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.
This is where I would not support him, bitcoin is better approached with the attitude of getting more quantity of it and is best when you acquire more of it for yourself to increase your success rate in it, but he has kept his success stagnant and might be drawing backward inhis finances owing to his full dependence on it, had he continued his works that gave him good cashflow and use the finances to expand his portfolio the more through DCA, he would continue to put himself on the path of bigger and better profits in the future.
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
This is yet another bad attitude investing into bitcoin, bitcoin investment is good to be approached with our discretionary income since there is no guarantee on our investment, and we should invest what we can afford to loose. It is important we do not put money we would be needing in a short while into bitcoin, so we can go long term on it.