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The DeFi Chronicle: Can I Turn A $5K Investment into a $1500/mo cash machine? Follow Up 1
90-Day Follow up on where I am at in the experiment
Ninety days ago, I began an experiment trying to earn a $1500/month income by investing in two DeFi platforms, Drip and Elephant.Money. Here’s an update on where I am, what has happened, and how I’ve altered my strategy.
In February, things felt different. Then, the crypto market had a $1.8 trillion valuation, and the proverbial shit hadn’t begun hitting the fan (relatively speaking). Instead, the macro markets have had progressively negative momentum stemming from supply chain issues, continued global conflicts, a Federal Reserve hell-bent on reversing inflation, and the overnight crash of UST and Luna. Unfortunately, things are feeling worse in crypto as the days trudge on. Eight consecutive weekly red candles on Bitcoin have made the space gloomy, fearful, and shell-shocked.
My strategy of moving some of my investments to cash-flowing projects was the right idea. Cash flow is more important now that my portfolio has depreciated considerably. However, the DeFi platforms have taken more significant hits than Bitcoin, and their futures are more in question now than they were three months ago. With all this said, I feel better having my funds locked in these…
