The year has finally come to an end and for most of us it is a year that we would like to forget; but regardless of how the year went it is always important to continue to strive towards your own goals. Although if you are cryptocurrency holder you have probably been more fortunate than most. My goal each day is to move a little bit closer towards reaching my goals; even if it is just a tiny bit. It is a marathon race where many extremely small steps eventually will have you reaching your ultimate goal. Were you able to achieve what you wanted to during 2020!? But in fact; the big question is if you didn't achieve your goal, why not? And if you did achieve it, how did you do it? A key thing to remember is to always learn lessons from your successes and failures and this will help you to continue to improve in the future.
My long-term goal is to retire as quickly as possible, and to someday live the peaceful life on some tropical island. But that is a long-term goal and in order to achieve this I need to set many short to mid-term goals.
In summary, it is these yearly goals that will eventually help me to achieve my long-term goal. So without further delay, let talk about my cryptocurrency goals for the year 2021.
1) Building Up My Passive Crypto Income
If you have been following me for the past year you will know that in 2020 I began to focus heavily on building up a passive crypto income. I went from having a monthly crypto passive income of $0, but by the end of 2020 I had increased that to over $400 per month. I was very pleased with this success, but in 2021 I want to go even harder. Building up my passive income portfolio is what I hope will allow me to retire sometime in the future. So what is my goal to reach?
By the end of 2021 my goal is to reach a passive income of at least $2,000 per month. This wouldn't be enough to retire yet, but it is very nice step in that direction. But how will I be able to achieve this?
Well first I will continue to lend a high percentage of my portfolio on lending services such as BlockFi and Celsius. Hopefully the rates will stay somewhat the same during the next year. As the price of Bitcoin and Ethereum go up, the value of my lending rewards actually increases and thus reaching my income goals becomes much easier. The surging price of bitcoin this year has allowed me to increase my rewards quite significantly.
Also I will continue staking coins such as Ethereum and Polkadot as well. The rates that you can earn by lending or staking cryptocurrency is significantly higher than anything you can earn from a bank and I think you'd almost be crazy to ignore this opportunity.
2) Never Taking My Foot Off the Pedal
I have been in the cryptocurrency market for several years now and have seen many bull and bear cycles. But in past bull cycles one of my biggest regrets was that I often stopped buying as the price increased. Of course those prices look very cheap as I reflect on them today and if I hadn't essentially taken several month breaks in purchasing while the priced increased; well, let's just say my portfolio would be much closer to the goals that I am striving for. This is why dollar-cost-averaging is so important. Just keep buying bitcoin or ethereum and you will be very happy you did. I will probably write a new article in the near future about the exact cryptocurrency numbers that I hope to achieve, but just know that my own personal goals are quite lofty and far more extreme that what a normal person would need. But I often say that my plan isn't to just get rich, but I'm in the empire building business; meaning that I hope to accumulate enough that I never need to think about money again, and enough to provide for my family for many generations.
3) Build My Online Earning / Profile
This year I began to blog about cryptocurrency/investing and I have really enjoyed it. While I'm no where near popular, I have began to build a small niche that I hype to multiply by several fold this year. I have been devoting my efforts to Publish0x, Uptrennd, Read.cash, Hive, and recently sub stack as well. I began the year quite slowly but as I learned more about the platforms my success continue to grow and I hope to double down on all of these, but especially substack. If you don't know about substack, essentially it is a service that allows you to sell memberships to your newsletters. While currently I offer everything for free over there, but I hope to build my following there, and perhaps someday I will be able to draw value from that.
Also I hope to devote more effort to my Twitter as well. Using Twitter successfully can offer me many great opportunities such as bring more attention to my blogs, substack, and also provide other opportunities as well. If you are able to build a following, the opportunities are endless.
4) Focus on the Blue Chip Cryptocurrencies
This may be controversial for many of you who love to find the hidden gems to invest in and receive ultimate gains, and to a certain extent I enjoy doing this as well. But I have been in the market for quite a while and have seen several coins come and go. All the while bitcoin has been here and at the time. If you had just invested in bitcoin rather than those alt coins, many times you would be better off; especially for the mainstream investor. So what do I consider to be the blue-chip cryptocurrencies? I believe they are only two; Bitcoin and Ethereum. After those coins the risk goes much higher. Of course there are other coins that I like a lot such as Polkadot, Chainlink, and others. But ten years from now, I believe it will be Bitcoin and Ethereum that everyone will be wishing they had in their portfolios and that's why I'm accumulating these two so hard right now.
If the the cryptocurrency bull run continues to go to the prices many experts believe it will in 2021, it will be the year that many of us become rich and I can't wait to discuss all of it with you! Of course I will never stop buying. The world changed so much in 2020 and you could argue that bitcoin's path upward was accelerated by this. Either way, it is going to be very interesting to see what happens this next year!
So what are your cryptocurrency goals for 2021!?
As always, thank you for reading!