"It's my dad..."
About a year ago, my wife and I were talking to her parents. We talked about the normal stuff for about 30 minutes and then the conversation turned to Bitcoin.
My father-in-law said that bitcoin was an awful investment and you can sense the concern in his voice when he knew that we had some. To add “validity” to his position, he said that Warren Buffett thought Bitcoin was worthless, therefore, it was worthless. My own father has expressed similar concerns. I thought, no doubt that Warren Buffett is a brilliant investor, and I follow his work, but no one is correct 100% of the time.
So yesterday afternoon, my wife walked up to me, handed me the phone and said, “it’s my dad, he wants to talk to you about buying some bitcoin." I thought it was a joke at first and I laughed a little, but after seeing the look on her face and the fact that he was on the phone; I knew that she was dead serious. So, I started talking to him.
Buy some bitcoin…
He said he wanted to buy some bitcoin and asked if Coinbase was a good company to go though, I said yes. He then asked me to take him through the process. I told him it was pretty simple; sign up for an account, prove that he is really him by sending KYC/AML information. Connect a bank account. And buy some bitcoin. It’s that easy.
He felt a tad relieved that it was that simple. I told him that he may have to report it on taxes if he sells it. And once he sends bitcoin, it's sent, meaning he can't get it back, so be careful. He understood.
Bitcoin rather than dollars...
He said he was buying BTC, so he can get a 30% discount on CBD Oil products he buys from this company. This made me think about a couple things.
- This company might want to hold bitcoin on their books rather than dollars and...
- My father-in-law was comfortable enough to put his money in crypto, even though it's temporary.
Then again I suggested for him to buy 10% to 20% more just because of the volatility in BTC so he had enough dollar equivalency to make his product purchase. So if he has some leftover, that will make him a HODL’er, just like us.
In Conclusion...
My father-in-law, as well as my father, both have had serious doubts about this technology. For all the same classical reasons that everybody else had. Both men are intelligent, thoughtful, and successful. Both are in the older generation. And both are coming around to Bitcoin (I’ll discuss my father in another post). After that conversation, it became apparent that crypto is accelerating to the mainstream. So hang on, this crypto ride is about to get a lot faster!
Stay frosty people. Thanks for reading.
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https://www.goodfreephotos.com/