Whether we like to admit it or not, the truth is that most of us entered the cryptocurrency market with hopes of getting rich. We finally came to grasp the idea the game of money is rigged against us, and that we were never going to get ahead in life continuing to do what we had always done. Something needed to be changed.
So we began searching for any option possible that could become that life-freeing tool for us. And then we found Bitcoin and the crypto market. After going down the rabbit hole we couldn’t imagine a world without crypto in it. We felt convinced beyond belief that not only would it be the next big thing. But that it would cause the largest transfer of wealth that the world has ever seen. Thankfully we were still early, able to front-run wall street and countries, and we all would be able to reap the rewards.
But an asset class that is as young and volatile as crypto, must have one thing in order to survive. Its owners must be extremely passionate almost to a cult-like status. This has been Bitcoin’s biggest strength.
When Bitcoin was first created it had no value and it was difficult to find people that you could give it away to for FREE. It was nothing. Beyond that, once it began gaining value there were real fears that it would become a criminal offense for simply owning it, or that countries would ban it. Bitcoin survived through so many difficult situations that simply wouldn’t have been possible without an extremely passionate user base.
Once people truly get “into” crypto, they begin to view that as their main money and wouldn’t want to exit the crypto market. For these people, the crypto market becomes a part of their daily life, and sometimes even a part of their personal identity. Taking greater pride in the fact that they’re a Bitcoiner or in crypto, rather than the country where they live. The world is changing.
The passion these people have has allowed them to see the world differently, which eventually led them to this market. A market that can change their lives financially forever. For many, this passion has been their biggest strength. It has given them the motivation to check for the latest crypto news updates on a daily basis, research the market thoroughly, find the newest projects to take off in value, and also find ways to qualify for the new airdrop. Up until now, this passion has been their biggest advantage, but if we aren’t careful it will be what drives you out of the crypto market as well.
There’s a large percentage of people investing in crypto who know at all times what the price of Bitcoin and their favorite crypto is. They aren’t checking the price only a few times a day, instead, they are checking it constantly.
Many of us don’t have many options outside of this market, and we view this as our best to make it. We are all-in on crypto. This makes the seemingly daily FUD and price drops that we see even more unbearable.
When you invest responsibly into a high-risk asset such as crypto, you are only investing what you can afford to lose. While no one wants to lose their money, people who have invested wisely wouldn’t be horrified to see their crypto investments go to zero. It wouldn’t ruin their lives financially.
However, there are far too many people who have let their crypto passion get the best of them and convinced themselves that this market is a sure thing. Resulting in them going all-in. For these people, everything is riding on crypto, and they would be financially wrecked if crypto collapses. These are the types of people who find the cryptocurrency market unbearably stressful. Feeling euphoria when the price rises, and like dirt when the price drops.
It is this stressful set of events from not being able to control your passion for this market that will cause you to panic sell while the market is on a downswing. Causing you to sell your treasured life-changing asset for pennies on the dollar. Fulfilling the famous stereotype of buying high, and selling low.
Having passion in the cryptocurrency market can be your greatest tool, but it can become your greatest weakness if not contained.
How about you? Has your passion for crypto ever gotten the best of you?
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