The point is you don't build wealth by diversification, what's the need of having so many asset and so little invested in all, as a bitcoin investor you should focus on building a good stash in bitcoin first before you think of diversifying, then when you have at least a while year of your living expenses in bitcoin then you can consider diversifying into other asset.
I don't know how you arrived at this statement but I have noticed it to be the case with most of the world's billionaires, they became rich through a single product before some of them diversified. Bill Gate, Jeff Bezos, Elon Musk and many others were all known for a single product which made them rich before they later diversified into others things. So it could be said that starting an investment career or wealth creation process might require one to focus on one asset which in our case is Bitcoin, this way it will be given the attention it deserves. Diversification should only be consider probably when one have riched his portfolio objectives in terms Bitcoin stash.
I agree with you.
When one invest in Bitcoin he Should firstly build a good solid Bitcoin portfolio and focus on it not thinking about diversifying into any shit coin, if diversifying should be considered probably into any other physical asset of which the funds are readily available and not related to Bitcoin funds or holdings.
As you mentioned which I agree as the merits of diversifying and also affirm that wealth can be made through Diversifying with the right assets.
I don't like the idea of diversifying your bitcoin portfolio into shitcoin because I don't think that shitcoin is an assest and it is in the same line with bitcoin. You should understand that bitoin is king and other cryptocurrency depends on bitcoin price movement for them to perform in the market. So if you diversify into shitcoin when bitcoin price dips, all your investment will depreciate in value making it more risky.
Note that my support for diversification when an investor have reached his Bitcoin target does not mean I'm recommending other coins. Investment in other coins apart from Bitcoin can never be regarded as diversification because Bitcoin is the best there is and if anything happens to Bitcoin, it affects every other thing to has coin attached to it. My idea about diversification, which I know you also support, is investments real estate, agriculture and many others that might also be good source of profits with some sort of stability and reliability even though risk cannot be completely removed from Investment.
Diversification should involve assets that have insurance cover, this way you can be rest assured that it is a reliable hedge against Bitcoin which do not have insurance cover as we are yet to see insurance in this area of investment.
Bitcoin is best and there's no doubt about that since its the main coin that we could really give or put our trust into but doesnt mean that it would really be that 100% assurance that it could give out into those things that you've been hoping for.Always set yourself that being that expecting for unexpected things to happen because we know that in investment world, there would really be no assurance in regarding
about success or guaranteed profits. Always take precautions and this is why some people would really be that trying out to spread the risks or lessening it out and this is why they would really be having those considerations that they will really be that having that diversified portfolio because they are really that trying out to divide the risks on which its not really that a bad idea either.
Somehow in overall, majority of us would really be normally sticking with Bitcoin because this is the main coin that the entire community is really that support on which no doubt that it could give out
guaranteed profits on the moment that you do hold it for long term but we do know that not all would really be having the patience on holding for too long and this is why they do
really end up on dealing with other coinns/tokens which are available in the market.