You can't ask a business to invest all its capital in bitcoins because there's a whole lot of risk involved. When all the capital of a business is invested in Bitcoin, if for some reason the Bitcoin investment is lost or hacked, then all the investment will be wiped out, in which case the investor will likely go bankrupt. So business profit you can suggest to invest in bitcoin otherwise I will not support to invest in bitcoin with all the capital. I consider your suggestion to be entirely unreasonable at present, and I assume it to be in a danger zone.
I wouldn't hesitate to say that OP's suggestion to his friend to take the company budget and invest in a volatile asset like bitcoin is actually bad advice. Most people are blinded by just looking at the profits that bitcoin brings without realizing that bitcoin also has unpredictable risks. No investment can bring high profits but is safe and bitcoin is no exception.
I'm a bitcoin investor, but if given a choice between running a business with steady revenue and investing in bitcoin, I'd choose to run a business. Bitcoin is just the hope of many people who have small capital in hand and wish to become rich or make miracles out of it. As for those who already have a large amount of capital or are running a business with a stable income, they need to have a suitable investment plan and should not focus entirely on bitcoin, a volatil asset and risk.
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That's like taking a risk and having a chance to make a profit or taking the risk and losing the money including the whole company. I will also do the same, the risk is too great, and I would rather keep running the company and have a stable running business than invest the money. If the guy insists on investing, he should use his own money and not the company's money, that's the best option.