uring the height of the Covid-19 pandemic, demand for cryptocurrencies skyrocketed as the US Federal Reserve and other central banks around the world eased monetary policy, giving novice day traders more money to invest during pandemic lockdowns.
According to a November survey by online polling app Civic Science, 4% of 6,741 people in the United States said they quit their jobs at some point in the previous year due to the financial freedom gained from investing in cryptocurrencies. Roughly 7% of those polled said they knew someone who had quit their job to invest in Cryptocurrency.
Graham Bullock, a British national, used to spend up to three months away from his family working as an offshore field specialist for oilfield services company Baker Hughes.
However, after 16 years of working in the oil and gas industry, the 50-year-old decided he wanted to spend more time at home with his family and changed careers.
"I decided four years ago that I needed to resolve this, but the money in an offshore job was very good." "I wanted to be able to stay at home and earn a similar income," Mr. Bullock explains.In June 2020, he overheard one of his colleagues discussing the earning potential of cryptocurrencies. He decided to invest $3,000 in Evai, a new "cryptoasset," which sparked his interest in the cryptocurrency and blockchain markets.
He has invested a total of $20,000 since then, and his cryptocurrency portfolio is now worth $350,000. In December, he also left his full-time job.
His cryptocurrency investments include Ripple, Litecoin, Crypto.com, Evai, Contentos, Sandbox, Decentraland, and Project Quantum.
He claims that staking multiple cryptocurrencies earns him more interest than his previous oil industry job.
Brenda Gentry, 46, of San Antonio, Texas, plans to leave her full-time job as a mortgage underwriter in September 2021 to pursue a career in cryptocurrencies. She spent 16 years in banking and real estate lending.
Ms. Gentry learned to trade cryptocurrencies from her daughter and a friend. She is now the owner of a cryptocurrency consulting firm.
During the first Covid-19 lockdown, she purchased Bitcoin and Ethereum. She began small and used the dollar-cost averaging strategy during downturns.
Pitfalls to avoid
"The most important rule for new investors and traders is keeping their assets safe. "Keep your wallet seed phrases safe and don't share them with third parties or people who contact you on social media," Mr. Dixon advises.
Traders should conduct research and carefully select the exchange on which they are trading because they may be exposed to bogus trading volumes and liquidity issues, leaving them stranded when it comes to cashing out profits, he adds.
According to Mr. Dixon, cryptocurrency investment provides a vast opportunity for people to achieve financial freedom, and profits on emerging assets can exceed 10,100 and even 1,000 times, but investors must stay on their toes and invest a significant amount of time in self-education and research.