Millennials who are quitting their jobs to become full-time investors have embraced this mentality
The tech-savvy generation dreams of financial freedom, and cryptocurrency investing has created a way to make that dream come true. Because who doesn’t want to get rich quick?
The cryptocurrency market seems attractive to many young people: investments with little effort, passive income, novelty and distance from the regular financial markets. Some of the largest companies in the world like Tesla (NASDAQ :), Starbucks (NASDAQ 🙂 and Microsoft (NASDAQ 🙂 have already made it available to their customers, and millennials, more than any other generation, hold on to the digital coin that holds on to their bright future believes.
Young investors often forget about the key issues that come with trading cryptocurrency. a commonality with a lack of experience in the financial world and trading on risky, inadequately researched speculation.
Trading can be dangerous for small investors who have no knowledge of the crypto market and jump right into trading, only influenced by ongoing trends and compelling social media personalities who say “don’t sleep on crypto”.
NYU finance professor and academic David Yermack commented on the topic to DailyCoin:
“Trading is a zero-sum game. Nobody should quit their real jobs to become a crypto speculator. ”There are many stories of traders going bankrupt because of cryptocurrency investments. Sometimes people sacrifice all of their life’s savings to cryptocurrency and lose everything.
Still, some Millennials have nothing to lose and trade in the market with no other source of income.
Full-time crypto investors from Spain, 23-year-old twins Carlos and Pablo González del Valle Menendez, believe that digital technology is the future and that cryptocurrency is a core part of it. After dropping out of business studies and several years trading binary options, forex and futures, they made the transition to invest in crypto in 2020.
“I already have experience with other market investments, so getting into the blockchain was easy for me. Compared to my previous investments, I had made more money with crypto, ”explains Carlos.
Carlos and Pablo successfully make a living investing in cryptocurrencies and both plan to be in the market for the foreseeable future, but their success was not instantaneous. The twins worked long hours in the stock market for a few years and it took them months to get comfortable in the world of cryptocurrency trading. Now they spend an average of 2 hours a day researching and can enjoy a lot of free time by alternating work in a team.
Another investor, a 28-year-old American who wanted to hide his identity, shared his success story about making a living solely from his cryptocurrency investments.
They worked in entrepreneurial business development and saw Bitcoin as a worthwhile investment project:
“As I learned more about blockchain technology and cryptocurrencies, I adopted a ‘stack-sats’ mentality and realized that I could only benefit in the long term in the dollar value where the fiat value will continue to decline.” his experiences:
“During my first best market, I had sleepless nights. Not too much, but I didn’t know trends or fully understand the need for market cycles. Also understanding that any investment can lose value and that money in the bank is arguably the riskiest, reassures me that stored value is safest and best invested in cryptocurrency. ”A representative from Crypto Global Management told DailyCoin that many millennials invest in cryptocurrency due to the good prospects of the market:
“The crypto space is extremely volatile, but blockchain is here to stay. Like any other asset class, crypto is associated with great risk, but due to its early days it will remain volatile for a while until the regulations come into force. “
On the downside
- Some millennials can actually make a living from their crypto investments.
- Investing in cryptocurrencies can be very profitable in the long run, but only with a careful mindset and proper market research.
Why should you care?
- Learning from the experiences of others can be invaluable in making decisions.
- Trading can be risky, and potential traders should be prepared for both its risks and its benefits.
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