Ways of earning money among the young and especially the Gen Z are rapidly shifting to online sources. One of the online means through which Gen Zs are making money is through trading crypto coins.
This shift in perception came after the pandemic disrupted everyday living, with many people across the world losing their jobs. Here in the US, the government introduced stimulus cheques to try to help US citizens through that tough time.
Although the cheques helped, they worsened the inflation situation in the country since there was suddenly a drastic supply of money. As described by the Federal Reserve, the case transitioned from ‘transitory’ to hyperinflationary, as defined by Twitter CEO Jack Dorsey.
This period of heightened inflation has resulted in an overall high cost of living as consumer prices continue becoming more expensive. There has also been a shortage in the supply of labor and goods, and commodities. With the increased cost of living and low pay, people have turned to alternative ways of earning.
At the end of August 2021, the US Bureau of Labor Statistics reported 10.4 million job vacancies as several people quit their low-paying jobs searching for something better. There has been a steep decline in workforce participation in the US over the last 20 years.
Crypto, The Alternative Way of Earning a Living
Many, and especially the Gen Zs, embraced trading crypto with open arms. Gen Zs are bullish about cryptocurrency and its technologies. Social media such as Tiktok has mainly sparked Gen Zs interest in trading crypto such as Bitcoin, Ethereum, Dogecoin, SHIB, Litecoin.
According to a report done by Civic Science, 58% of Gen Zs consider quitting their jobs to go into crypto full-time, with some even actually quitting. The report revealed that most of those who quit their jobs adopted crypto trading.
The report also revealed Gen Z is more likely to save and invest money rather than spend it, with most of the Gen Z respondents saying they would rather invest long-term. The Gen Z respondents also shared that they think it is possible to be wealthier than their parents through crypto investing.
Can I Earn From Crypto Investments as a GenZ?
The answer to this question is, in fact, yes. As a Gen Z, you can earn money from crypto trading and investment. Albeit the volatility of the cryptocurrency market, it is a profitable venture to undertake.
Currently, one example of a profitable crypto investment to have is the Solana (SOL). The digital coin was released back in April 2019. At the time, one SOL token traded for $1. Since August, the token has had an appreciation of 600%. This is because of the low gas fees since the token is on a smart contract blockchain.
Another example of crypto investments that are doing well are NFTs and a variety of meme coins such as Yooshi. You can also earn tokens in earn-to-play (E2P) gaming blockchains. There are so many crypto coins one can choose from to invest in. It is up to an individual to research what investment to invest in and study the trends.
However, it is essential to note that you should only invest an amount you are comfortable with losing in the event you lose all you have invested. Investors also warn against investing utility money such as your rent money or school fees.