Self-Employment | Crypto Companies Fire in Bear Market
Crypto ecosystem has become a source of a side hustle for millions of people. With the mass adoption and the interest in crypto, new companies are established; new types of occupations are created.
There is an unwritten rule in crypto: in a bear market, only strong ones stay alive. From service providers to retail investors, it is an undeniable fact for sure. The reason why crypto is wilder than other markets might be its youth and volatility that is triggered by FUD in most cases.
At least once in our life, we witnessed double-digit losses when we woke up to a new day. When crypto companies suffer from losses in addition to the decreasing liquidity and fees, they get into real trouble.
Employment in Crypto Requires "Plan B"
We all get hyped while every single coin we hold tests All-Time High every day. Yet, when the day shifts to the night, you may watch the melting of your money in 1minute charts. IT IS CRYPTO!
I was eager to jump into a crypto service provider (a local popular crypto market) but the crypto market was quite indecisive. As I witnessed crazy things since 2017, I knew that something terrible is coming. When I consider global inflation, ongoing war, and regulatory factors, I postponed my plan for next years.
The majority of my investment is in the crypto ecosystem. I have a bunch of stablecoin as a "relatively secure" investment option to sustain my presence in the ecosystem in case of catastrophic events such as LUNA. However, maybe, Plan B should not in the crypto ecosystem to be able to sustain the quality of your life.
Top Crypto Companies are Firing
There is an amazing list by Decrypt on the news.
The list has some popular companies and crazy numbers that will be unemployed due to unsustainability of operations.
Gemini %10 Coinbase %18 "over-hired" BlockFi %20 Crypto.com %5 Banxa %30
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The list is getting longer but I believe these numbers are enough to understand what is happening right now.
The Reduction of Workforce to ensure the sustainability of the project. That means thousands of people will be unemployed!
Behind The Unemployment - Double Hits!
If these people, working in crypto companies, are dealing with crypto ecosystem, of course they also have their crypto investment as retail investors.
When the bear hits as harsh as this time, you lose your crypto savings up to 80%-90% and you lose your job at the same time. I believe it is a terrible case that has beyond bearable risks for people.
Until Secured Rights , Self Employment ✅
I'm in crypto ecosystem not to trade 7/24 but to make investment, create side hustle (Hive ecosystem has been the best for years!) and learn about what is cooking in De-Fi, Metaverse, Play2Earn concepts.
While inflation is hitting hard and centralized exchanges, crypto banks and some other types of crypto service providers are "shrinking" their workforce in the bear market, I do not find sure enough to be an employee of these companies.
There are several Crypto Jobs to work freelance or try to build projects, social power, investment options as a self employee. Being your own boss in your side hustle may even help you build your financial welfare easier than your professional career!
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