My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.
My only question to all, was I able to give my grandfather the right advice??
I hope you didn't ask him to invest in altcoins instead investing all his money in Bitcoin. That will be a wrong advise since Bitcoin controls the whole market and if Bitcoin was having a bad market so will other altcoins. I don't see anything wrong with investing all your investment savings in Bitcoin provided you have other funds for your day to day activities.
The only time putting all your money into Bitcoin becomes wrong is when you you don't have any other money left and this will put you under pressure whenever the market is dumping as you will want to sell your investment and usually this is done in loss. Apart from this scenario, evey other time you can invest all you money Into Bitcoin.
When investing in this way, it should be a long term investment as investing short team aren't profitable. Bitcoin is the future of money and what's better than investing in the future today.