And I told him the two types of investment. Short term and long term and I suggested long investment for him but he said he likes the short term investment because he can feed from it and I told him that, he can't invest in bitcoin and still feed from it. He can't feed from it because if he does then he will be at the losing side so the best option is the long term investment.
And he said I should managed the investment for him and I told him that he should used one of his trusted children but I can only be a mentor, guidance and adviser to him and not to manage the investment for him. And I will introduce the DCA method of investment for him since he depends on the monthly stipend of the church. My problem here is, the time he is planning for his retirement investment is too close. It is just few months to his retirement and that is when he is serious about it. What was his plan for all these years in active service?
As it is, we have scheduled another meeting this Sunday again after the Sunday service. And if he is serious I will invest for him but I prefer the long term but as a age man, really he needs an investment that can brings feed to his table daily and that is why he was insisting on the short term investment buy that cannot do him anything base on the volatile nature of Bitcoin.
Your input can help this man through me.
If he is not willing to invest for long term, I will advice you to be careful else you will be blamed for the loss. Bitcoin is mostly safer when the investor is willing to hold for at least four years which is between market cycles. If he is too old to invest for long term, it is better you ask him to invest a smaller amount so that he can comfortably give the investment to his children. I will never suggest or encourage anyone to engage in short term investment because it is risky. Stand your ground and explain things to him and don't take because he is a respected clergy and not be too open to him about what he is aiming for, the advantages and disadvatnages.