Anyone who relies on crypto as their only source of income will undoubtedly go broke multiple times. Rug pulls, market crashes, or even wallet hacks can destroy your life’s work in seconds and leave you looking foolish.
Through my experience since I started doing crypto, I’ve learned that it’s not something you can solely depend on as an income source. When the market crashes, you can either fall into depression or be financially ruined. Crypto is enjoyable when you have a stable, real-life income, and you’re just investing in it for the long haul, as a store of value for your retirement or something to leave to your kids as an inheritance.
Making money from crypto can be as sweet as it can be bitter. Just as a coin can multiply your initial investment a hundredfold, you can lose everything you've invested in a single minute. This can have a devastating impact on your health and financial stability. Therefore, you never do crypto on an empty stomach.
The 2021 has been my biggest moment in crypto where I first experience the sweetness of crypto. I made a lot of money that year. I managed to turn a humble $5 into $10,000 worth of assets during the bull run before I was wiped out in rug pulls for some meme coins and by the market crash of 2022, which set me back to zero and nearly pushed me into depression.
When I was making money and seeing numbers go up in my portfolio, I felt I was going to be rich soon and would never lack money. I was putting funds into every new coin that came out, hoping to hit the next big thing and do another 1000x gain like I did before. Some of those coins turned out to be rug pulls, leaving investors with useless tokens and zero value.
At that point, I had no fallback plan or a steady income source other than crypto. Even if I had wanted to invest in a business in real life, I wouldn't have had the time to focus on it. When you engage in crypto as your primary income source, it can consume all your time, energy, and even your sleep.
I was living solely on the money I was earning from crypto at the time, and as such, I was directly affected by the changes in the market. My wallets were hacked and emptied more than twice, and I was forced to sell the little I had in my portfolio when the market crashed in 2022 because I was broke at the time and had no other source of income to fall back on.
However, despite all these experiences, I did not totally turn my back on crypto and instead chose to just limit my involvement to only those activities that would allow me to earn without having to invest my own money, and that is exactly what I have been doing since then. All I want is peace of mind, and to be able to sleep without worrying about what might happen to my investment.