As the price of Bitcoin and most cryptocurrencies dropped for seemingly two years straight, we have now reached the start of the bull market. There is no denying that the last two years have been difficult for anyone investing in crypto and it has put me in a reflective state of mind. Sometimes while investing in crypto, it can be very hard to see your progress. There are a few reasons for that. Perhaps you began investing during the bear market or even just a lull in the market. During this time your crypto holdings are increasing, but your dollar value may not be changing or potentially is even decreasing. A lot of people can lose their focus or patience during this time and decide to sell. Buying high and selling low. In reality, though, those are the best moments to be buying. You are pulling down the coil further and further, building up the tension and pressure, and when things explode, your portfolio will see the growth that may shock you.
For those of us who have been in the market for a while now, we are about to begin enjoying the fruits of our labor. That coil that we had kept investing into and putting more pressure on, will finally jump up and move in our favor. It’s important to take a moment to marvel at the progress that you have made. For a lot of us, investing in crypto has not only changed our lives financially but perhaps even more importantly has changed our financial mindset and thinking. While prices are increasing and may go up to heights that just a few years ago most would have thought to be impossible. We need to consider what our future is in this market.
By our future in this market; I mean what our next steps will be. Will you sell out of the market for fiat? Perhaps you will start to dial back your investments into crypto as it will become more difficult to accumulate the amounts of coins that you could in the past. Maybe your confidence in the market has increased significantly and you will be putting even more money and focus into the market. There is no correct answer, and each person will need to do what is best for them.
When considering this, I think it is a good idea to think about what your original purpose was when you began investing in Bitcoin, Ethereum, or any other cryptocurrency.
For the vast majority, I would wager that they entered the market to make money. I know that was my original intention. That tends to be the reason that most people enter the market. But once they have invested, and have some “skin in the game.” That is when they begin to go down the rabbit hole and after that happens, there is no going back. A lot of these people will no longer be able to see the world in the same way that they did before.
I always find it fascinating to hear how people first got into the cryptocurrency market and thought it would be fun to hear from all of you as well. My story is like so many of you out there. Years ago my brother had become interested in Bitcoin. He came to me and wanted to share the exciting new technology that he had found. He urged me to look into it and buy some. At the time, Bitcoin was still in the double digits price. Naturally, I ignored him and thought it was a scam, or just not interesting. But to be honest, I just had other life things happening and wasn’t open to any other investment opportunities that would take away from my current goal of mine at the time. Time went on and he stopped trying to convince me to get into Bitcoin.
As it would turn out, I would move away from the USA and live overseas. I quickly found sending money back home was a chore. It was slow and expensive. That’s when I remembered Bitcoin and began looking into it more. I initially began investing in it for remittance purposes, but I quickly fell down the rabbit hole and that is when everything changed. While I didn’t get into Bitcoin during its double-digit days of being under $100, I still was fortunate to get in very early.
How about your future with crypto?
For me, crypto has overtaken my life and has become a mainstay. For that reason, I think it would be very difficult for me to ever sell out of my position. Instead, I’m increasing my focus and investment in Bitcoin and other cryptocurrencies even more. Trying to explore the market and everything it has to offer. How to increase my passive income made from crypto, setting up nodes, or even running a Lightning channel. Experimenting with DeFi and also looking into NFTs. The people who learn these simple skills or tasks now will be in a great position in the future.
However, if selling would help you out, there is absolutely nothing wrong with that. After all, we all probably got into this market to try to improve our lives in some way. If you can do that, I think selling is something that you need to consider. Things such as paying off debts, student loans, and being able to afford a downpayment for a house. Or my personal favorite; finally being able to give yourself a cushion financially and make your life much less stressful. Sometimes we get caught up in the price of crypto going to the moon, but we forget that everyone has a different “moon.” You just need to decide what that is for you.
How about you? How did you get into crypto? What is your future in this market?
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As always, thank you for reading!