Why you shouldn't quit your job in the bull run (just yet)

Why you shouldn't quit your job in the bull run (just yet)

Looking back, 2023 was a pretty uneventful year for crypto (apart from some big court cases - you know which ones), comparing it to Q1 in 2024. The market didn't see much action and stayed more or less the same, with Bitcoin (BTC) and Ethereum (ETH) increasing slowly throughout the year, only witnessing a slight increase in prices towards the end of the year, ending things with a glimmer of hope.

Whether you’re looking into cryptocurrency, stocks, real estate, or any other asset, you’ll often see markets described either as bullish or bearish.

Simply put, a bull market is rising, while a bear market is declining. Because markets often experience day-to-day (or even moment-to-moment) volatility, both terms are generally reserved for:

  • longer periods of mostly upward or downward movement
  •  substantial upward or downward swings (20% represents significant movement) 

#LifeProTip or just advice?

Let's face it: bull runs are appealing, everybody is making loads of profits off dog-themed coins, and money is flying all around just like in The Wolf Of Wall Street - but this time with crypto (which makes the stories to be told even crazier). Watching all the prices go up, people are buying in with the FOMO, and sometimes you can't help but wonder if you should just put it all in.

We've been there - the thrill & the community's euphoria are unmatched, success stories are flaunted across media, and the crypto market is in full bloom, as many who entered in mid-2017 can testify. Why not just quit your job and live of the crazy

Yet, amidst this exhilarating chaos, we must realize the importance of grounding ourselves in reality. Of course, no risk implies no gains, but while the potential for significant gains cannot be ignored, neither can the volatility inherent to the crypto market.

This bull run has been different than the previous ones - we are largely dominated .

If you thought about quitting your job, this decision warrants careful consideration and a balanced understanding of the inherent risks it may come with. And that's why we made this article - to show why you should not quit just yet.

Everything can be volatile & unpredictable

Wasn't this also one of the perks of having crypto? Yeah, many people can get rich quickly when they have it lucky, and compared to the daily grind - becoming a crypto guru & going full-on crypto trading sounds far better, right?

While bull runs promise high returns, they are often followed by sharp corrections or bear markets, where prices can plummet significantly. Therefore, the unpredictable nature of the market makes it challenging to sustain long-term financial stability based solely on crypto investments (note that we are not saying it is not possible). Knowing how to exit your investment positions is a skill few people possess, as hubris and greed can easily take over.

About 4% of 6,741 people in the US said they had quit their jobs at some point over the past year due to the financial freedom gained from investing in cryptocurrencies, according to a survey by online polling app Civic Science in November 2023.

And we all know that the volatility of cryptocurrencies is significantly higher than traditional assets, but that's what makes it so appealing, right? Many crypto newbies adopt the ''high risk, high reward'' motto without thinking about one sole consequence - what will theyhigh risk, high reward'' do once a bear market comes and substantial losses start to crawl from within? Sometimes you can't DCA your way out of trouble.

Ready to give up on professional development?

Engaging in cryptocurrency trading full-time does present unique opportunities for professional development, but in a manner distinct from traditional career paths. Before immersing yourself in this crypto lifestyle, you should acknowledge the importance of a deep understanding of digital assets, financial strategies, market analysis and many more; if you think you've got all the info necessary, you can start your career in crypto or freelancing now, starting with us!

However, the scope of professional development in crypto trading is largely focused on financial acumen and technological proficiency. It may not offer the broad range of skills and experiences typically associated with career progression in more traditional roles, unless one ventures into areas like crypto project management, consulting, or starts a related business. During a bear market, a wide range of web3 projects appear, meaning there is considerable demand for skills you can bring from previous jobs.

While we're not saying to quit your job...

We're suggesting that you can start looking for a career switch to the web3 space. While the rest of the world is battling economic uncertainty, you can make the switch towards a more fast-paced mode of working and enjoy the web3 space entirely.

Regulatory & tax implications

Crypto assets have proliferated into more than 10,000 variants since the 2009 debut of Bitcoin, as the bewildering speed with which they have developed and the pseudonymity they can provide have left tax systems playing catch up.

Did you know?

India introduced a 30% tax on crypto profits and the 1% TDS on all transactions in July, 2022, resulting in traffic taking a nosedive and exchanges going into survival mode.

These tax implications require careful management and understanding to ensure compliance and optimize tax liability. By keeping your job, you are not only maintaining a stable source of income but also affording yourself a buffer against the unpredictable tax burdens that might arise from trading or investing in cryptocurrencies during a bull run.

The regulatory landscape for cryptocurrencies is still evolving, with governments around the world gradually implementing rules to govern the trading, holding, and taxation of digital assets, while also introducing significant uncertainties and compliance challenges for individuals relying solely on crypto income. For instance, the tax treatment of cryptocurrencies can vary widely by jurisdiction, with potential obligations for capital gains tax, income tax, and even value-added tax (VAT) in some cases.

Fark your losses, let's tax all your gains. : r/cryptocurrencymemes

Future of HYVE...

While we're passing out career advice, it's worth noting that HYVE has been quietly working towards some big changes. There is a rebranding process ongoing and some more marketing activities that we are currently considering but more details will be shared in the upcoming roadmap, which will be released within the next month. If there was anything to sum up - be excited!

We have started a weekly AMA series with Tudor, every Friday. Join us for a light-hearted chat on our Telegram group.