Eric Walsh is a big proponent of passive income and has used it to build a lot of his wealth in the ecommerce and real estate industries. He is also well-known for the success he has attained with 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 those ecommerce businesses for them. What is less known is another way he diversifies his income: by earning passive income in cryptocurrency. He is always willing to talk about his experiences in the hopes that more people like him will be able to achieve financial freedom, too.
Eric says that he first invested in Bitcoin and cryptocurrency in 2015 when a friend told him about it. “I checked it out and saw that it had tremendous potential for growth. I only buy what I believe in long term, so I put some of my money into it. Since then, I have made hundreds of thousands of dollars from it.”
In the past six years, he has learned to be patient with his investment and to ride out the dips that cause anxiety in new investors. Eric explains, “My portfolio in the last 24 hours went down $250,000 when Bitcoin dropped. That’s not an insignificant amount of money. However, only an hour later, it went up again by $100,000, so you have to be able to look past what’s happening in the moment and keep an eye on the future of your investment. There’s a transfer of wealth of people buying into it, but since I got into it so long ago, I’ve got a bigger perspective on it.”
He sees a lot of new investors make the mistake of selling all of their $20,000 when the market dips. “I don’t believe they should do that. It’s a mistake. Instead, they should just sell what they need, maybe $5,000, in order to help them and let the remaining $15,000 stay in. Personally, I don’t ever feel the need to sell. The market is always going to be a rollercoaster. I only got into cryptocurrency because I knew it would be a good life investment for me, so I don’t pull out when things go south. I am in the profits because I got in so long ago and am a holder.”
Eric has also invested in Ethereum, technology that’s home to 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. “My team also runs The Genius Academy Automation. It 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.”
Cryptocurrency, he says, is just one way to do that. “It’s definitely big right now, and I’m glad I got in when I did. The key to finding opportunities like this is to keep your eyes and ears open to all the latest trends in technologies and to then do your research but move fast when you hear about something intriguing. In doing so, you can open up a reliable income stream for yourself that can help to stabilize your financial life.”
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