Remember the first digital asset that you ever bought? Maybe it was long before they were called digital assets. What was the coin? How did you purchase it?
And more importantly...what was the motivation behind your purchase?
Did you buy the future of money shill? Did you read some whitepapers and get psyched? Did you see a friend or family member start balling and you wanted to ball too?
Your answers to these questions will help you understand how you got here, and if this is still the place for you, and how you can refocus from here.
Elite investors have nubile retail investors in a perpetual pigeonhole. When the price of our precious assets go up, we're rich! But the asset is now too expensive to continue buying into it. When the price of our precious asset goes down, we've lost money. Why would we want to keep something that's going to lose us money? Sell it!
I can't tell you if the market is going to recover. I think there's a variety of factors involved. I think to reach the same highs, we need to see even more money flow into the space then before, as many of these coins and tokens which hit highs in last year's bull run have been on track with inflation/dilution, and VC's dumping their shares back into the market. It's a recession, and obviously retail money is pinched. Institutional money will be the answer, and institutions are going to be picky about what assets they put their wealth into.
If you ask me, last years bull run looked a lot like this.
When Jack Dorsey posted this, many of us crypto youngsters shook our fists at him for blaspheming our precious term "Web3." This was posted at the end of last year, and most of us were still riding fat bags. But I tell you the truth; VCs have been dumping the shit out of their early investments at gigantic profits, while retail investors got in late and got out REALLY late. Or are still HODLING... (*hands up!*)
This is a good time to reflect on our first crypto purchase. Remember your reasons for buying. If it was to get high off watching it go up during a bullrun, then wait until we see 9 straight weeks of green candles before putting your money back in. If you wanted to be a whale, now is your chance.
What are your goals in crypto? Who do you want to be in 5 years?
My first crypto purchase was Bitcoin from Coinbase, when it was about $3500 a piece. I didn't really know what it was, I had just been shown it by some co- workers who were putting money in and seeing it grow. With little conviction, I was tossed in the wind between the volatility and the fud.
I reflect on Sam Bankman-Fried, who's a few years younger than me. SBF was founding Alameda Research while I was buying my first Bitcoin piece. He went relentless into the space and is now one of the kings of it. Where would I be if I had been relentless in this space?
Where would you be??? It's never too late to reach a new potential. Keep learning and growing my friends.
Drop a comment and leave some answers to some of these bold questions. \/ \/ \/
