My dad is 58 and has no retirement. After talking to him and explaining the fundamentals of Bitcoin, he wants to contribute tens of thousands into Bitcoin.

My dad had about 275k in his retirement at about the age of 40. He risked it all, spent every penny of it, on a business venture that didn’t work out. He is now 58 and has not contributed at all to any retirement fund. After expressing some concern for his future well being, I explained the basics of Bitcoin, and he voluntarily asked me to help him invest tens of thousands of dollars he has in savings for his retirement.

If he had not spent his retirement, I have no doubt his retirement would now be worth at least 500k. But that’s growth over 18 years. Bitcoin grows on average 200% every year. If my dad can hodl for atleast 5 - 10 years, I’m hopeful he can improve his financial situation.

Bitcoin provides hope for the future. Bitcoin too fixes this.

Edit:

I have not misled my dad, at least, not intentionally. I have explained the risks as far as I see them and I prefaced it with “don’t invest more than you are willing to lose.” I have bought him a Trezor wallet for Christmas so we will not be keeping it on exchanges. He is also maxing out a Roth IRA of his now, but this is the first and only year he has done it. Since retirements have max contribution limits he is looking for extra ways to invest to “catch up” and he decided Bitcoin was what he wanted to do. He does not plan on withdrawing for another 10 years, and I fell confident will be higher then than it is now (probably 2 halvings between now and then).

Submitted December 29, 2021 at 04:57AM by Big_Papa_Bear_ https://ift.tt/3FBbQcl