Or am I wrong? I need to know if this advice is a good one or a bad one, I gave him this advice because we are very close and also because I will do the same thing if I am in his shoe, this is the best thing i can think of right now.
Though Bitcoin is a good investment plan right now, but you shouldn't make it look lik the only option out there .i don't think you should involve yourself in situations like this as it might not end up well. Even though Bitcoin is a good investment, some people who really don't understand how it works might take it as scam ones the price begins to dip. I would advice your to say off from his decision on what to invest with his families money. You can just give him some tips but dont get too involved in it. If he decides to invest that's his choice so that he will be the one to bear any risk that come with it
Yes truth been told individual has always of rationing blame when things are not the way the expected it mostly those that lack patient on a thing who always look for quick gain or profit of a thing and where the person can't be able to practice long term some of the advantages you told him during the advice he may not witness thereby you both may have issue at the end, another is the dip issue is not everyone that can bear to withstand the pressure of dip, some has been introduced into BTC investment but lack of patience have made them see the person who introduced them as enemies but some time they regret at the end. Your advice maybe good but presenting it as optional and voluntary is very important let him decide on its own.