Investigation into regions where individual investors show the most interest in cryptocurrencies reveals a clear trend. Generally, residents of countries caught in a spiral of high inflation and low wages show a keen interest in this field. The reason is quite clear, many see cryptocurrency as an opportunity for a better life. But is that really the case? How can the life of someone earning 6 dollars a day change with cryptocurrency?
Crypto Success Stories
Gerardo Moran, 18, was a construction worker who could only earn 6 dollars a day. Living in El Salvador, he was just one of many people in difficult situations around the world. He announced yesterday that the Bitcoin diploma program “Mi Primer Bitcoin”, supported by the El Salvador Ministry of Education, enabled him to leave behind his “6 dollars a day” construction life.
Moran, who has been working in the construction and tourism sectors since the age of 11, stated that he could not comprehend why Salvadorans worked so much for such a low wage.
“I tried to understand why people in my country worked so much for so little money. Earning 6 dollars a day by construction was no longer possible for me, so I quit my job without knowing that an opportunity lay before me”.
Moran now states that he is “leading Bitcoin education” in his homeland, providing Bitcoin Diploma education to “a group of 8 senior professors” at his old school, Antonio J. Alfaro.
Gilberto Motto, El Salvador’s director of education, stated in August 2022 that the government is focused on providing Bitcoin education nationwide and specifically targeting young people.
Caution Towards Cryptocurrencies
In our country, although not as much as Moran, there are many people who have to struggle with high rents and work for low wages. Although they see crypto as a way out, the mistakes they make cause the small amount of savings they have to disappear. Worse, many new investors who invest by taking out loans make their lives even more unbearable while paying installments for years.
Projects that offer no real solution to any need, especially those promoted on social media, form the basis of these grievances. Investors need to be extremely careful against these tokens, often marketed in the form of hidden ads by accounts reaching large masses. Moran reached his first target, but like him, hundreds of thousands are just starting out and easily losing all their savings. Therefore, it will be in your best interest to create your investment strategy by conducting long research according to your own risk profile. The latest research suggests that investors under the age of 30 spend an average of 2 hours researching before making investment decisions in cryptocurrencies. This is a very short period of time.
