A MUM who quit her job and invested a £3,000 paycheck in cryptocurrency now claims she rakes in as much as £60,000 every trade.
Until this year Brenda Gentry was working nine-to-five as a mortgage underwriter until she started making so much money trading crypto.
Today Ms Gentry owns a crypto and NFT consulting firm with her daughters Cynthia and Imani called Gentry Media Productions.
The American mum is known on Twitter under the username CryptoMom.
Although first heard about bitcoin in 2009, she never considered it as a serious investment opportunity, reports Business Insider.
But the 2020 crash in the mainstream market changed her opinion because she saw how it impacted people.
So Ms Gentry thought she had nothing to lose by investing in ethereum and bitcoin.
She told the Insider: “It opened my eyes. And I decided I needed to take matters into my own hands. So yeah, when the market tanked last year, I invested heavily [in crypto].”
At first she said she invested animal amounts but kept her day job.
But in the first quarter of 2021, she began investing larger amounts.
Meanwhile, both of Gentry’s daughters were already involved in crypto communities and DAOs.
These are organisations governed by transparent and encoded rules from a decentralised community.
Ms Gentry began to join some of these communities too, mainly through Telegram groups.
Her first big success was a project called Bundles Finance (BUND).
She dollar-cost-averaged in when the crypto was trading between $1.53 to $4 over two months beginning in December 2020.
It skyrocketed to more than $41 in April of 2021— a 2,000 per cent return.
Soon she had a steady monthly flow of income, she left her nine to five job and can make as much as £60,000 per transaction investing in crypto.
5 risks of crypto investments
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
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