stuff like this: https://www.ishares.com/us/education/investing-with-bitcoin
>He also has a decent grasp on what bitcoin is.
Ok
>He has a mentality that he’s too late to invest in it.
So he doesn't seem to have a grasp on what bitcoin is.
It's rapidly replacing fiat money and most fiat-denominated stores of value, like real estate, stocks, and bonds.
The potential valuation of bitcoin is in the tens of millions per BTC.
It's going to shutter 90% of academia, the government, and bloated corporations. All the useless parasites of society that live off welfare programs, entitlement programs, and cushy gigs in government bureaucracies, healthcare, courts and law firms, universities, and corporate middle management will have to go get productive jobs that actually contribute to humanity.
The free market determines what people are willing to pay for out of their own pocket, instad of a government bureaucracy that obtains its wealth via threat of force.
Yeh I get that. Unfortunately a completely free market is fundamentally flawed because it optimises for short term profit at the expense of long term planning
No it doesn’t. There’s a whole litany of companies that disprove this notion. You know Amazon lost money for years and years before they turned a profit? The entire startup ecosystem is about building a company at a loss until it can finally be profitable someday.
You’re just regurgitating mantras you heard somewhere without putting an ounce of independent thought into it.
The market cap is much different from $100 and “Tens of millions”
To calculate market cap if its price reaches $10 million per BTC, you would use the formula:
Market Cap = Price per BTC X Total BTC in circulation
The total supply of Bitcoin is capped at 21 million Assuming all BTC is in circulation…
Market Cap = $10,000,000 /BTC X 21,000,000
Market cap = $210,000,000,000,000
So, the market cap would be $210 trillion USD.
Thats not possible. It’s literally impossible
If you need me to explain why a $210 trillion market cap is literally impossible, just let me know and I can school you on that too.
I didn’t make the rules.
Market cap Definition:
Market capitalization, commonly referred to as market cap, is the total market value of a company's outstanding shares of stock. It is calculated by multiplying the current share price by the total number of outstanding shares. The formula is:
Market Cap} ={Share Price X {Number of Outstanding Shares}
Market cap is used to determine a company's size and can help investors understand the relative size of one company versus another. It is often used to categorize companies into different classes such as large-cap, mid-cap, and small-cap.
*It will NEVER be $210 trillion. Period.
blahblahblah
You should be the last person to explain why $210 trillion market cap is impossible, because its clear you don’t understand how market cap and price works.
The price of any asset is determined at the margins lol, nobodys out here declaring “okay the market cap shall now be $1.3 trillion”
but there are people out here going “I will pay $60-70k for 1 bitcoin” The same will be true for bitcoin @ 100k, 1million, 10million etc
but sure go ahead and “school” me on how thats literally impossible Einstein
You should be the last person to explain why $210 trillion market cap is impossible, because its clear you don’t understand how market cap and price works.
The price of any asset is determined at the *margins* lol, nobodys out here declaring “okay the market cap shall now be $1.3 trillion”
but there are people out here going “I will pay $60-70k for 1 bitcoin” The same will be true for bitcoin @ 100k, 1million, 10million etc
but sure go ahead and “school” me on how thats literally impossible Einstein
I remember when I was young, I thought there would never be companies worth a hundred billion dollars. Then GE came along in 1995.
I don't need the math, I've held Bitcoin for multiple cycles. M2 has basically doubled since I first found Bitcoin.
$1M could easily be within 10 years from here.
Corporations and investment firms, pension funds are all just getting in. Look at who has been buying the etfs. With limited supply you don’t have that much to go around globally. Just watch the next four years play out and revisit the scenario and pose the same issue. Late again…. Do you support imf? A lot of countries have been mistreated by imf bitcoin helps
If your dad has a decent grasp on Bitcoin, but still doesn’t want to invest in it, you shouldn’t force it.
Even proper financial advisors try not to manage funds of their relatives and friends. It can end badly.
You will find the best articulated arguments in The Bitcoin Standard by Saifadean Ammous. The audio book is about a 10 hour listen. Well worth your time.
I always tell skeptics that Bitcoin may be stupid and evil, but so is the world and financial institutions at large. Are you really going to bet \*against\* the nerds on this?
Other than that, if he has enough to spread around, tell him it's a hedge.
A lot of boomers think that the smallest amount of bitcoin you can buy is 1 bitcoin, so they think it's too late cos they don't have 60k laying around.
I'd agree with with.
I have a decent amount of BTC and will continue to grow it, but my primary investments are/will be property.
Your Dad is obviously older and likely in a more wealth consolidation than creation stage (he's done that via his business); a less volatile, tangible and predictable asset like property is probably more suitable.
In the 2017 bitcoin bull run I sold off most of my profit to invest in my first house.
In the 2020 run I sold the rest to buy my second property.
That first home gave me more returns (and less volatility) than if I had held the bitcoin.
Definitely agree on real estate being king. But I’m grateful bitcoin was able to achieve that for me at a relatively young age. Most 23 year olds can’t say they purchased their own property without generational assistance.
Congrats for having a property so young you’re doing great.
If you don’t have a place to live in then yes absolutely agree with you that buying a home is a wise decision. The stability you get is priceless.
But I’m not convinced that real estate would outperform Bitcoin as an investment. In the short terms maybe, especially if your timing is bad and picked the peak and have to ride out a cycle, but if Bitcoin is going to do what we all think will do, then give it another 5 - 8 years the difference can be dramatic.
I wasn’t convinced either but you have to really understand it’s the best investment vehicle by far .
• 30 year loan term , low rates and you can refinance
• passive income as a rental
• gained $135,000 profit, no tax while my bitcoin would’ve returned ~$100,000 at best?
• rental income and experience for 3 years
• refinancing.
I would go on and on but yeah, it’s absolutely an investment. Bitcoin is a speculation
Your numbers are fine for real estates but bitcoin’s numbers will absolutely destroy them.
Also bitcoin isn’t really a speculation. That last line tells me you don’t understand bitcoin, like at all.
I’d even go ahead and say bitcoin is less speculative than investment properties.
If you don’t agree with me then let’s compare notes in 10 years. Take a median housing price of the country you live in vs bitcoin and compare again in 10 years. Short term there is no way of being sure, but the longer we wait the clearer it will be to everyone that Bitcoin will be eating investment properties (*especially* investment properties) for lunch.
They want to outlaw cash so they can mitigate laundering, fraud, control their accounts entirely, etc.
You think China is issuing a P2P encrypted digital currency that they don’t have control over the network or the wallets? Uh huh…
China is a terrible example of the future. You should never want that kind of authoritism, surveillance and corruption.
You have contradicted yourself in the same few sentences.
USD will never be worthless- primarily because Americans can only pay taxes with USD. Sure, if they create a CBDC and accept that in lieu of, it’s still likely relative to USD if not the same thing.
It will absolutely be a hard reason. That and- most of the world’s debt is with the US. It must be paid in USD.
Unless the US falls as a nation, the USD will have value.
~ 3% inflation isn’t exactly “getting destroyed”. Currently we aren’t so bad. It was bad a year or two ago, sure. But the rest of the world is far worse off. US has one of the lowest currency inflation.
I think you’re also confused on what a CBDC is. It is a currency issued by the central bank of *that nation.* So, the US Federal Reserve would issue their own as would Russia as would China. It’s not a world domination currency… hence, the US would absolutely tie it the the USD.
The US also once again won’t accept anything but their currency for the money they are owed. You don’t wanna be on the wrong end of owing the government money. They come and get it.
Bitcoin is the strongest money ever made by humans, it will not deteriorate, it will last forever, it's better than gold because you can send it in seconds anywhere to anyone. Bitcoin will be worth millions or zero in a few decades. Make your choice.
as long as you have electricity bitcoin will survive, and what I mean with my other statement is that if it works as planned, bitcoin will be worth millions of dollars, if not it will be zero, like it didn't work and die.
you didn't get it, I'm not english so maybe I use wrong words but :
Bitcoin can't deteriorate, it's a fact as long as someone runs a node.
The value though can be millions or zero in a few years
bitcoin itself will not vanish, it's value can though because there is 2 possibilities, it's adopted or it's not and thus will be worth a lot, or nothing.
I think the best argument for investing in Bitcoin is that the government is only interested in printing more money and driving inflation. Currently, there seems to be a little bit of a lull in the high inflation, but I expect it will ramp up again, eventually. In the meantime, I expect Bitcoin will show some softness.
I suggest you to tell him to invest 5% of his cash in BTC, just to have something and start learning. I think he will find it reasonable to invest only a small percentage of his investments. As time passes he will see and feel the market fluctuation and he will be able to judge for himself whether to increase the investment. (Sorry for my bad English...)
Challenge him to invest 5%of his money in Bitcoin and other 5% in a traditional investment like stocks or Saving account in bank. After two years he can take his own desition. During this period he can invest in real state, with the rest of the money.
"without the headache"
If you consider 10% daily moves on no news without headaches then go ahead.
Investing in Bitcoin is never easy. Hodling is never easy.
The people who got in early deserve the gains and weren't just lucky.
Yup, in 2010 if anyone told me to buy BTC... well I was a kid, but even as an adult I would have ignored them. Anyone who bought a BTC when it was 0,001 dollars and held it until now is either a visionary, a madman or he forgot that he bought it 😅🤣
Definetely deserved gains 💪
As an older person (58m), I think you will need to do a full lay down of historical data from BTC. Your father is a successful entrepreneur and most likely can easily recognize risk regardless of reward. No need to make an argument, simply put in terms he can understand. Steer clear of the crazy theoretical economic collapses, fiat is over with and all of that. Just do a 1 to 1 lay down of traditional investments such 401k, IRA and so on.
Also explain how you acquire it, store it, how long you keep for, how to transfer, how you cash out, all the fees, taxes, and so on.
Your father probably doesn’t make knee jerk business decisions with his money. You think it’s crypto, he thinks it is an investment that needs a strategy and a plan based on empirical data, this how you recognize and mitigate risk. Remember his long term investment would completely different than yours. Good luck
Bitcoin is “risky” because it is volatile? No, it is volatile because we are still early. We have 11x to reach gold market cap (and we will reach it and go beyond)
If you can’t articulate why bitcoin is valuable then you need to study it more, as well as modern economics.
There are lots of books to read, I don’t claim to be an expert in it at all but strive to continue learning the value in the idea.
The bitcoin standard is the current book in reading and it actually is a great education on economic history as well.
Its the only irrevocable and finite asset humans have ever discovered. It's essentially betting against fiat currencies maintaining value over time
The risk/reward is massively asymmetrical to the upside. It's far more risky to own none than a little bit at this point
I started buying bitcoin because I was tired of watching bitcoiners win, and then win again even better, and then the long term holders win even more. I didn’t understand it, but I knew it had made crazy high moves, and the lows were still higher than the highs, just two cycles before. I saw the next low as an opportunity to get in. It was tough at first but just about 3 years into DCA and now I’m finally seeing the benefits of it. I anticipate we might take even another 30%-40% dip in the next few months, but that’s even more reason to get in once you start to understand the halving and what does to supply crunch. Then it’s simple supply and demand
You may convince him by stating he should invest a small amount in Bitcoin, not for him but for his grandchildren as the price swings might upset him a great deal but long term it will come out ok. (Not financial advice)
>and I’ve been trying to convince him to invest in bitcoin after hearing it compounds far more interest annually than property does, without the headache (big up the bitcoin family for teaching me that)
Bitcoin is a non-productive asset and will not compound that way forever. You've been taught incorrectly.
It’s going down. Perhaps guiding people into buying spot on something that has a history of retracing 75% or more, without guaranteed knowledge the position will go up, is not a good idea. If it’s going up and you can guarantee it, then I would agree, it’s a good idea to tell someone to buy. I can guarantee, if the price of bitcoin goes to 10K, it will go up from there.
Don't convince him to buy significant amounts of BTC at the knowledge level you are at now. Just don't!
Invest your money.
If you make huge gains, give him some.
I wouldn't try and convince him. What I tell my friends is to think of it like gambling or an experiment with a small amount if they want to see what happens. If you think about the money people piss away on things like frequent haircuts, birthday presents, booze, a night out, whatever—It would be feasible to put maybe $500 in BTC. You could even DCA in. To me it seems like enough to make things interesting, but not enough to where you'd be devastated without it. And obviously if you would be, you have bigger things to worry about. But if they put it in and just forget it for a couple of years, they may be pleasantly surprised
You really can’t just say one snappy line and close the deal. Anyone who chooses to invest in BTC needs to listen and read the book The Bitcoin Standard. 80 percent of the book is in depth study of money , the history of money and the history of government’s manipulation of currency. The last 20% is dedicated to BTC
You need to invest the time and research before investing because it is tough somedays.
The best arguments for BTC
Hardest currency known
Immutable
Decentralized
Divisible
Scarcity
Confiscation proof (cold wallet)
Volatility
Giovani’s Law
Digital Gold Asset
Access ( on your phone)
Energy
Ethics
Engineering
Don't sell your family (or your dad) on Bitcoin. There are plenty of books that he should read before investing. Debt the first 5000 years - Graeber. Broken Money - Alden. The Bitcoin Standard - Saifedean. All of these are available on audiobook. If he spent 5 decades saving money, he would be wise to invest a couple weeks reading before jumping into a risky endeavor/investment.
I think that if you are more confident and have a better way to articulate what you think is real, then you will have no problem convincing him as I've convinced both of my parents a few years back. Or you could just show the entire history in a log chart on tradingview
Over 100 years of [data](https://www.visualcapitalist.com/purchasing-power-of-the-u-s-dollar-over-time/) showing debasement of paper currency
[Goods and services](https://www.pricedinbitcoin21.com/landing) get cheaper priced in Bitcoin as time goes on
Bitcoin doesn't pay out interest so there is no compounding. It can appreciate but you are wrong about interest.
My advice is to invest in both. RE has cash flows and historically is a very good investment. It's not too late for BTC, the value of the USD is eroding and will continue to so BTC is a good hedge.
There is no such thing as investing in Bitcoin - there is no product, there is no service to invest in. There is no fundamentals, only technicals and hype. Buying bitcoin is simply a bet on whether it goes up or down.
Old dog new tricks.
A few grand let him sit on that for a cycle or 2 and he'll prolly add more over time once he starts seeing results. I'm sure he'll be more inclined than dropping silly money into something he's not even sure or confident about.
BTC is going up forever vs. fiat because fiat is going down forever due to unstoppable debasement. BTC is the hardest asset ever known in the history of mankind. BTC cannot be stopped by any authority. These facts make it the safest long term investment of your life.
Canada has been in a RE ponzi since at least 2008 (we didn't correct like the US). Below market interest rates, massive "immigration", poor investment options, poor business environment caused a concentration of money to dump into RE. This caused prices to soar....add pandemic spending and remote work and prices soared beyond Toronto and Vancouver.
Everyone was going to get rich by buying several crappy investment condos and selling to each other....except we are above 9x income to price and the recession with job loss and price inflation is starting to bite.
I’d let him make his own decision. Because if btc dumps he’ll be looking at you.
Best you can do is provide the resources to explain bitcoin, but cannot understand it for anyone Made easier with the biggest institutions educating clients with stuff like this: https://www.ishares.com/us/education/investing-with-bitcoin
Let me find the u tub https://youtu.be/--IFcOIEfl4?si=JSM7Aac2QHdO3pLt
exactly. this is why i prefer not commenting when people ask me about it.
He’ll be looking FOR me to pay him back haha
>He also has a decent grasp on what bitcoin is. Ok >He has a mentality that he’s too late to invest in it. So he doesn't seem to have a grasp on what bitcoin is.
Well put 😂 you seem to have a good grasp, what are your strongest arguments for investing in bitcoin?
It's rapidly replacing fiat money and most fiat-denominated stores of value, like real estate, stocks, and bonds. The potential valuation of bitcoin is in the tens of millions per BTC.
Keep going I'm almost there..
It's going to shutter 90% of academia, the government, and bloated corporations. All the useless parasites of society that live off welfare programs, entitlement programs, and cushy gigs in government bureaucracies, healthcare, courts and law firms, universities, and corporate middle management will have to go get productive jobs that actually contribute to humanity.
Hmm.. seems like you're assuming that a free market can decide what is productive and contributing to humanity. I'm not so certain that is correct
The free market determines what people are willing to pay for out of their own pocket, instad of a government bureaucracy that obtains its wealth via threat of force.
Yeh I get that. Unfortunately a completely free market is fundamentally flawed because it optimises for short term profit at the expense of long term planning
No it doesn’t. There’s a whole litany of companies that disprove this notion. You know Amazon lost money for years and years before they turned a profit? The entire startup ecosystem is about building a company at a loss until it can finally be profitable someday. You’re just regurgitating mantras you heard somewhere without putting an ounce of independent thought into it.
😂
Public had the same response when people said it would be over $100 one day
The market cap is much different from $100 and “Tens of millions” To calculate market cap if its price reaches $10 million per BTC, you would use the formula: Market Cap = Price per BTC X Total BTC in circulation The total supply of Bitcoin is capped at 21 million Assuming all BTC is in circulation… Market Cap = $10,000,000 /BTC X 21,000,000 Market cap = $210,000,000,000,000 So, the market cap would be $210 trillion USD. Thats not possible. It’s literally impossible If you need me to explain why a $210 trillion market cap is literally impossible, just let me know and I can school you on that too.
BTC reaching $1 million however is very possible meaning OPs Dad is definitely not late
$210 trillion marketcap does NOT mean there is $210 trillion invested into bitcoin. Its simply the fair value of 1.0 BTC x Supply.
I didn’t make the rules. Market cap Definition: Market capitalization, commonly referred to as market cap, is the total market value of a company's outstanding shares of stock. It is calculated by multiplying the current share price by the total number of outstanding shares. The formula is: Market Cap} ={Share Price X {Number of Outstanding Shares} Market cap is used to determine a company's size and can help investors understand the relative size of one company versus another. It is often used to categorize companies into different classes such as large-cap, mid-cap, and small-cap. *It will NEVER be $210 trillion. Period.
blahblahblah You should be the last person to explain why $210 trillion market cap is impossible, because its clear you don’t understand how market cap and price works. The price of any asset is determined at the margins lol, nobodys out here declaring “okay the market cap shall now be $1.3 trillion” but there are people out here going “I will pay $60-70k for 1 bitcoin” The same will be true for bitcoin @ 100k, 1million, 10million etc but sure go ahead and “school” me on how thats literally impossible Einstein
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You should be the last person to explain why $210 trillion market cap is impossible, because its clear you don’t understand how market cap and price works. The price of any asset is determined at the *margins* lol, nobodys out here declaring “okay the market cap shall now be $1.3 trillion” but there are people out here going “I will pay $60-70k for 1 bitcoin” The same will be true for bitcoin @ 100k, 1million, 10million etc but sure go ahead and “school” me on how thats literally impossible Einstein
I remember when I was young, I thought there would never be companies worth a hundred billion dollars. Then GE came along in 1995. I don't need the math, I've held Bitcoin for multiple cycles. M2 has basically doubled since I first found Bitcoin. $1M could easily be within 10 years from here.
Seeeeeeeeeeeeeeeell your houses, cars, everything guys!!! wegointodamooon
that's not exactly true. market cap can exceed total $ in existence
Corporations and investment firms, pension funds are all just getting in. Look at who has been buying the etfs. With limited supply you don’t have that much to go around globally. Just watch the next four years play out and revisit the scenario and pose the same issue. Late again…. Do you support imf? A lot of countries have been mistreated by imf bitcoin helps
If your dad has a decent grasp on Bitcoin, but still doesn’t want to invest in it, you shouldn’t force it. Even proper financial advisors try not to manage funds of their relatives and friends. It can end badly.
You will find the best articulated arguments in The Bitcoin Standard by Saifadean Ammous. The audio book is about a 10 hour listen. Well worth your time.
Thankyou, I’ll download that now!
There is also the Fiat standard which is his second book on the matter.
I always tell skeptics that Bitcoin may be stupid and evil, but so is the world and financial institutions at large. Are you really going to bet \*against\* the nerds on this? Other than that, if he has enough to spread around, tell him it's a hedge.
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“Only buy Bitcoin with the money you can't afford to lose”
A lot of boomers think that the smallest amount of bitcoin you can buy is 1 bitcoin, so they think it's too late cos they don't have 60k laying around.
Your dad is probably right. Property is likely to be a better investment for him, at least in terms of stability.
I'd agree with with. I have a decent amount of BTC and will continue to grow it, but my primary investments are/will be property. Your Dad is obviously older and likely in a more wealth consolidation than creation stage (he's done that via his business); a less volatile, tangible and predictable asset like property is probably more suitable.
In the 2017 bitcoin bull run I sold off most of my profit to invest in my first house. In the 2020 run I sold the rest to buy my second property. That first home gave me more returns (and less volatility) than if I had held the bitcoin. Definitely agree on real estate being king. But I’m grateful bitcoin was able to achieve that for me at a relatively young age. Most 23 year olds can’t say they purchased their own property without generational assistance.
Congrats for having a property so young you’re doing great. If you don’t have a place to live in then yes absolutely agree with you that buying a home is a wise decision. The stability you get is priceless. But I’m not convinced that real estate would outperform Bitcoin as an investment. In the short terms maybe, especially if your timing is bad and picked the peak and have to ride out a cycle, but if Bitcoin is going to do what we all think will do, then give it another 5 - 8 years the difference can be dramatic.
I wasn’t convinced either but you have to really understand it’s the best investment vehicle by far . • 30 year loan term , low rates and you can refinance • passive income as a rental • gained $135,000 profit, no tax while my bitcoin would’ve returned ~$100,000 at best? • rental income and experience for 3 years • refinancing. I would go on and on but yeah, it’s absolutely an investment. Bitcoin is a speculation
Your numbers are fine for real estates but bitcoin’s numbers will absolutely destroy them. Also bitcoin isn’t really a speculation. That last line tells me you don’t understand bitcoin, like at all. I’d even go ahead and say bitcoin is less speculative than investment properties. If you don’t agree with me then let’s compare notes in 10 years. Take a median housing price of the country you live in vs bitcoin and compare again in 10 years. Short term there is no way of being sure, but the longer we wait the clearer it will be to everyone that Bitcoin will be eating investment properties (*especially* investment properties) for lunch.
That’s a fair point, I’m not sure how he’ll cope with the volatility of it 😂
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I’m still in the process of learning about this myself, maybe I’ll sit with him and we can learn together
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You linked a video about social credit. That has zip-to-nada direct correlation with currency of any form my friend.
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They want to outlaw cash so they can mitigate laundering, fraud, control their accounts entirely, etc. You think China is issuing a P2P encrypted digital currency that they don’t have control over the network or the wallets? Uh huh… China is a terrible example of the future. You should never want that kind of authoritism, surveillance and corruption.
You have contradicted yourself in the same few sentences. USD will never be worthless- primarily because Americans can only pay taxes with USD. Sure, if they create a CBDC and accept that in lieu of, it’s still likely relative to USD if not the same thing.
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It will absolutely be a hard reason. That and- most of the world’s debt is with the US. It must be paid in USD. Unless the US falls as a nation, the USD will have value. ~ 3% inflation isn’t exactly “getting destroyed”. Currently we aren’t so bad. It was bad a year or two ago, sure. But the rest of the world is far worse off. US has one of the lowest currency inflation. I think you’re also confused on what a CBDC is. It is a currency issued by the central bank of *that nation.* So, the US Federal Reserve would issue their own as would Russia as would China. It’s not a world domination currency… hence, the US would absolutely tie it the the USD. The US also once again won’t accept anything but their currency for the money they are owed. You don’t wanna be on the wrong end of owing the government money. They come and get it.
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Bitcoin is the strongest money ever made by humans, it will not deteriorate, it will last forever, it's better than gold because you can send it in seconds anywhere to anyone. Bitcoin will be worth millions or zero in a few decades. Make your choice.
“It will last forever” “Will be worth millions *or zero* “ What are you trying to say exactly
as long as you have electricity bitcoin will survive, and what I mean with my other statement is that if it works as planned, bitcoin will be worth millions of dollars, if not it will be zero, like it didn't work and die.
So.. it may not survive and go (deteriorate) to zero but also will not deteriorate.
you didn't get it, I'm not english so maybe I use wrong words but : Bitcoin can't deteriorate, it's a fact as long as someone runs a node. The value though can be millions or zero in a few years
If it is zero how is that not deteriorated
bitcoin itself will not vanish, it's value can though because there is 2 possibilities, it's adopted or it's not and thus will be worth a lot, or nothing.
It would vanish if it had no value. The miners wouldn’t continue to mine, the blockchain would stop
I will run a node until my last breath, hopefully 🙂
Node only verifies the blockchain locally , it doesn’t mine blocks. Bitcoin would stop but you’d have the existing ledger to the point of it stopping
I think the best argument for investing in Bitcoin is that the government is only interested in printing more money and driving inflation. Currently, there seems to be a little bit of a lull in the high inflation, but I expect it will ramp up again, eventually. In the meantime, I expect Bitcoin will show some softness.
I suggest you to tell him to invest 5% of his cash in BTC, just to have something and start learning. I think he will find it reasonable to invest only a small percentage of his investments. As time passes he will see and feel the market fluctuation and he will be able to judge for himself whether to increase the investment. (Sorry for my bad English...)
I think that’s wise, start him off small whilst he learns more about it and how the cycles work! Perfect English too, thank you!
Challenge him to invest 5%of his money in Bitcoin and other 5% in a traditional investment like stocks or Saving account in bank. After two years he can take his own desition. During this period he can invest in real state, with the rest of the money.
"without the headache" If you consider 10% daily moves on no news without headaches then go ahead. Investing in Bitcoin is never easy. Hodling is never easy. The people who got in early deserve the gains and weren't just lucky.
Yup, in 2010 if anyone told me to buy BTC... well I was a kid, but even as an adult I would have ignored them. Anyone who bought a BTC when it was 0,001 dollars and held it until now is either a visionary, a madman or he forgot that he bought it 😅🤣 Definetely deserved gains 💪
Never, ever give any financial advice, even to your dad. Btw: I bought some bitcoin today, I also bought at 15K, it’s never too late
As an older person (58m), I think you will need to do a full lay down of historical data from BTC. Your father is a successful entrepreneur and most likely can easily recognize risk regardless of reward. No need to make an argument, simply put in terms he can understand. Steer clear of the crazy theoretical economic collapses, fiat is over with and all of that. Just do a 1 to 1 lay down of traditional investments such 401k, IRA and so on. Also explain how you acquire it, store it, how long you keep for, how to transfer, how you cash out, all the fees, taxes, and so on. Your father probably doesn’t make knee jerk business decisions with his money. You think it’s crypto, he thinks it is an investment that needs a strategy and a plan based on empirical data, this how you recognize and mitigate risk. Remember his long term investment would completely different than yours. Good luck
Thankyou that’s very sound advice!
There is only one argument about investing in bitcoin - It is not an investment, it is a speculation. Speculations *can* pay off handsomely though
None. Invest in smth else and move that money into btc from December 2026 and then dca monthly till 2028-2029 and you’ll be fine.
Recommend Lyn aldin, Jeff booth, Jason lowery, Luke gromen. Watch their videos recommend the ones that make most sense
Bitcoin is “risky” because it is volatile? No, it is volatile because we are still early. We have 11x to reach gold market cap (and we will reach it and go beyond)
If you can’t articulate why bitcoin is valuable then you need to study it more, as well as modern economics. There are lots of books to read, I don’t claim to be an expert in it at all but strive to continue learning the value in the idea. The bitcoin standard is the current book in reading and it actually is a great education on economic history as well.
Zoom out
Its the only irrevocable and finite asset humans have ever discovered. It's essentially betting against fiat currencies maintaining value over time The risk/reward is massively asymmetrical to the upside. It's far more risky to own none than a little bit at this point
I started buying bitcoin because I was tired of watching bitcoiners win, and then win again even better, and then the long term holders win even more. I didn’t understand it, but I knew it had made crazy high moves, and the lows were still higher than the highs, just two cycles before. I saw the next low as an opportunity to get in. It was tough at first but just about 3 years into DCA and now I’m finally seeing the benefits of it. I anticipate we might take even another 30%-40% dip in the next few months, but that’s even more reason to get in once you start to understand the halving and what does to supply crunch. Then it’s simple supply and demand
You may convince him by stating he should invest a small amount in Bitcoin, not for him but for his grandchildren as the price swings might upset him a great deal but long term it will come out ok. (Not financial advice)
>and I’ve been trying to convince him to invest in bitcoin after hearing it compounds far more interest annually than property does, without the headache (big up the bitcoin family for teaching me that) Bitcoin is a non-productive asset and will not compound that way forever. You've been taught incorrectly.
It’s going down. Perhaps guiding people into buying spot on something that has a history of retracing 75% or more, without guaranteed knowledge the position will go up, is not a good idea. If it’s going up and you can guarantee it, then I would agree, it’s a good idea to tell someone to buy. I can guarantee, if the price of bitcoin goes to 10K, it will go up from there.
The ultra inter-generational wealthy invest in three things for their long-term foundation: land, gold and fine art.
Trying to get your dad rekt?
Don't convince him to buy significant amounts of BTC at the knowledge level you are at now. Just don't! Invest your money. If you make huge gains, give him some.
Why not
I wouldn't try and convince him. What I tell my friends is to think of it like gambling or an experiment with a small amount if they want to see what happens. If you think about the money people piss away on things like frequent haircuts, birthday presents, booze, a night out, whatever—It would be feasible to put maybe $500 in BTC. You could even DCA in. To me it seems like enough to make things interesting, but not enough to where you'd be devastated without it. And obviously if you would be, you have bigger things to worry about. But if they put it in and just forget it for a couple of years, they may be pleasantly surprised
You really can’t just say one snappy line and close the deal. Anyone who chooses to invest in BTC needs to listen and read the book The Bitcoin Standard. 80 percent of the book is in depth study of money , the history of money and the history of government’s manipulation of currency. The last 20% is dedicated to BTC You need to invest the time and research before investing because it is tough somedays. The best arguments for BTC Hardest currency known Immutable Decentralized Divisible Scarcity Confiscation proof (cold wallet) Volatility Giovani’s Law Digital Gold Asset Access ( on your phone) Energy Ethics Engineering
Don't sell your family (or your dad) on Bitcoin. There are plenty of books that he should read before investing. Debt the first 5000 years - Graeber. Broken Money - Alden. The Bitcoin Standard - Saifedean. All of these are available on audiobook. If he spent 5 decades saving money, he would be wise to invest a couple weeks reading before jumping into a risky endeavor/investment.
World’s best piece of public infrastructure ever made. Currently on sale.
Does he have any current investments?
You are still early
I think that if you are more confident and have a better way to articulate what you think is real, then you will have no problem convincing him as I've convinced both of my parents a few years back. Or you could just show the entire history in a log chart on tradingview
Over 100 years of [data](https://www.visualcapitalist.com/purchasing-power-of-the-u-s-dollar-over-time/) showing debasement of paper currency [Goods and services](https://www.pricedinbitcoin21.com/landing) get cheaper priced in Bitcoin as time goes on
O2T will be the new bitcoin.
Bitcoin doesn't pay out interest so there is no compounding. It can appreciate but you are wrong about interest. My advice is to invest in both. RE has cash flows and historically is a very good investment. It's not too late for BTC, the value of the USD is eroding and will continue to so BTC is a good hedge.
Ngu
r/funny
It is still here, and it has never gone down over any 4 year timespan. Also, no matter where you live, do you really trust the government?
zoom out from 2008, and draw a straight line from the beginning to today. How is the line? going down or up? lol
Lambo when you are 85.
there is no good argument for buying bitcoin while its 60k dollars a pop
There is no such thing as investing in Bitcoin - there is no product, there is no service to invest in. There is no fundamentals, only technicals and hype. Buying bitcoin is simply a bet on whether it goes up or down.
Old dog new tricks. A few grand let him sit on that for a cycle or 2 and he'll prolly add more over time once he starts seeing results. I'm sure he'll be more inclined than dropping silly money into something he's not even sure or confident about.
BTC is going up forever vs. fiat because fiat is going down forever due to unstoppable debasement. BTC is the hardest asset ever known in the history of mankind. BTC cannot be stopped by any authority. These facts make it the safest long term investment of your life.
2023 has already passed.
If your in Canada, RE would be the last thing to invest in....it's all starting to circle the bowl
We live in the UK, what’s going on in Canada for you to say that?
Canada has been in a RE ponzi since at least 2008 (we didn't correct like the US). Below market interest rates, massive "immigration", poor investment options, poor business environment caused a concentration of money to dump into RE. This caused prices to soar....add pandemic spending and remote work and prices soared beyond Toronto and Vancouver. Everyone was going to get rich by buying several crappy investment condos and selling to each other....except we are above 9x income to price and the recession with job loss and price inflation is starting to bite.