Cryptocurrency has been a hot industry ever since 2009, when Bitcoin was released by Satoshi Nakamoto to the public. Eric Walsh, the creator of The Genius Academy, which teaches clients to run their own ecommerce business on Amazon, and The Genius Academy Automation, which generates passive income for its clients by running ecommerce businesses for them, is one investor who got into cryptocurrency early and is now enjoying a steady passive income from it. We stopped by to talk to Eric about his thoughts on cryptocurrency as well as other ways he supplements his earnings with passive income.
“I got into Bitcoin a little earlier than most people. A friend of mine clued me into it back in 2015,” Eric says. “I tend to invest in things that have long-term growth potential and avoid anything that seems like a momentary trend. I did some research into cryptocurrency and saw that it has great potential for growth. I decided to invest in Bitcoin & Ethereum, and it’s paid off for me. I’ve made hundreds of thousands of dollars from it.”
Cryptocurrency, like any commodity, rises and falls, which can panic new investors. Eric sympathizes. “I understand. It’s not a good feeling, to say the least, to see your portfolio drop. My own went down $250,000 in a day because Bitcoin dropped. I’ve learned, though, that what goes down usually goes up again, and only one hour later, Bitcoin was up by $100,000. Personally, I don’t feel pushed to sell when the market goes on another rollercoaster. I am in it for the long haul and keep an eye on where cryptocurrency will be years from now, not where it is right this second.”
That ability to hang tight and keep an eye on the long-term picture has helped Eric become a savvy investor. He tries to use his knowledge of cryptocurrency to help people avoid mistakes. “I have seen investors sell their entire stake in Bitcoin – maybe $20,000 – when the market goes down. I try to counsel them and help them see that the wiser thing to do might be to sell just a small chunk of it when you profit to pull your initial investment out, whatever amount they truly need right then, and to keep the rest invested.”
Eric’s interest in investing in technology led him to Ethereum, an innovator of digital money, global payments, and applications. “That’s fascinating to me,” he states. “It’s a digital economy that creates new ways for people to earn online. This technology is being mined for all of its possibilities, and I think we’re going to see some bold uses for it down the road.”
Additionally, Eric works with a friend and other people to earn passive income via a supercomputer. “My buddy knows how to build supercomputers, and we enter into a nanapool. The supercomputer solves highly complex mathematical equations along a blockchain. We get rewarded in whatever cryptocurrency we’re mining collectively as a pool. This is automated. It’s passive income, and we get deposits monthly.”
He says that he relies on passive income because once the initial work is done, it requires relatively little work to maintain. “The ecommerce businesses I have on Walmart and Amazon, for example, are run by my team,” Eric explains. “Yes, I had to put in the work in the beginning to get them going, but now I am largely free to do other things even though I still earn income from them. My team also runs The Genius Academy Automation. Ecommerce via Walmart, Amazon, and Shopify really is an awesome way to generate more wealth for yourself in the long term. Everyone should diversify their incomes as much as possible so that they don’t have all their eggs in one basket.”
Passive income is an excellent option. “It doesn’t necessarily have to be in cryptocurrency, of course,” Eric says. “The key is to keep your eye out for an opportunity that speaks to you. It can be in Bitcoin, ecommerce, or something else. Ultimately, you want your money to work for you, not the other way out. Once you get that balance in your life, you are free to do so much more than you believed you could.”
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