Post
Topic
Board Bitcoin Discussion
Re: Should I depend solely on Bitcoin?
by
philipma1957
on 25/07/2025, 13:39:07 UTC
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

I have a question what does all his resources mean?

As I understand English he is penniless other than the btc.

If he has a home he mortgaged it to the max.

If his has a job he maxed out his paycheck by taking loans.

All his credit cards are now maxed out.

And he needs btc to go up over night to be able to sell some profits to pay for normal shit.


Now all of the above is very likely not what you mean.

But it is what you said.

For me at the age of 68 I would never do that.

And successful people would not put that much on the line.

A loser with not much may bet it all because he or she would not have a lot to lose.

But a successful person will not play this percentage of their wealth.