It depends on how much you have been able to profit from your bitcoin investments. Alot of people who bought bitcoins at the very early stage and held till now without touching their coins would probably be able to spend their profits.. If its able to cover up all their expenses and give them a good life, they can choose to depend on it.. but it's advisible to get some investment aside bitcoin so you would be able to make extra income even if you choose not to do some physical work.. it can be an only investment or other crypto investments as well..

Well your friend is into crypto currency but it I may ask, what category is he into? Crypto trading or Bitcoin investment? And when did he start it that just know he's already in success? Actually we all know that investing into crypto currency will make you become successful but it's not guarantee. The only way an investor can become successful through Bitcoin investment is unless the investor have invested for a long term (maybe one Bitcoin circle).

That is the fact. it is not a good idea for someone to invest in one particular thing because if anything later happens to that investment, all the person's money will be gone. So, it's not really safe to invest in just one way. Diversification is very important because when someone invests in different ways, if one investment does not go well, the others will act as a backup. So, relying only on Bitcoin as your sole investment is not ideal. Someone can invest in Bitcoin and also invest in physical assets like land, real estate, and so on. In fact, when it comes to Bitcoin investments, it's better to invest what you can afford to lose, so that even when the Bitcoin price drops, someone won't panic and feel the need to sell.

He's foolish if he left one source of income for another when he could literally have both of them together and have no problems at all. In fact, it would have been even better for him to keep doing his usual business and then use the money he earned from that business to make investments in Bitcoin when the time is right, or even do DCA, in which he wouldn't need the market to get down before he could make a purchase. I would never leave my main source of income only because one of my investments has started to work out, but I would be happy that now I would have two sources of income, and that's what most people strive for these days.

You mentioned that he progressed fast, which means that he probaby invested by the end of the bear market, and the bull run started soon after that, which made him good profit for his investments, but he lacks experience, and knowledge too, probably, and he should have at least spent some time in the market before making that decision, and I'm pretty sure he would carry on with his business along with his Bitcoin investments once he had learned that Bitcoin and the market works in a cyclical pattern, and he might have months or even years without any profit only as an investor.

How can someone rely his own life on a volatile asset like Bitcoin, which is unpredictable on short run? In order to live from Bitcoin investment, this individual has to count on frequent increasements in BTC price, or daily trading. Daily trading is like trading, and Bitcoin doesn't fluctuate only upside. So what is he going to do once Bitcoin suffers a correction?

Everyone needs a plan b, to diversify funds among different investments, so once one of them stops working, there will be others to supply the needs of the investor. It's a basic guideline of financial market to not put all your eggs on the same basket.

Your advise is taking, perhaps your friend got too carried away by the success you said he made from his first start, however does he got the profit from trading or it was from just a price move after he had just acquired the Bitcoin? I'm curious because if it was trading I wonder how fast he could have understand it to have even decided to stop all the things that sustain him for something he barely starts. Some persons thought that becoming a Bitcoin investor should be enough to leave every other thing they are doing but it isn't a wise thing to do because there wouldn't be another way of income and this could cause a stagnation growth.

It is vital to have other ways to earn money for your living costs because investments are mostly for growing your wealth over time not for immediate spending. Bitcoin price goes up and down meaning you mostly have to hold onto it for long time so it is not good for paying bills right away. Also thinking that short term trading is easy way to get rich is wrong. It is very difficult to make steady money from it. This all shows how important it is to have mix of ways to earn money with stable income for daily needs and investments for long term growth while understanding their real risks.

That what comes my mind, because have not seen someone successful in bitcoin easily except is a trader or gambler, because that is the only thing that i can believe that make you get easily profit in bitcoin. But if is investment you need to invest for the long term before you can succeed in bitcoin, is not like other shitcoins that increases or decrease easily he take long term before he pump, and all is gradually process. So am surprised how your friend successful so easily in bitcoin without facings the challenges, bitcoin is volatile and is different from other coins so is very difficult to gain huge profit in bitcoin if is investment method. And if is a traders he should always minimize is risk, because he can probably lose all is funds when the market is bad. Trading is risky and you can be profitable easily and that is how you will lose too. because the market is always unpredictable except you are lucky trader and have the experience to analyse the market very well.


You friend took wrong decision buy just depending on bitcoin and leave is business because he achieve huge profit on is first day in bitcoin. you need to know that anything that bring profit, investment, business or trading all as is on risk. your friend needs to go back to is business so that the business will be helpful for you him one day. Because bitcoin can't guarantee you that you will continue getting huge profit. You will usually hear that investors always advice newbie to have source of income before they invest or trade with Bitcoin, because of the risk involved. your friends have business that is managing because he get profit on is first day on bitcoin he leave is business and focus only on bitcoin. I don't think is a good idea to leave your business and focus on one thing, because he can fail anytime, so you need to have other source to make everything balance for you in the future.

If he has no means to increase his amount of BTC and all is flowing out of his pocket, then it would eventually run dry but if your friend has mean to increase his Bitcoin on his stash while maintaining his life's needs, then it won't be risky for your friend until his strategy of earning becomes obsolete.

So whether your friend's financial strategy is risky or not depends on how he cycles his funds from cash inflow to cash outflow which in your friends case bitcoin inflow and Bitcoin outflow.  There will be no problem if the inflow is greater than the outflow.


It is always good to have a backup up especially as a source of income.  We never know what will happen in the future, so many financial advisers recommend diversifying the sources of income.