I got my mother into crypto!
As the headline says, I got my mother into crypto. Maybe not as much as I hoped for but she is open minded and after a few discussions about the history and the community, she can not deny that it is a growing industry, that she is now part of herself.
So what did she do? Well not too much, I got her to open a BlockFi account.
Don’t get me wrong here, I do understand the ”not your keys not your crypto” rule, but you have to see this from her point of view. My mother is not very technical and doesn’t know too much about the new industry, so she will not buy a Ledger Nano S (though I want her to, one day). At this moment it’s too complicated for her and so far she basically just wants to earn interest on her crypto.
So how did we do it then? I told her about the banks, Bitcoin, the crypto space and that you can get a good interest every month from your crypto. I was brutally honest when telling her all about the risks that comes with it, and to only invest what you can afford to lose.
I helped her set up an account and I told her that I will handle everything considering converting cash into bitcoin, so she won’t have to worry about that. We came up with a savings plan for 100 to 200 SEK a month “DCA”, that she transfers to me and I transfer it into her BlockFi account. Hopefully in the near future (after some more coaching) she will manage her account and transactions all by herself. But at least she is not a nocoiner
And I think this can be a good way to make more people interested in crypto. To help them set up different Defi or Cefi accounts and tell them about the banks. Also how to convert cash into bitcoin and that you can get a good interest or a loan that you wouldn’t get from your local bank.
So it’s up to me, you and everyone in the crypto space to teach them!
Thank you for reading!