The Big Paypack
So I owe a friend of mine some money. I've owed it to him for a number of years now.
Initial debt was $1300.
Last year, I payed him $700, which he quickly spent right away and has nothing to show for it now.
This year, the thought occurred to me, I could pay him in crypto and potentially make him more in the long run, as well as introduce him to the space.
I thought I would buy him a Ledger, divide the rest into a few coins that in the long haul could pay off quite well. If it was all set up correctly, he could be staking to that wallet the whole time, as well, increasing his holdings. Then just hand it to him and tell him not to open it for 4 to 5 years, until the next bull run. I know it's not going to be as easy as that, but you know..
This is someone that really needs to be in the crypto space. He's a math whiz, has a degree in Statistical Analysis from our state University. He's single with no kids, so he has surplus money that he just kind of spends, but doesn't invest in anything. He seems to be put off by the idea of investing. If I bring up stocks or crypto or anything he quickly brushes it off. His biggest pet peeve is when I try to give him advise on how to invest his money or how to make it work for him. He thinks he knows what he's talking about but he ultimately says a whole lot of nothing.
I want to give him something that's going to grow into something much bigger, something that he can watch grow so he can start to see and believe.
I'm thinking Nano S is about $60 which leaves $540 left to invest.
So far on my invest list I have BTC, ETH, ADA, XRP, DOT, THETA, VOYAGER. I have not decided on how much to allocate to each coin or officially what coins I will choose yet.
I would like to, ideally, be able to stake the coins to the wallet, not on an exchange, so that it can compound and increase as he's holding it. I realize this is not an option of all coins.
Anyone have any suggestions for this situation? If you had $600 to plant into a wallet and bury somewhere, what coins would you choose? If someone paid you in a similar fashion, how would you feel about it? Would you cash out right away or would you wait before sell off?
I'm not even sure how he is going to react. How would you react?