Look to your left and look to your right. There are a lot of people in the cryptocurrency market. But the harsh reality is that most of them won’t make it to the end to change their lives forever. The cryptocurrency market is an incredibly exciting place where all of your dreams can come true. The only question is if you have enough conviction, motivation, and patience, and are stubborn enough to see it through until the end.
The truth is that most don’t.
While it was a completely different time, let’s look back to the beginning of the crypto market. This is a time that most of us today would give anything we could to go back in time and buy at those incredible prices. Buying Bitcoin and Ethereum under $1 would be absolutely life-changing. And there would be many people who did buy at these prices. Back then the crypto market was much less established and investing in this market was truly considered the same as throwing your money into a dumpster fire by money. The volatility was much higher than it is today, and there were many who panicked and sold during price dips. However, there were quite a few people who sold after making profits.
The only problem is that they sold after a 2x, 3x, or maybe even a 10x. They made great gains, but nowhere near the incredible riches they could have had if they held on until today.
Patience is everything.
I would argue that a similar situation is playing out today. Many will be surprised by that opinion because they think that prices are already expensive. After all, Bitcoin is around $26k, and ETH is nearly $1.7k. Most people would be thrilled to double or triple their money with these assets and then sell for profits, especially with us coming off of a grueling 2 bear market where seemingly everything possible went wrong.
However, if Bitcoin and crypto in general are successful, the current prices will pale in comparison to what is coming. When people ask what the future price of Bitcoin is, there isn’t a limit. Millions of dollars per coin is a real possibility before 2030. Deeping into the future, the predictions become even more outlandish.
Only those with Strong Conviction will survive.
Think about the last two years in the crypto market. The expectation last cycle was that Bitcoin not only would reach $100k, but that was the beginning. There were even prominent figures that were predicting that Ethereum would go to $40k. As we now know, both of those things never happened. Not only that but then came arguably the worst year in the history of this industry. The year of insolvencies and self-inflicted wounds to the cryptocurrency industry. It all capped off with the FTX fraud finally coming to light.
All of this resulted in most people leaving this market, but even for the people who stayed; they are excited about small price movements. Once coins have returned to profit levels, many of them will think hard about leaving the market. Many more will consider it when prices have done a 2x or 3x. Most won’t stay for the long term for all of those future price predictions to become a reality.
Next comes motivation.
Even if you are somehow able to have patience and maintain conviction. That still doesn’t guarantee you’ll be successful in this market. This market can be soul-sucking. During the bear markets, it seems there is an endless supply of FUD that we wake up to each day. And when we are in the coldest parts of crypto winter, it often seems like this market will never recover. To have the motivation to keep buying while it seems like the sky is falling and everyone is running for the hills; takes a special kind of person. To continue grinding to budget and earn extra money to invest in this market while all of this happens are the people who have the most success during bull markets.
The hard facts of crypto are that the people with the most skills or money aren’t the most successful. All it takes is having those 3 traits, and even more importantly; maintaining them through several cycles.
How about you? What hard facts of crypto did I forget to mention
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As always, thank you for reading!