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's never a good idea to put all of your eggs in one basket. What if Bitcoin goes down all of sudden? Then your friend will lose money big time. It's really not worth the risk. Especially with how volatile market prices are.
I'd suggest he keeps selling his artwork, while using the money to invest into Bitcoin. Maybe your friend is interested in buying other coins as well? Investing money into Bitcoin and altcoins is a great way to diversify. By minimizing risks of loss, you can help maximize your earnings in the long run. PoS coins are usually a great way to build a nice passive income on the side. Do your own research to determine what's best for you. Wishing your friend the best of luck.
