My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.
Your cousin is making a mistake. It was necessary to invest in the “
fed” years, when he had a job and surplus free money. Now that he has no permanent source of income, he remembered the
“magic BTC-wand, which makes everyone rich”. Any investment always involves risks. First, your cousin should resolve the issue of his employment/earnings, and once he’s firmly on his feet, he should think about investing. Don’t think that bitcoin will solve all his financial problems when his problems are only getting worse.
This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.
That's exactly what happened to your cousin. When he could afford to invest, he didn't. Now in bitcoin he saw a “
lifeline”, completely unaware of the nature of btc, which is highly susceptible to volatility. Your cousin wants fast and easy money, not knowing that bitcoin is long and slow money.
So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them
You did the right thing, because otherwise, no matter what happens, you will become to blame for his problems. Even if you give sound investment advice, your cousin would be “
deaf” to it due to the stress of investing almost his last money. He started a game that he is now unable to play.