Living As A Crypto Entrepreneur Is Not Easy, Says Binance CEO

Paying For Expenses Is Difficult As An Entrepreneur

Yagudaev noted that it is easier for an individual with a regular job who works 9 to 5 daily to explain their finances since they are paid weekly wages or salaries at the end of the month. For an entrepreneur who has to pay for accommodation and other expenses while managing a business, explaining how they earn their money becomes a significant challenge since the cash flow changes over time. The tech entrepreneur suggested that having a steady source of income to cater for the day-to-day expenses would help any entrepreneur when a period of low cash flow arises.

A Twitter user, @derrickgrigg, said he solved the issue of finance as an entrepreneur by creating a system where he gets paid a salary from his business so he can take care of his expenses.

Life As A Cryptocurrency Earner

According to the CEO of Binance, entrepreneurs who depend on cryptocurrency for income find it more challenging to handle their expenses. This problem might result from the fluctuation and instability present in the crypto industry. One moment, the prices are up, and everyone is happy, and another moment, the prices are down. This is quite different from a person who is sure of their income at the end of the month, no matter how the financial market changes.

Most Users who responded to Zhao's tweet agreed with him, citing how the government's policies in different countries affect the income of crypto earners. Regulation and taxation have been a major problem in the crypto community as regulatory guidelines do not consider the volatility of cryptocurrency when enacting laws to ensure that earners of digital currencies pay tax on their income.

Presently, various countries have adopted cryptocurrency, with some already using Bitcoin as a means of exchange. The crypto community can only hope that the market becomes somewhat stable and policies are made to favor the industry.