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.
Well just to put it out there, Bitcoin gives multiple streams of making money off it..its not a one size fits all, some people trade it on chart and they make money off it, others use it for peer 2 peer trading which I have seen a friend do and make some decent profit because you make money from both buying and selling BTC, and other possibilities..otherwise the only risk I see is if one has tried something to make profits and they still experimenting with it and choose to quit their usual hustle or day job, then that will be a bad choice...
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
Not you arent wrong, your buddy needs to spread their risk buy diversification of their portfolio, investment 101.