so im in a little bit of a predicament here. Me and my parents are opening a restaurant and were gonna drop loads of money on it and its pretty much a make or break situation but now im worried if this is a mistake and if we should just be using the money to just buy bitcoin and hold for the next several years (maybe 6-10 years) becuz im confident bitcoin will goto 1 Million + dollars. What do you think about this situation? id love to hear your opinion on it. its got me thinking alot and the thing is, my parents are kind of old school and dont truly understand bitcoin. They still care about traditional banking stuff like credit score etc etc. Im more of a new school type thinker and i kind of hate the fiat-traditional banking system and i love bitcoin. I feel torn about what to do and im worried if my parents are making a mistake by not just holding bitcoin. Its their money tho so i cant really tell anyone what to do with their money but at the same time i know that bitcoin will continue to rise and its less work than running a business becuz we just need to hold the coins.
Discussion
True story. 10 years ago one friend bought Bitcoin, the other friend opened a restaurant. He poured his heart and soul into that restaurant, and did well. 10 years later he still has to work.
Dang! ya thats what im worried about. We already put in alot of money to start the restaurant but its not finished yet and were gonna have to put more. It would sound crazy to tell my parents to just stop what theyre doing and buy bitcoin. i can see the vision but im not sure my parents understand bitcoin like that :( i feel bad and guilty and shameful becuz i know money put into bitcoin could generate lots of profit but im not sure how to tell them becuz their pretty old school people and still look at life through the fiat lenses :(
Also, im guessing the friend that bought bitcoin doesnt have to work now? xD… Thats pretty amazing that he held for that long and hasnt lost it or sold it.Diamond hands for sure. Hes probably a really smart guy for seeing the vision and holding on for 10+ years. very impressive.
Here's the vision. Pretty much 10x every 4-year cycle. Will it keep going up at the same speed or have diminishing returns only time will tell, but the 50% new supply shock every 4 years is guaranteed. I think the future is going to have abundance beyond what anyone can imagine.
I'd recommend getting on the BTC train now, keep buying more when you can, and put it in cold storage for the long haul. But, it might be wise to start with a small amount that won't stress you out when it has a massive drop. Instead you can just see it as being on sale and buy more. The more you profit over time the more comfortable you'll be, and it'll snowball from there until you're all in.
Don't spend money that you need, and it's important that your family feel secure. But from there BTC can be your savings. It'll go up forever you just need to have an iron stomach for the bumpy ride.
I might take a more nuanced stance on this than most... because reality is, that as humans being, we need a fulfilling occupation to help make life meaningful. Is this restaurant a dream for your parents or a means to an end?
If it is a dream and something they will be willing to persue and cherish with passion and intention for a long time, they should go for the restaurant, a life lived well in the service of others is infinitely more valuable than a life of luxury.
However, if they see this restaurant as a way to increase wealth and one day get rich enough to retire... probably just buy the Bitcoin.
That's my 2 sats anyway...
their dream is to just retire and move back to their home country and live a life of luxury and be worry free. They just want to open the restaurant to increase wealth for me and my family. But im thinking that the bitcoin will bring in more wealth in the long run than the restaurant without having to work hard and its less risky than running a whole business. and thanks for ur insight and 2 sats! appreciate it.
Do both!
I would also suggest putting money into Index Funds, with the LOWEST fees.
Don’t know what the options are in 🇨🇦Canada but Vanguard is a great company with LOW fees.
And *not* GREEDY unethical, self-interested assholes like most in Finance!
🖤🖤🖤 you the best! always appreciate your replies and yeah i think were going to do both. Going to be a money making summer and getting back on track to the good mojo 🙏🏻🤞🏻🤑