‘Crypto Mum’ Who Left Paid Employment to Focus on Crypto Now Makes N33m Every Month
- A mother who left her paid employment to focus full-time on investing in crypto has made a success of it and now makes millions
- The former insurance saleswoman began investing small until she was able to increase her stakes and now runs a crypto consulting firm
- She has made enough money to help parents to retire and plans on replicating the same thing with her siblings
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Quitting full-time employment to take up trading in a volatile system like cryptocurrency is something that takes a lot of nerves to do.
But one mother did not think so much about the volatility and the risks associated with crypto and non-fungible token (NFTs) before diving head-on and is making a success of the risk.
Earned just a little from paid employment
Brenda Gentry has worked for more than 10 years as a mortgage underwriter in an insurance company in USAA before she resigned in October 2021 to run a crypto consulting firm after leaving her job.
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Gentry notes that crypto is a way to gather and pass on wealth to generations. She is excited, as well as her children, about the untapped opportunities crypto offers, the 46-year-old mother tells CNBC.
In the beginning
She began investing in cryptocurrencies during the COVID-19 lockdown in 2020 before quitting her 9-5 job.
She began small but gradually began investing a lot more.
When 2021 came, she had gathered enough returns.
“My investment portfolio surpassed my 401(k) — which had taken 11 years to get to $200,000 — in six months,”
The mother of two daughters understands that trading in crypto is risky but her experience in finance and the process of due diligence is helping her feel comfortable investing in the crypto space.
She is regarded widely as the ‘crypto mum’ on social media. She has continued to invest in digital assets but mostly runs her own outfit, Gentry Media Productions alongside her daughters, Cynthia, 23, and Imani Gentry, 19.
Her firm provides advisory on decentralized finance (Defi) and NFTs projects, and she typically makes around 10 to 20 ether, around N16.6 million to N33 million from the business monthly.
In comparison to her 9-5 job, Gentry made N31.1 million annually.
The ‘crypto mum’ thinks of crypto as a way to provide a better life for her family.
“NFTs and DeFi are breaking down generational curses of poverty”
She says cryptocurrency is all about financial freedom as most people who could not have access loans with conventional finance because of limitations of credit can now invest in crypto and be able to borrow from it.
Decentralised Finance provides interest rates that are typically more attractive than conventional banks, and the hindrance to entry to borrow is low in comparison with that of a traditional system.
Accessing loans via crypto
In some cases, the only requirement to take out DeFi loan is the ability to provide collateral with other digital assets.
What you should know before diving into crypto.
Getting into crypto, for Gentry, has led to tangible changes for her family.
According to her, she has helped her parents to retire
“This is something I always wanted to do. “My dad retired before but had to go back to work — the pension wasn’t cutting it for them. My mom had been working as a cleaning supervisor for many years. The hours were brutal and taking a toll on her health.”
She plans to help her siblings retire too.
In all Gentry and her family see crypto as a way to build wealth for generations. Her family are all involved in crypto projects and DeFi.
“We’re very interested in play-to-earn gaming and how that is positively affecting people in developing countries.”
She has made a success in the space. When it comes to investing in crypto, financial experts recommend investing the money you can afford to lose. Though cryptos can surge quickly in value, they can crash much faster.
Gentry and her family get many messages from people wanting to learn about the space, she says, and “we have to let people know that there are days when the market is red.”
Legit.ng has reported that despite global opprobrium, Bitcoin investors were all smiles on Friday as they went home with a N20.750 million price increase of the cryptocurrency in their kitty.
The cryptocurrency market resumed trading activities on Friday, December 24, 2021, on a great note with a market huge cap, gaining marginally at 0.42 per cent to stand at N992,000 trillion, after it rose above the N20 million mark with a gain of 0.26 per cent to trade at N21.50 trillion, according to a report by Nairametrics.
However, the exchange rate between the naira and the US dollar closed at N414.73 per dollar at the official Investors and Exporters window.