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. 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?
Please give me your thoughts. IRA or Bitcoin for the long term?
When investing in bitcoin it is always a big risk so you can't really invest all of your money in bitcoin but only the money that you could afford to invest. Personally I think bitcoin is a good investment compared to other investments that you could do. I personally recommend bitcoin if you already have experience in cryptocurrency and you already know what you are doing or at least you know someone that could help you invest in crypto. For me bitcoin is great as a investment, not a currency as we could easily see the bitcoin volatility.