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
What price did he buy bitcoin at? If he bought like 10 years ago and he still has most of it, then yes he can probably live off it if he bought a few bitcoins. Its possible it can crash down to $10K but its highly unlikely and not anytime soon.
If you buy bitcoin today you most likely wont have the same success as him. Back in 2015 bitcoin was like $200. So you could of easily 600x your money. Basically for every dollar invested you would get $600. So when $1000 would result in $600,000.
These days you wont get those results. If you invest $1, you might get back $1.25 or $1.50 in a few years. Bitcoin wont 600x again. The market cap is way too large. You can try with alts but most (99.9%) end up going to 0.