One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin.
Did I give my friend the right advice?
You have given him the right advice he needs to hear. Maybe its already his own decision to invest with quite a bigger amount knowing he earns only $400 a month. I just hope he is aware that he can lose all his capital if he makes a single wrong move in his investment. However, for sure he will also learn something if he will lose his money in this investment. After all, losing is inevitable, we just have to be more open minded about it not just for bitcoin investment but even in other investments existing in the market.
We don't know if he used his savings or salary to invest, so it can't be said that he is risking more than he is earning. But I like your investment mindset, once invested, there will always be unforeseen risks. Therefore, when investing, we need to be psychologically ready, if there is a loss, we should not be too shocked or disappointed. But be open-minded, accept failure, and find a way to make up for that loss. I believe that people who invest in bitcoin, even those who have been successful, have had a few losses, and that is normal when investing. We need to be open to that.
