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
OP, I’m happy your friend found quick success in Bitcoin, but to be honest, it’s quite rare for someone to just get into Bitcoin and suddenly make a fortune overnight.
Yes, Bitcoin can give good profits, but it’s also very volatile, and most people who do well with it usually build their position slowly over time through consistent buying and careful planning. Sometimes when people share quick success stories, they don’t mention how much they initially invested, how lucky they got with timing, or whether they actually cashed out those profits.
Leaving all other businesses just because of one quick win in Bitcoin can be risky. The market can change quickly, and if there’s no other income source, it can affect your financial stability and even your mental health.
I personally believe it’s better to keep your other businesses or sources of income while using Bitcoin as a long-term savings strategy rather than depending on it fully, especially in the early stages.