Post
Topic
Board Bitcoin Discussion
Re: Nicole wants to give up her taxi in exchange for bitcoin
by
wxa7115
on 26/03/2021, 16:52:18 UTC
A popular taxi owner in my neighborhood(Nicole) has decided to give up her taxi in exchange for bitcoin. This is a recent development that actually caused reserved comments from other residents of the same neighbor hood. I was of the opinion that she rather source for funds from other means other than giving up her taxi but her mind was already made up. Could this be a brilliant decision or did she act without caution?

I still have to talk to her but first I need to get responds so I would know the best advice I can dish out to her. Considering the fact crpto market isn't predictable and this happens to be her only means of survival is her decision really worth it. Is it really wise to trade her funds in this direction?

I am certain she would make tremendous profit on the long run but what happens now. Is she going to starve to death. She took this decision when one of her closest neigbour purchased a landed property after withdrawing from the bitcoin he bought sometime around 2018. This got to her. She felt her taxi business will not secure her the kind of future she has always dreamt of. This lead her into buying this bitcoin

I understand she is securing the future both for herself and her descendants. But how about the now. Would she be able to cope with the hard times. Or is there a better way of going about this so she can sustain her self from the bitcoin she has purchased.

If she was to split the funds in purchasing other coins it would have been appreciated as well but all she wants to buy is bitcoin. what is the certainty bitcoin will remain on the bullish trend. Is there any guarantee that the price of bitcoin will continue to rise beyond its current market value. This is matter of future security so I decided to bring it up here so she can be well guided on how to go about her funds without making mistakes she would end up regretting
Buying bitcoin and only bitcoin to store your money long term is probably the best choice in this market, however your neighbour is taking for what I can see a rushed decision, she wants to achieve the same results one of your neighbours got, but he bought at 2018 when the entry price was way lower, and what is worst she is only thinking about the profits she can get without any knowledge about what makes bitcoin special and why it has such a high price.

And if all of that was not enough then it is fair to say that the taxi is probably her main form of income and does not know anything about investing, all in all despite choosing the best possible asset in the world she is going to lose money taking into account all the factors I described above.