Hi guys and ladies of our Altcoins talk community, I greet yeah all...
I am coming with an observation and also a question, and this is for a very good friend mine (he possibly will join this community soon) but before I introduce this forum to him, I want us to discuss this here, your opinions, ideas, and possible suggestions may help in the current situation..
The observation...
Bitcoin at its current price of $65,000+(as at the time of writing this post) has actually become very expensive and unaffordable to most people around the world, most especially the low salary earners, and for someone who wishes or wants to make like a minimum of a hundred thousand dollars in profit; investing in bitcoin with minimal amount of money at $1000 max, it is like it's no longer possible; as Bitcoin will have to do alot of Xs, for a thousand dollar worth of bitcoin right now to worth a hundred thousand dollars or more in the future - I am not a mathematician, so I am not going to bore you with calculations I myself may not understand, but just incase we have someone here who is very good at math, then I would be happy to know at what price would a thousand dollar worth of bitcoin right now ($65,000) be worth a minimum of one hundred thousand dollars?.
The question...
I have this friend who is a salary earner, he works really hard and very diligent, and I personally like him and want the best for him for that reason alone, he complains almost all the time about his job and the level of stress involved, he wished he got a job in another company with better pay and less stress, but that is not forth coming, and I am sincerely hungry in my spirit to help him, but there is no other way to help him aside bringing him into crypto currency investment, for; crypto investment actually is what brought me also out of monthly salary dependency I once was in before.
I've talked to him on several occasions to start investing in crypto, most especially bitcoin, but he's always been very skeptical, and to convince him, I lied to him (though not lie but kind of), I told him that with a minimum of $1000 investment in crypto, he would forever retire from salary jobs and move into Starting and managing his own business, for in a space of 5 to 7 years, he would make nothing less than a hundred thousand dollars which will make him a multi-millionaire in our local currency - I myself is very comfortable, so he had no reason to doubt me.
Long story short, this dude finally managed to save up a thousand dollars, in fact, he said he borrowed about a hundred dollar to complete the money, and just today, he brought the money and asked me to invest it in crypto for him, and this really put me in a cross road right now, I am totally confused as to which crypto to invest the money for him, I initially was going to invest it in bitcoin, but I made him a promise that within 5 to 7 years, his $1000 would have turned to a minimum of a hundred thousand dollars, and thinking about this and not wanting to disappoint him, I am beginning to have double minds, as to whether to really invest that money in bitcoin or looks for some really good and promising Altcoins and invest the money there, I have some really good and undervalued altcoins I invested in myself, but since this is not my money, I have and want to be extremely careful where I put the money.
- Investing the money in bitcoin, the risk is very low, but there is a high chance I may not be able to fufil the promise I made to him, which he may find disappointing and lose trust in me.
- but investing the money in Altcoins, this is risky (and risk level varies between different Altcoins), but there a high possibility that I will be able to keep to the promise I made to him, if the Altcoin market does really well in the coming months, meme coins are perfect 👌 for this, but highly risky..
What do you guys think? And what are your valuable suggestions?