There are many people who have made a lot of money by investing in crypto such as Bitcoin, Ethereum, and even Doge Coin. However, the New York Times (NYT) reported on the 7th (local time) that speculators who put money in the so-called “listening cryptocurrency” have made a lot of money in the past two years.
Although they made a lot of money on the books by investing in proper crypto, there are cases where they only end up on the books. This is because it takes a lot of work to convert cryptocurrency into dollars. Unknown cryptocurrencies that are not handled by mainstream cryptocurrency exchanges such as CoinBase must first be exchanged for mainstream cryptocurrencies such as Ethereum or Bitcoin for exchange.
There is also a high risk of sudden exchange of large amounts of cryptocurrency. This is because it can plunge cryptocurrency prices. Adrian Zdunchuk (28), who earned millions of dollars from cryptocurrency transactions in Poland, stressed that the cryptocurrency market does not move as planned. He said he had to invest in Defi cryptocurrency called e-Radix and exchange 150,000 dollars little by little in two days. He said he invested some of his money in safer places such as real estate and gold.
Many people have migrated to the tax heaven to protect their earned money. Brenda Gentry (46) started buying Bitcoin in 2020 and later switched to unknown cryptocurrencies such as Bund, a cryptocurrency used in distributed sports betting platforms. Gentry, which earned $400,000 from investment in Bund, said its asset price has plummeted and is currently in the middle of six digits. Gentry, a former mortgage seller, is currently working as a DeFi and NFT advisor. In the future, he said he would buy land in San Antonio to build a house and factory and start mining cryptocurrency.
Many of those who made money from investing in cryptocurrency say they have no intention of cashing in. Vant Cruz, who invested in Luna, recently bought his lover a $1 million house, but said he had no intention of disposing of it even though Luna’s price plunged from $99 to $50. They think it will rise to $500 in the next five years.
