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.
For you to get the right advice, you would have to explain what he is really doing with Bitcoin. Is he a Bitcoin trader, hodler, or gambler? For him to depend solely on Bitcoin as a trader, it might mean that he is very knowledgeable and has been making profits. It is unlikely to achieve quick success as a hodler because you would have to keep Bitcoin for a long time to make a profit. He might be able to depend solely on Bitcoin if he invested a large sum and made a good profit. Gambling is highly risky and I doubt if someone could survive on it as a major source of income.
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
It is possible to live only on Bitcoin if you are a long-term hodler. The profit you make from Bitcoin in a bull run can sustain you for another four years if you have a large chunk of the asset. However, it is advisable to diversify your assets.