Investing in Cryptocurrency - How to Make Money in a Bear Market Part 2

THE GOLDDIGGING ENTREPRENEUR

Platforms for earning interest on your crypto are Celsius and Blockfi

TRANSCRIPT

0:01

Hey, good morning, everyone. Um, so if it sounds like, oh kind of breathe. All right, I am walking as I record this podcast episode, I did a podcast episode yesterday, of how to still make money during the bear market, but I kind of got sidetracked because I was doing that podcast, or really it was a Facebook Live, that I had recorded, and I started answering some questions instead of really talking about what I really want to talk about was, which was how to still make money in the bear market bear crypto market should I say. So, I want to go into more of. There are certain coins that are worth holding, even in a bear market, and sometimes a bear market can drop to 80 90% in price. So, it will basically shake out people who are in it for the right reasons, or fear, whatever, but for the people who are hodlers are holding on. They can benefit from earning earn interest on their crypto. So there are a couple platforms that I recommend. One is Celsius and the other one is lava. And I will put the links in the show notes. And basically the difference between the two is somewhat of the percentages that they offer per cryptocoin. The other is other difference is that they one pays out weekly, every Monday for the interest payment, and the other one pays out monthly. So also the benefit of this is that not only will you, you know instead of having something just sitting there waiting for a price increase, so that you can basically so that you can kind of set. So as you're not just sitting there just waiting for a price increase for or the bull run to come back. A lot of what a lot of people are doing with this is just basically never selling to not have the capital gains tax. And what they're doing is basically just keeping their coins, and, and keep adding to those coins that they just want to just keep, and just live off of the interest. So, of course, you've got to have a certain amount to be able to live off of it. So, in order to get to that point. What I would recommend doing is, go ahead and figure now what coins are going to take you there. So for example, one coin that I strongly recommend if that you don't have a lot of capital to take advantage of these, I call them clearance sales, that is happening. One is V chain has dropped below 10 cents. It has a predicted price high price of, possibly in the bull run of 2022 of reaching $10 So, you get VIP just bit. I think I'm trying to remember. Maybe, close to, I think it was like, 500 to 1000. I'll have to do my calculations, but, um, basically if you get 10,000 coins, goes up to $10 you got $100,000 Right. So, then you could convert that over to something more, even more long term, such as ether room, or possibly Bitcoin and draw interest on the way, I would choose which one I converted over to will be based off of the interest rate that is being offered.

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And how I want to, like, if I did want to cash out, like, which one would be the best option to cash out. I prefer Billy, I will probably never cashed it out and unless something very drastically changes with those top coins. So that was really the simple way to still make money during a bear market. And, of course, when you're in a bear market as I call it, I don't like calling the bear market or like call it clearance sale market. That's the time to buy, that's the time where people are able to really collect a lot of coins. And then when the bull run comes back, and everybody who was fearful of the bear market comes back, and even including new people used to in very pretty. So that's what I want to kind of cover today it was a really quick episode. If you have any questions you can always reach me on Facebook, Instagram. Tik Tok. So, thanks. Have a great day!