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
It is never a wise decision to put your eggs in one basket and your friend is doing the same thing and I'm afraid of the outcome for him, putting all your funds into one asset like Bitcoin and depending solely on it is very risky and its volatile nature could impact his financial stability negatively as the market can fluctuate rapidly making him to be on the loosing side. To be on the safe side I think you should encourage your friend to keep his other businesses, I'm sure most Bitcoin investors diversify their investment to make extra money and because one of the best way to make good profits from Bitcoin is using the long term strategy and it is wise to have other businesses by the side so that you won't be tempted to pull out your Bitcoin's investment at the wrong time.