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
Why did your friend leave the business which he was doing? Investing in bitcoin wont really stop your friend from doing his business, so I just dont know why he decide to leave the business, and focus on only bitcoin investment. I dont know maybe its late already, but you can still advise your friend to go back to the business which he was into before putting his money into bitcoin, I dont think bitcoin investment will stop your friend from running his business.
Its just better we have multiple sources of income, having just one source of income doesnt make any sense, and how will your friend even be surviving? Is your friend a trader or an investor? If he is a trader, then he will be making money which he will be using to take care of his daily expenses, but if he is an investor, then he will have to look for other source of income which he will be making money from, because the bitcoin investment is suppose to be a long term investment.
If your friend is a trader, and he is making money now, he should come to think of when he wont really be making much money from trading, maybe during bear market, how is he going to be surviving? I knew some people that made similar mistake, and they ended up regretting at the end.