The cryptocurrency market is a place where all of your dreams can come true. Lives can be changed overnight, but they can also be destroyed. Crypto is the most volatile financial asset on Earth, and there are no guarantees in this market. A few years from now Bitcoin going up to a price of $1 million per coin is a distinct possibility. However, it could go to zero just as easily. 

Most people believe that those who invest in blue-chip assets such as Bitcoin, or Ethereum for the long-term will be winners. That the key to your success in this market is simply surviving with your portfolio intact for the long term. 

However, that is much easier said than done.

The daily volatility is often too much for most people to handle. While in other financial markets such as stocks, an asset going up or down by 5% would be a rare occurrence. On the other hand, cryptocurrencies going up or down by at least 15% is just another Monday. While you can be up thousands of percent during bull markets, your portfolio will also go down by 90% during the bear cycles. That isn’t even taking into consideration the amount of FUD that is delivered constantly. Not only are you waking up to the price of your coins dropping. But there are also worries about it being declared security, being banned, or being called a flat-out Ponzi Scheme by politicians.

Even with all of those things going against the market, many of us are able to withstand them with the end hope of being able to change our lives financially. We view the cryptocurrency market as our best chance to make that dream a reality. 

This is where the problem occurs.

People see stories on social networks about how other people became rich overnight. That all you need to do is pick a random coin, invest everything you have, and wait for the price to go up. That everything goes up in price.

As tempting as it can be to try to maximize your potential gains in the market, the most important thing to remember is to never go All-In on crypto. 

After going down the rabbity hole of Bitcoin and Ethereum you may gain complete conviction in where the market is heading. Believing that investing now could be a once-in-a-lifetime opportunity. That you need to buy now, before the bull market FOMO, and Wall Street begin entering the market.

As I mentioned before, the key to having success in crypto is simply surviving for the long term. While going all-in could maximize your gains if you’re lucky. This also means that you will be forced to drain all of your cash reserves. While there are no guarantees in crypto; however, in life, you can always count on something going wrong. Your car will break, you will need to see the doctor, you’ll need a house repair, you might lose your job, or other surprise expenses will show up. 

During these times if you had drained all of your cash reserves, you will be forced to sell your crypto in order to survive. There is nothing worse than having complete conviction in an asset and owning it, to be forced to sell it prematurely right before it reaches its full potential. 

How about you? Are you All-In on crypto?

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