Hi guys. I have a friend who's parents are looking for alternatives and want to invest money into something other than their IRA account. They have a fixed IRA with about $100K, but they are unsatisfied with the miserable amount of interest they're getting.
In this part we can easily prove the greediness inside these parents and i am afraid that crypto scammers and hackers may
lure them into something misleading because of their desire of gaining too much
than what they are getting now.
I mentioned to them that bitcoin is a possible alternative and one they can look into. Do you agree? Do you guys consider bitcoin a reliable and stable investment for long term holding(5-10yrs)? Is it safe to assume the only direction(barring a few dips here and there) bitcoin will eventually go from here is up? Do you foresee it going below $10K, or even $9K ever again? Is it even possible to see the lows we saw a few months ago(ie $3500) ever again?
If they are really looking for long term Holding then they must not care what will be the price for the entire years,
Because all they need to look at are the value who will be decided when the target time reached .
Please give me your thoughts. IRA or Bitcoin for the long term?
Please tell them to decide on their own,You will just help them learn about this market but the risk is always there.