Recently, more investors have been coming to invest in Bitcoin, and this has been one of the reasons why the price of Bitcoin has been moving upward. However, many of these new investors are starting to realize that Bitcoin is a long-term investment.but still there are set of people who invest in Bitcoin solely for short term gains, but I believe it will be difficult for them to achieve their desired profits.
Recently, I met someone who had just started investing in Bitcoin, but it aim was to make profits in the short term. It planning to sell off their Bitcoin within the next year. I explained to them that this is not a good way to make significant profits from Bitcoin investment. I advised them to shift their mindset and avoid selling their Bitcoin too soon. Instead, they should continue investing and aim to hold their Bitcoin for 10 to 15 years, as this approach is likely to yield greater profits.
Haha, your friend will be disappointed with the approach he has taken. Bitcoin is not a magic money-making machine. It's a seed you plant and water it for a time to start bearing fruit. And you know you don't get to see the ripe fruit immediately it needs to be given some time. Thinking the price will go up soon is fine because it will at least for a while. After all, it is meant to be volatile. But planning to take short-term gains is a bad idea.
If your friend is dear to you. Then tell him about the benefit of long-term investment and the plan to be patient enough for the potential benefit in the long run. Don't impose anything on him, let him make the decision himself. At least you have done well sharing your knowledge which you have grasped here to him. Whatever becomes the outcome he will take full responsibility for it.