Keeping in bitcoin your savings have quite some advantages, like if you are married, in a divorce case your wife gets pretty much nothing, which is different if you keep in USD. Don't tell her about your bitcoin wallets lol. Now on a serious reply , in long term many people and me too think that bitcoin price will rise in future so it would not be more likely to be broke, it would be more likely to have a bit more money in the worst case or be rich in the best case.

Depends on your entry price and when you will need your savings.

If you bought in 2013 or before, under $20, then you are closer to rich than to broke

The key is to never invest more than you can afford to lose.
I think its fine to do higher investements in low-medium risk investments tho.

I remember when Mt. Gox filed for bankruptcy a lot of people who had emptied their bank accounts and invested the fiat in Bitcoins were screwed. There were some pictures of people from Europe who flew over to Japan to protest in front of the Mt.Gox office because they lost their life savings and went broke. My advice is to never put all of your eggs in 1 basket and diversify your investments wisely.

you are looking like a joking with us.But the answer is if you have saving your bitcoins, so you should wait it now, you can see bitcoin's price is going up, and it is good sign, and after 2 months halving is coming ,so use it and sell your bitcoin on right time,than it will prove you that your saving is better for you.

That was because those people didn't practice the correct way of storing Bitcoin; in your own desktop wallet. Anyway, the coins did drop in value slightly before Baidu and various Chinese companies stopped accepting it as a mode of payment.

My advice is for you to invest parts of it into Bitcoin and store it safely, preferably in a cold storage. Never invest more than you can afford to lose.

A risky business putting all of your savings into anything, bitcoin however probably has the most potential for some kind of profit especially if you were able to buy in a few years ago and even now is still a good point of entry as long term we will rise (hopefully)

a smart person would never put all of their eggs into one basket.

here is a sliding scale of risk. where the top is the most risky and the bottom is most safest based on a LONG TERM investment
1. altcoins
2. pennyshares
3. real estate
4. fiat
5. bitcoin
6. stable bluechip share portfolio
7. precious metals

many people will cry and whine and show their total blind devotion that bitcoin should be the safest investment ever.
well this may be true based on the codebase of 2014 and the ease of buying and selling of that period.
but if you look passed your faith and think of the logistics of moving between bitcoin-fiat-bitcoin its a more harsh environment compared to 1-4 and about the same as 6-7. and future legal issues worldwide make bitcoin slightly less investable compared to 5-6

some people may whine and cry that real estate is safer then just hoarding fiat. but once you realise that a $250k house turns into $300k+ once you account the interest. then the maintenance, insurance, taxes pushes a house upto $350k costs.. most people dont always get their $350k let alone any profits to cover inflation.

so my advice is after you have paid your bills and a few luxuries.. if you have an example $100 left over.. split it up as

$20 fiat
$40 bitcoin
$10 shares
$20 precious metals

and keep an eye on the prices of each.. if one rises and another falls, invest less in the one that rises and more in the one that falls. that way you get more of the cheap stuff and less of the expensive stuff.

the reason i suggest $40 of bitcoin is because its still fresh and the fluctuations in price allow for more potential returns.  but keep in mind my last paragraph about adjusting the amounts based on price fluctuations.

and last tip. if you buy bitcoin at $450. and it drops to anything below $450 dont be a dummy and cash out crying at the loss.. hold and keep investing for cheaper coins. remember its only a loss when you cash out. so dont cash out at a loss. unless there are signs of a disaster scenario where it can drop to 0. think of any drop in price as an opportunity to grab more, cheaply

If you bought a mere six months ago (when the price was between $200-$250) you would have nearly doubled your money by now...