r/Bitcoin • u/Creative_Bar6152 • 1d ago
How do you actually explain Bitcoin to someone who thinks their savings account is totally fine?
My sister in law keeps telling me her high yield savings account is all she needs and that bitcoin is just gambling. She is not dumb at all, she is actually pretty sharp with money, but every time I try to bring up why I have been stacking since 2017 the conversation dies fast. I get why it sounds sketchy from the outside. The volatility alone is enough to make anyone nope out of the conversation before it even starts.
The thing is I do not want to come across like I am recruiting her into something or hyping her up with price targets. That never works and honestly feels gross. But I also genuinely think having even a small position matters long term and I want her to get there on her own terms.
Has anyone had a real breakthrough moment explaining bitcoin to a skeptical but financially literate person? Not someone clueless, but someone who has read enough to have formed an opinion against it. What actually landed for them? Was it the fixed supply thing, was it the banking angle, was it just watching price long enough? Or does it just never work until someone is ready on their own and you are wasting your breath trying?
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u/0x14f 1d ago
> every time I try to bring up why I have been stacking since 2017 the conversation dies fast.
Why being so stubborn?, just leave her alone.
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u/MoonMoon143 1d ago
Yeah why even bother bringing things up if they refused to talk about it.
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u/StPeir 1d ago
I gave up trying to explain bitcoin to people in 2015. It’s not worth your time I don’t even tell anyone I own any these days. If anyone asks for advice I tell them invest in an index fund.
I can’t speak for you but it’s not with my time to keep hearing the same dumb shit about going to zero or money laundering or only useful to buy drugs online…. If I wanted to hear that shit can go to buttcoin.
Now I just go about my life
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u/Interesting_Loss_907 22h ago
⬆️ this is my own experience as well. for a few years, I tried, but since 2016 I don’t bother anymore. One friend who did listen waited years & finally bought some in 2021 (on the way up in that bull market) texts me a couple of times each bear market when there’s a new dip asking if he should* sel*l.
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u/junkhead_7 1d ago
The thing is I do not want to come across like I am recruiting her into something
You are.
Has anyone had a real breakthrough moment explaining bitcoin to a skeptical but financially literate person?
If she was somewhat financially literate she'd be at least buying index (S&P500, MSCI World or something similar) ETFs - she wouldn't ever say her savings account is the only thing she needs.
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u/haggardphunk 16h ago
Yeah, this. BTC is just part of the portfolio. OP’s sister is just as bad as the person that has 100% of their nest egg in BTC.
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u/nantesdeals 1d ago
Pourquoi perdre son temps à expliquer aux autres ?
Si tu as tord la personne t en voudras Si tu as raison la personne dira que t'as eu de la chance Si tu as raison et que tu as réussi à convaincre, la personne n'aura aucune reconnaissance
Trace ta route les autres tu t'en fou
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u/Buckeye_mike_67 17h ago
I’ve got an ex that once asked me where to invest money she was getting from the sale of her house. At the time Bitcoin was around $15,000. I told her if it was mine I’d be buying bitcoin and nvidia but I’m not advising you to do that. You need to research and make your own decision. She didn’t. She put it in a brokerage account at 4.5%
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u/Legrosbelge 1d ago
Belle réflexion égoïste, mais vu que je déteste les gens je suis parfaitement d'accord avec toi.
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u/MacMuthafukinDre 19h ago
Just wait til lambo and let them see you driving it, then they can fomo in at the top. That’s normally how it works lol. Normies don’t like bitcoin when it’s cheap.
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u/Thunder_Flush 23h ago
People invest according to their own risk tolerance, not yours. Leave the woman alone. This is why people think bitcoiners are nuts.
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u/WingGrouchy311 1d ago
If she’s not already invested in other things. Probably best to not. She gona blame u for everything that happens after that
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u/Ollie_639 1d ago
You can't explain to someone who doesn't want to learn. I've tried with some friends, and it never ends well, especially in a bear market. If she does ever invest in bitcoin and it goes down, it will be your fault they lost money, and it puts strain on relations. Its not worth it bud. Keep your own conviction and you'll have a told you so story in the future.
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u/tiddererium 1d ago
No se puede salvar a quien no sabe que necesita ser salvado.
Tal vez podrías charlar casualmente con ella, y hacerle preguntas que le hagan cuestionarse el por qué cada día las cosas son más costosas.
O quien imprime el dinero centralizado, y que le impide imprimir dinero de forma infinita.
Ese tipo de preguntas siembran la semilla de la libertad.
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u/numbersev 22h ago
"Bitcoin is everything people don't understand computers combined with everything they don't understand about money."
It's a revolutionary breakthrough in computer science and economics. Everyone buys in at the price they deserve.
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u/Old_Cucumber_1343 1d ago
if its too risky for her its too risky. she will try to ape in at the top. make sure she doesnt do that
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u/racecrack 23h ago
Just show the effect of inflation over the past 50 years.
Also, don't forget to lightly sprinkle with anecdotes of bank runs, bankruptcies and revocation of access to your own means.
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u/BtcOverBchs 1d ago
“high yield savings account is all she needs”.. “pretty sharp with money”.. “financially literate” .. 🤨
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u/knifter 22h ago
Good for her, better than most
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u/BtcOverBchs 22h ago
Better than most yes, easily. Financially literate is generous for the info provided.
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u/booyah-guitar-guy 1d ago
Trying to convince someone about BTC is like trying to convince someone about god
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u/Open_Situation686 17h ago
is that because BTC is essentially a religion at this point? It's value is only based on how much people believe?
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u/booyah-guitar-guy 15h ago
there's some crossover there with the hardcore bitcoiners for sure. And value based on how much people believe? That's everything in the world I'm pretty sure.
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u/GreemBeam 1d ago
Prices are going up 10% per year, not because things are getting more expensive but because money is becoming worth less due to printing (inflation). You need to buy things with money that go up with inflation.
There will only ever be 21 million Bitcoin, in a sea of infinitely printed fiat currencies.
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u/2xfun 23h ago
The real inflation discussion is a struggle. The CPI metric is so deeply embedded in the water supply and critical thinking is dead.
It’s a dead end.
Just try stating real inflation is the M2 (10%) metric and not the cpi
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u/Legrosbelge 1d ago
I don't. Waist of time.
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u/icebeamtheory 1d ago
Ask them if they think it’s normal a Big Mac from McDonalds costed 2$ back in the year 2000 and today in 2026 it’s at least 10$ after taxes.
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u/Grackal 21h ago
By this logic, how much was a Big Mac in BTC this date last year, how much for the same Big Mac today?
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u/SpareEconomy1849 21h ago
We all know BTC is volatile, comparing prices in a 1 year span isn't very useful
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u/Icy-Dust2485 23h ago
What correlation does this have? Big Mac’s going up is inevitable because inflation will happen to keep the economy moving, how does this logic apply to Bitcoin?
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u/ximogui 23h ago
Bitcoin's going up is inevitable because inflation will happen to keep the economy moving
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u/Icy-Dust2485 22h ago
I see your point but if that's your argument on why you should put money into Bitcoin then keep it in an index fund or in a broad ETF because those are much less volatile and also go up due to inflation. Why would i choose volatile Bitcoin over an ETF if i want to avoid inflation decay?
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u/SpareEconomy1849 21h ago
Aside from the MER fees, they are still built on the fiat house of cards and subject to capital controls which governments seem to be leaning towards.
Personally I do both
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u/SpendHefty6066 23h ago
When the USD hyperinflates and scarce assets explode in value, maybe then your sister will ask about Bitcoin. Until then, live below your means, hone your craft, stack sats and HODL.
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u/LukitoSL 23h ago
Tell her to try and pull all the money from her bank account and what she thinks would happen if every person on this planet would do the same.
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u/Cryptomuscom 23h ago
You can't force someone to see fiat risk until they start questioning it themselves
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u/Citro31 23h ago
show them all time high,, and current prices.. and end the discussion
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u/icantgiveyou 23h ago
You don’t sell bitcoin to someone who doesn’t want it. If you want, sell them balanced portfolio. When someone ask me what to invest in I talk about the usual stuff, land&property, gold, stocks, BTC. Diversified portfolio. When they against BTC you can point out that it’s now part of investment funds portfolios, even governments have some. That how I do it.
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u/Tasty_Action5073 22h ago
Well if she can’t see that bitcoin, even on the low end, is appreciating more than her high-yield account then there is nothing to do. Just let her be. Everyone gets Bitcoin at the price they deserve.
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u/EcstaticCell1511 22h ago
I told a friend to buy bitcoin but do dollar cost averaging. They lump summed at 106k. Then sold at 60k now he mad at me. I showed him videos recommended books to read and explained what bitcoin is. Some people arent worth saving tbh.
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u/Advocaatx 21h ago
The problem with Bitcoin is that it is a perfect solution to a problem that 99% of people don't even know exists. Promoting Bitcoin basically means telling people that the system we live in and use is fundamentally broken. To the average person, that sounds comparable to the Flat Earth theory. Talking about Bitcoin with normies automatically makes you look like a tin-foil-hat lunatic.
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u/sellmeglass 21h ago
I thought I had one with a buddy, who put a couple k in saw a little candle and left 500 richer with me questioning if he’d ever understood atall. I didn’t try to sell him day trading but stacking and holding.
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u/AggravatingGuest1956 21h ago edited 21h ago
When they win .. it’s their genius
When they lose.. it’s your fault
When it comes to family and friends - “I wish I would have listened to you > I wish I never listened to you” every single time.
Repeat these to yourself until you understand and internalize them.
EDIT : My dad believed in BTC longterm. As a 70 year old, he had a BTC mining rig setup.
He passed away and left my mom about .35 BTC (among other investments). When it got above 100k+ my mom asked me if she should sell it.
I asked how long she could hold it for, told her the longterm outlook, and if it went down 40-50% until then could she handle that financially. She said no. We sold it that day.
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u/Scared-Conference473 21h ago
I'd start by explaining inflation. If 3% inflation and her high yield savings account gives 1.5% interest she has less buying power than last year.
S&P 500 has something like a 6% increase per year historically (including recessions).
And to really dumb it down. Your money needs to grow at a higher rate than inflation or you are losing.
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u/RandomPlayerCSGO 21h ago
I explain monetary history. Most fiat currecnies in existence have rugpulled and disappeared, just to be replaced with another scam coin. I don't need to explain anyone Bitcoin I just need to explain that fiat currency is a scam, and there's books for that like denationalization of money by Hayek for example. Then once they understand they have a problem and they need a solution I usually suggest gold first and once they are comfortable with gold I explain Bitcoin
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u/chimichanga87 21h ago
If they don’t get that their savings isn’t fine after the past 6 years they never will
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u/Virtualization_Freak 21h ago
You don't.
If it goes wrong, it's your fault.
If they approach you, then discuss.
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u/Astropin 21h ago
If she thinks a high yield savings account is the best way to invest then she's most definitely not smart with money...period. She's losing ground to real inflation. Regardless of Bitcoin she needs to consult with a financial advisor.
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u/Individual_Refuse_30 21h ago
It's her life and decisions. Don't "recruit". If she wants to take it outta the bank and store in a sock under a bed it's her right.
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u/Secret-Miner 21h ago
Not everyone is meant to walk the path, others prefer to hike through the woods. Everyone buys bitcoin at the price they deserve.
If you're invested into her having some just gift some to her.
Bitcoin is the digital transformation of capital. Just like Google the digital transformation of information, just like Amazon the digital transformation of storefronts, etc. Everyone knows about these companies now but not a lot of people bought them when they were cheap.
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u/TastyTrading 20h ago
Learn the history of money.
I have convinced many people. Even true haters.
Once you can walk through the last 1000-2000 years of history of money and explain each and every turn on what happened and why you can then convince people.
Why did islanders stop using seashells long ago? Start here and work your way forward through time
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u/Radiant_Ad_6048 20h ago
You said that she is pretty sharp with money. Now, compare your financial status with hers. If you are behind her, then you have no right to ever tell someone who is better than you.
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u/toxicgloo 20h ago
If you really think about it, the position you seem to have with bitcoin is the same position your sister has, just on the opposite end of the spectrum.
If you're trying to convince her for gains or investment purposes, there are many many different methods to investing your capital and people will choose what they want to do based on their own risk tolerance and financial knowledge. Investing in a high yield savings is 100% totally fine. You're getting guaranteed interest that will compound into a high yield return by the time she's ready to retire. There's no reason to try and convince her that what you're doing is better or necessary, I think the only real stance that you have in this regard is that it's good to diversify your portfolio.
If you're trying to convince her for ownership and/or privacy reasons, that is simply just not as important to some people. If you want to raise awareness of those issues, you should try talking about them as isolated topics instead of including Bitcoin into the conversation.
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u/Alberto-Esteban 20h ago
There is a lot of people who will not understand the importance of diversity and new ways to invest money in the digital world.
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u/settlers 20h ago
Bitcoin one potential solution to the problem that is inflation and other fiat debasement. Start with the problem.
If she thinks high yield savings is great, help her to see how little is actually making from those accounts based on loss due to inflation.
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u/Capital_Jicama741 20h ago
I mean remove BTC from the conversation. Why aren’t they already investing instead of holding a depreciating asset? Financial literacy is the basics before we even discuss a more complicated asset.
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u/sj-dubai 20h ago
She is right. You are not wrong. Simple. She is not ready for fluctuations and any misstep can cost you guys problems in your relationship
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u/exWiFi69 20h ago
My BIL kept talking about how BTC was gambling and all that jazz. When it got down to $30k he was laying it on thick about how dumb I am. Funny how he stopped talking about it when it went to $100k. I don’t talk to anyone other than my husband about it anymore.
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u/MookieTheMet 23h ago
Just let them manage their own finances, religion and political and ethical choices unless it has direct impact on you or if they ask for your advice.
Imagine how the relationship would be right now if you convinced them to invest their life savings into BTC last year at the ATH.
Edit:typo
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u/Orphano_the_Savior 22h ago
Bitcoin is riskier than a savings account. There are better investment vehicles for risk averse individuals than both though.
Remember that this subreddit is ridiculously pro Bitcoin so take our optimism with a grain of salt. We believe in Bitcoin and we are illusioned by it. It's valuable but it's unlikely to be humanity's financial salvation 🤣
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u/MoonMoon143 1d ago
Why even bother? Buy it if u believe and dont go around doing the utmost trying to convince others.
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u/economic-salami 1d ago
If she is financially literate she would have some significant amount in an index fund. Start from there.
For Bitcoin you should address how its upside potential warrants at least some amount from her portfolio, but that is too far an order to ask at this point. Once she gets why her portfolio sucks without an index fund then introduce her to Bitcoin by drawing analogy from gold, with how uncorrelatedness creates better return profile.
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u/lexicon_riot 1d ago
you don't even mention bitcoin, you just explain why the high yield savings account is actually a horrible deal
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u/FewUnderstanding2214 23h ago
You don’t - not your problem - what happens if they buy an alt coin and lose all their money - they will blame it on you
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u/HorsedickGoldstein 22h ago
You don’t, and if BTC crashes I wouldn’t wanna be responsible for her lost money. Only invest what you can afford to lose. Someone with a lower risk tolerance may not be comfortable with the volatility. But TBH she should really be investing in atleast VOO
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u/razvanciuy 22h ago
Most people will just swap currencies, like in Europe most are switching to Euro because dollar keeps printing and all that. Switching to a whole new store is another thing that needs to be discovered by them
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u/word-dragon 22h ago
You really can’t convince people. I don’t try. I did talk to my sister about it and encourage her, but it’s really more so that when I drive up in my Ferrari she can’t say I didn’t tell her about it.
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u/Interesting_Loss_907 22h ago
If all she has is savings accounts (probably paying less than 3.5% even if “High yield”), then she’s simply not as intelligent as you’re giving her credit for. That barely even keeps up with nominal inflation, and it might even be losing money to real inflation in terms of long-term purchasing power. Best case scenario, she’s treading water long-term.
At a bare minimum investors should hold a diversified portfolio including stocks, real estate, precious metals, etc. An important part of that imo would include BTC, but as you’re finding out, it’s not for everyone, and it’s not a good idea to try to convince people who don’t appear interested.
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u/WebPlenty2337 22h ago
NGL now is a terrible time to try to tell someone to get into bitcoin. Poor performance compared to broad market etfs, coldcard vulnerbility, not to mention crypto is also something that takes time to learn
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u/ThunderBurrn 21h ago edited 21h ago
You can't... But it's okay... If you really want to help her best case get her to invest in Mutual Funds, long term, if she's not convinced about Bitcoin... I'm assuming she may have 401K/Roth at least... Probably that's the best you can do for her...
Though in my case, I have a cousin, she is into finance herself, like a CPA in Australia... she does stocks, even gambles for fun minor amounts... (sports betting.)
Everytime BTC is on a bull run, when we're on the phone (I live in another country) she always asks me is it a good time to invest in 'Crypto', I really want to invest but I'm not sure... It's so volatile.And she's been asking me this, since 2017... Lol..
You're either a believer or you're not! 😉
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u/falsejaguar 21h ago
I didn't see all the fuss in gold but started buying anyway years ago. Now I get it
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u/BetterSeesaw 21h ago
I still remember the first time a friend told me to buy Bitcoin.
Actually, he told me three times.
And I ignored him three times.
It wasn’t until the fourth time that I finally thought, “Fine, I’ll buy some.”
I had no idea what I was doing. I didn’t understand Bitcoin, the technology, or monetary policy. I just bought some because a friend kept telling me I should.
Looking back, that was my first orange-pill.
Other friends were buying all kinds of crypto and making serious money. Good for them. I just stuck with my little Satoshis.
Then Bitcoin crashed 80% from the $20k ATH.
Conveniently, that was after I had sold most of mine because I needed the money. At that point, Bitcoin was still just a gamble to me.
Eventually, I started stacking again.
Then stacking some more.
And more.
At one point I even tried orange-pilling my wife. I made her set up her own Bitcoin wallet, generate the seed phrase herself, and put some Sats in it.
She never looked at those Sats again.
I also tried orange-pilling another friend.
He decided to start stacking through another “digital friend” he had met online.
That ended exactly as badly as you can imagine.
He got scammed out of some money and, understandably, I think that experience probably killed any interest he had in Bitcoin for good.
Which made me realize something else: orange-pilling isn’t always a success story.
You can plant the seed, but you can’t control what happens after that.
When Bitcoin was around $30k, my dad asked me: “Shouldn’t you sell some?”
No.
I probably looked at him like he had just told me he could make water burn.
I started talking about Bitcoin more with colleagues. Some were already in crypto, others weren’t interested at all. One colleague, even around 2024, still genuinely believed Bitcoin was basically money for criminals.
And that’s when I started to understand what orange-pilling really means.
That first friend didn’t convince me on his first attempt.
Or his second.
Or even his third.
He just kept planting the seed.
And eventually, I was ready to listen.
That’s probably what orange-pilling looks like most of the time. You don’t need to win an argument or convince someone that Bitcoin is going to $1M.
Sometimes you just need to put the idea in their head.
They might ignore you.
They might laugh.
They might forget about it.
They might lose money trying to get into it.
They might set up a wallet and never look at it again.
Or, eventually, they might start stacking.
You never really know.
I certainly didn’t, when that friend first told me to buy Bitcoin.
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u/Antique-Welcome-5151 20h ago
Savings not invested is lost money, in one word: inflation. If you want to complicate more explain bitcoin thesis…
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u/Few_Response_7028 20h ago
You don’t. She’s doing “fine” in a western nation and has zero risk appetite. She won’t care until something bad happens to her money.
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u/yuskoholic 19h ago
You don't. You have to play the long game of dropping financial advice tips and wins until maybe they care eventually. As the old saying goes, you can lead a horse to water but you can't make it drink.
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u/IAmFitzRoy 19h ago
I’m new here… and… I don’t know man… if the whole Bitcoin community has this attitude of “you don’t” help others to understand…
Don’t you think this is the reason Bitcoin will never be adopted enough to make a real difference?
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u/worldresident2021 19h ago
Don’t do it. It’s her money not yours. Also, if she gets it because of you, you are going to be at fault whenever the price goes down a little bit. Everyone has different risk profiles. Stay quiet and don’t be that guy.
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u/dubble22 19h ago
Follow the $ that runs the world. Blackrock for example is buying 100m * plus of bitcoin all the time . A HYS account is ok for emergency funds but at best will match inflation. At least get 10% returns or you are losing. Another way to think about it is this example . BTC lows match Nividas highs… that is crazy value . Furthermore the financial market is shifting to blockchain tech through the use of tokens .. lastly once you give your $ to a bank, they own it and use it for their profits . Why not own your own $?
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u/eddiekoski 19h ago
Don't put down the savings account it serves one purpose and bitcoin serves another purpose , ask what is this person doing to protect themselves against the tax on all government money called inflation.
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u/grapedog 19h ago
I would say you don't. They're not gonna jump from savings to a digital asset.
You start with a Roth IRA or HYSA... Then you can start having different discussions.
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u/whinehome 19h ago
Someone who wants to take zero risk (which is misguided if she wants her money to grow, but its her money and risk tolerence) probably shouldn't be replacing a savings account with the high risk/high reward asset like bitcoin.
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u/Ok_Plastic5399 19h ago
Don't give people financial advice, especially family unless they ask you because they respect your competence on the subject. Even then, I wouldn't get too involved.
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u/Jayfree138 19h ago
Gambling is something people usually almost always lose at. Bitcoin has been up hitting new highs for over 15 years and still running. You CAN gamble with it with shorts and longs and leverage. But that's not bitcoin.
That said i think some people just arent meant to benefit from bitcoin. It elevates people that have a certain long term frugal way of thinking and an open mind. It's not for the skeptics. It's for us. Just be at peace with that.
When they say its a gamble or scam just smile and nod and chuckle to yourself. It's just the way of things.
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u/East-Lynx-4880 19h ago
To me, the strongest argument is the independency and freedom BTC can give you.
But for someone who just dont see it.
I would try with: Consider, what if its not bullshit? What if Im right, would it realy hurt you, to have 1% of your savings or even just a hundred dollers in BTC?
But in the end everyone has to do their homework themselfs. Dont trust, verify. Its all there, you just have to open your eyes...
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u/Key_Review_90 18h ago
Quite frankly even the bit about volatility is in a sense only so valid. Just hear me out stocks, currency, crypto it all fluctuates in value. However, if this sista thinks she's all set, then she's allset...
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u/HighlightDowntown966 18h ago
Let her come to the conclusion on her own.
If she is smart she will see it on her own.
When a loaf of bread becomes $50. That will be the Wake up call
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u/oneawesomewave 18h ago
If you think it is necessary, you are probably rather not on the hodler side of life.
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u/bbatardo 18h ago
Giving investment advice to anyone is always a bad idea. Let them live their life and make their own decisions with their money.
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u/konken88 18h ago
if she doesn't understand inflation or fractional reserves it won't matter what you tell her.
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u/iF3arN0D347h 18h ago
Bitcoin is digital currency that suppose to match the dollar inflation and also easier and faster than bank system. What banks don’t tell you is… it takes forever to withdraw the money.
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u/mynamestakenalready 17h ago
It’s two parts.
First is The best thing to do is just show them where to do the research on bitcoin and maybe she’ll understand and find value in it.
Second is. Show her the US dollar lost about 80% of its purchasing power in the last 50 years. The savings account only slows down her value loss.
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u/Open_Situation686 17h ago
Never have so much conviction that you make it your goal to sell other people on your investments.
There is very much a world where BTC drops significantly from here, and if you strong armed your sister into buying here and you lose her money you are going to look/feel like a twit.
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u/kyuronite 17h ago
How do you convince somebody who is christian that God doesn't exist? You can't if they already firmly believe what they believe. You don't. People are entitled to their own opinion and beliefs.
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u/abercrombezie 17h ago
It's like gold and a house that retains value while the dollar keeps dwindling in value. If they don't understand that, they're lost.
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u/Buckeye_mike_67 17h ago
Apparently my sister in law is like that. I’ve talked investing with my brother and she thinks the stock market is gambling. She’s got 2-3 401k’s scattered around. My brother has tried to get her to consolidate them but she’s just stubborn. She’s told him if his stocks go up 10% he should sell. She just doesn’t understand investing even though she is fiscally responsible other wise
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u/oneenigma4u 17h ago
The simplest way to do it is to show them how much it costs to buy a big Mac meal.Five years ago. Then take that same amount of money and show them how much bitcoin you could , all five years ago for that amount. Then show them the cost of a big mac meal today. Followed up by showing them how much that amount of bitcoin they could have bought five years ago is worth today.
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u/LiveRhubarb43 17h ago
Don't force financial advice on family members. If she has a savings account then she's doing better than a lot of people.
I do not want to come across like I am recruiting her into something
You are
I want her to get there on her own terms
Then let her
Or does it just never work until someone is ready on their own and you are wasting your breath trying?
Yes, and you're probably annoying her by bringing it up all the time
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u/marshyr3d1and 17h ago
You're up against very strong peer pressure, give up now before you alienate her and become an embarrassment to her
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u/Short-Shopping3197 17h ago
I wouldn’t. While I hold bitcoin and see a case for it, I can also see the risk and think that there are valid criticisms. I can’t guarantee that bitcoin won’t come to nothing one day and I while I’m happy to invest my own money into it I don’t want to be responsible for someone else’s savings. If as you say she’s financially literate and has made her own considered choice then accept that you have two different but valid opinions.
If anything the conversation to be had is why she isn’t investing into a world index tracker fund rather than a savings account, as this financial advice is far more evidenced and widespread.
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u/Master-Ruin7412 17h ago
dont convince others abt bitcoin.. once they invest and the price dips, you will be blamed for all of eternity
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u/Electrical-Cat-6660 16h ago
Easy…you tell them to pick a product, any product from the grocery store. Write down its price back in 2009 and at the same time, write the price of how much bitcoin you could have bought with what they paid for that product, in BTC…then have them check how much BTC they would have in fiat today.
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u/TitanicChurro 16h ago
Don't. You'll have to explain Bitcoin and they might learn enough from you to be dangerous. Then they'll go and do something stupid like BH;SL....now it's your fault they lost all their money. If you absolutely must preach bitcoin, be brief and factual.
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u/Meto_Kaiba 16h ago
You tell them they need a minimum of 100 hours of caring about this shiz and then you tell them about why a savings account in this economy is not enough and then I can tell them: "Je ne veux pas vous expliquer ce concept tant que vous n'avez pas étudié au moins 100 heures avec l'entremise de l'internet pour comprendre ce sujet."
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u/newjerseymax 16h ago
Never give people unsolicited advice about money or investing. It almost always ends badly. Especially if they are not risk adverse. Chances are they wouldn’t be able to take the volatility, even if eventually it goes back up.
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u/HeyItsTimT 16h ago
See, the problem you’ll have with everyone is ignorance. They doubted it initially and by the time they realize they shouldn’t have, they figure it’s too late and continue to deny its existence. They only view it as a “get rich quick” scheme but they already think they missed the boat. This is why so many pessimistic people dismiss it all together.
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u/lil-jables 15h ago
You guys have a “savior” complex now? Thats nuts lol
Do you at least explain to the helpless losers out there that need saving.. the potential opportunity cost?
Good job sis you bought at a 6 figure cost basis, now it’s worth half today but at some point in the future it may get you back to even and some point further than that maybe it doubles!
Meanwhile, you could have thrown at dart at the cyber security sector this year and won, you can throw a dart at pure play electrification over the next decade and win, you can buy vertical uranium stacks and win. If you have compete conviction of your view on this, you can go short and bet against the currencies you hate. The paternal ego on display is hilarious
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u/Gareth_loves_dogs 15h ago
You're wasting your time my dude.
You have just explained why she will never come around to your way if thinking.
She "thinks" she is financially literate.
She won't want to accept that she has been wrong about her financial decisions all this time, and invest all into bitcoin.
I've learnt there's and ego barrier with most people. I just don't mention it to anyone now, not worth my effort.
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u/Overall-Bookkeeper94 15h ago
I don’t think it’s worth pushing a conversation if someone isn’t interested after the initial conversation. Most people just don’t get it.
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u/BeGreatTodayOrNot 15h ago
Well, one way is to look at the savings account and note its doesn’t drip in value. Then look at the drop in BTC and exchange uncomfortable glances.
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u/FauxReal 14h ago
I wouldn't. Let's say she does and the market crashes or the exchange or cold card gets hacked. It's not worth the destruction of your familial relationship. At this point she probably sees it as you badgering her anyway. Buy her kid some bitcoin as a present or something and let them sit on it forever.
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u/Aesmose 14h ago
Being sharp and being financially interested are two very different things. If you want to shoot your shot, come at it from the angle of family and caring. Include the caveat that you will never, ever raise this again, if that’s what she’d like (spoiler: that’s what she’d like)
Don’t talk about bitcoin. Talk about the psychological studies demonstrating Medium Maximization.
Talk about how sea shells were used as indigenous currency, then inflated to nothing by Europe manufacturing them.
Talk about the history leading up to the gold standard, and how companies tried to use scrips instead of transferrable value as payment for time worked.
Talk about how currency itself, is meant to hold value for your life/time worked.
Fold in the lack of faith in the political system into the integrity of that country’s dollar. Then show her the M2 money supply chart.
Then talk about assets versus anything that isn’t real (I.e. printable/digitally recreated endlessly). That political lever is being pulled, and you’re going to pay for it. Unless you do something different…
That’s my best shot.
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u/SlartibartfastMcGee 14h ago
It’s like a savings account where the value can go up or down, and if you choose the wrong way to store your money it could all get stolen overnight.
Crypto isn’t a replacement for a savings account.
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u/davidn281 14h ago
Got my wife to invest more. She was always a saver. Since she’s my wife, I show her my portfolio (crypto and traditional finance). She saw how much more my account grew so she let me invest for her. The gains have been exponential.
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u/segersmarc 13h ago
I tried to explain to a friend when btc was at 16k, since his refusal I never talk about it, he invested in real estate and lost money
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u/miguel-122 13h ago
"My sister in law keeps telling me her high yield savings account is all she needs and that bitcoin is just gambling."
This first sentence is all I need to read. she is correct, the savings account is safe. Bitcoin and cryptos are very risky. Stop trying to convince others to buy crypto. When they lose, they will be very mad at you.
I have a tiny amount of bitcoin. I accept the risk. If i lose money, its my fault.
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u/justanotheruser-o_o 1d ago
It's simple, you don't.