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?
Can you imagine them buying now at 12K and next year it goes down to 3K? If you want to gamble with this volatile, unregulated and manipulated market you should invest only 1-2% out of your 100K account at this moment. The game is not buy high and sell low. Remember this.
Even at 3.5k it looked bearish and everyone was thinking that prices bellow 1K were quite possible. Just don't invest more than you can afford to lose. Buying a relative small amount will help you sleep better at night and won't make you feel you missed the pumps or won't make you lose your sleep.
Funny how everything I've written above actually happened. Well anyway, new prediction. Buy.