Can cryptocurrency help people achieve financial independence? This question has been on the minds of many lately, notes Earnity, a decentralized finance (DeFi) firm co-founded by Dan Schatt and Domenic Carosa. With the value of multiple cryptocurrencies increasing, it is no surprise that more and more people are becoming interested in this new form of investment. In addition, the rapid growth in crypto markets has made the space attractive for different kinds of investors.
Earnity’s Role in Helping Achieve Financial Independence, Brought to You By Dan Schatt and Domenic Carosa
Dan Schatt and Domenic Carosa’s new DeFi firm Earnity aims to provide a means for users who want to buy, sell, and hold cryptocurrency. By creating a crypto platform that is simple as well as intuitive, it will allow many people to invest in cryptocurrency. Some have even deemed it as a way to reach financial independence, which entails a debt-free life.
For instance, a certain member of the Financial Independence and Retire Early (FIRE) movement had invested a small portion of his portfolio in Bitcoin in 2015. Owing to the massive growth the cryptocurrency experienced in the following years, they could attain their target by December 2020, which was earlier than their expectations. This shows that a timely investment in the correct crypto asset can aid people in overcoming their financial problems and accomplishing their financial goals.
Managing the Risks of Cryptocurrency
However, like with any investment, cryptocurrency comes with risk. And investing in cryptocurrency can be as risky as it gets because of the volatile nature of the financial instrument. For example, Bitcoin’s value can fluctuate by tens of thousands of dollars by the day, although it has gone up by nearly 3,000 percent in the past five years. It is essential to diversify an investment portfolio by putting money in various asset classes.
Dan Schatt, Domenic Carosa, and the rest of the Earnity team understand that many are still not that knowledgeable about cryptocurrency and the most profitable ways of investing in it. Due to this, the platform the company is developing is intended to be a social-first marketplace, wherein users can interact with and learn from one another in a safe and secure space.