Historically Catastrophic Crypto Crash | Advice on Setting a Strong Foundation Before Investing
There was a recent crypto scandal that caused panic in the markets. The crash involved a stablecoin called TerraUSD and its sister currency Terra Luna. "To put into perspective just how disastrous the collapse was - if you had invested $1M into LUNA last week, that investment would now be worth $3." - @metav3rse The crash is now referred to as the LUNA collapse and it was historically catastrophic. It sent shockwaves throughout the crypto ecosystem, causing panic in the markets. Investors lost fortunes overnight. "Over the last few days, the cryptocurrency world has faced an intense shakeup due to the precipitous drops of a stablecoin called TerraUSD and its sister currency Terra Luna. The crash has rattled the broader crypto market, and other tokens including bitcoin and tether have also struggled. Terra Luna is now almost worthless. In the last week alone, bitcoin dropped about 25%; it's dropped more than 50% in the last six months. Some have compared the crash to the 2008 financial collapse." - Buzz Feed News
When it comes to crypto, just like many other investments, it's a risk. Which is why it is important to spread out your options, this decreases your financial risk. You can make millions overnight and lose billions in seconds.
Most of the team at My Solar Solutions agrees that the best strategy to reach financial freedom is to invest your time and focus on becoming an expert in one specific industry. Once you are a top performer in your industry and have reached financial stability, you can tap into investment options like crypto. Then it is easier to understand financial diversification and what it means. Here's some advice from our CEO, Kiara Smithee:
“There are a million ways to make a million bucks but most people won’t see a penny because they don’t devote enough attention to one thing, I have devoted all my time and energy and resources into solar and why I’m so successful today. I didn’t give up when things got hard.”