My friend decided to sell his car and invest all the money in Bitcoin as some people predict that 1 BTC will reach 500 000$ till the end of 2019.
He totally believes in it and tells that then he could buy not only a new car but a flat also.
Does it really worth it? He uses his car for his work and now he wouldn't be able to do this anymore as he thinks there's no need to work anymore.
How foolishness whas this?Selling a precious car to invest in crypto?What if the price continue to fall untill 2020 ?Then he will commit suicide?Stupidity is not a behavior cryptonians must be because we are being adviced to Invest only what we can afford to lose,since theres some topic about people committing suicide because of huge losses from their investments
I hope it will not turn out like this.. I do my best in order to stop him, but for now there are not much results. I ask him to save at least half of his money if something will go wrong.
I think you give him good advice but everybody is different. There was a dutch
family who sold their house and everything else to invest in bitcoin, personally
I opt to buy bitcoin every week with a small amount of FIAT, it will eventually all
add up to something substantial.
You do the right thing as you invest in btc step by step. There's no need to invest everything you have as such things almost never have a good ending. It's like when you have 20$ and need 100$ and you go to casino in order to rise it. 100% you'll lose. And when you have 1000$ and you go to casino with 10$ in order to have fun - you'll win 299 or more.