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
If the business is successful, why stop doing it? Why deprive yourself of a reliable source of income?
Either your friend is not quite sane, or your story is not quite truly true.
Regarding "making all bets on bitcoin", you are right, it is quite risky and for this purpose diversification was "invented". No matter how promising bitcoin (or any other asset) is, it is wiser to invest only part of your income in it, and divide the rest into other types of assets (real estate, gold, business or even a bank deposit or
a wad of money under the mattress).