A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks
May I know how your friend became so successful in Bitcoin within a short time, is he trading Bitcoin? I know if he is buying to hold, it will take time for him to make big profits. Bitcoin does not stop him from doing his business so he could have combined both of them and still do very well. He will end up becoming bored with Bitcoin, it is a matter of time. Since I'm holding, Bitcoin is seen as passive income for me and it hardly interfere with my career.