Making false promises and breaking them is pretty common among the people. I hate making promises to anyone because I don't want to feel regrets for not keeping them. I usually don't trust people, who are promising something to me. Most people are so unreliable nowadays. I don't know what happened. Did social media ruin all the people?
I don’t know what is the correlation of social media to op’s friend. Even without social media, people like him existed. They are cocky and egotistical and love showing off. I also would love to treat my friends but this kind of people just want to treat their friends to show off and appear rich. Not only is he stupid for promising something he doesn’t have just yet but he also seems to be like the kind of person who will lose all his money in one night.
Not a good friend to have, imo.