It seems like just yesterday it was New Year's Day and we were entering 2023. In the cryptocurrency market, the year began with a feeling of exhaustion. We had just lived through arguably one of the most difficult years in crypto’s history. While if you’re reading this, you were one of the lucky ones to survive the tale. However, there were so many others who weren’t as lucky as us. They succumbed to the fear of seeing their investments drop by 70–90%. They couldn’t take the stress of waking up each day to new FUD news or announcements declaring the inevitable end of the cryptocurrency market. And if they were especially unlucky, they lost their entire portfolios from either being liquidating while trading or from having their funds locked up on a service that become insolvent.
As we entered the new year Bitcoin’s price was at nearly $15k. And then suddenly against all expectations, its price began to rise. Liquidating short-leverage traders caused the price to rise all the way to over $30k. All of a sudden, hope has returned to the market.
It’s hard to believe but we are already in March, which means that 2023 is nearly 25% finished. Time moves fast and if you don’t take action each day, it will begin to slip away from you. Then you will wake up someday and years will have gone by, but you won’t have made any progress on any of your goals. That housing project is still there waiting for you to complete it. Your crypto portfolio didn’t grow as much as you were hoping. Perhaps you are still working a job that you were hoping to get rid of and the list goes on.
People overestimate what they can do in a short amount of time, but underestimate what they can do in a long period of time.
One of the best ways that I have kept myself motivated over the years has been by sharing my goals and progress toward them. That has been one of the main reasons why I continue to share my monthly crypto earnings. Seeing my own progress it helps to keep me motivated, and I hope it will also keep other people motivated as well.
Today I will be sharing something I don’t normally discuss publicly; my crypto accumulation goals for 2023 and my current progress toward them. While the numbers are quite high, don’t pay too much attention to that. As I mentioned before; it’s the journey and how you plan to make that goal a reality that matters most.
Please keep in mind these are the amounts of crypto that I’m hoping to accumulate just this year. This isn’t the total amount of crypto that I own.
2023 Crypto Accumulation Goals & Progress
Polkadot — 500 DOT
I like to keep a highly-concentrated portfolio with most of my capital being invested into the 2 blue chips of the market; Bitcoin and Ethereum. Those are the two that I’m most passionate about, and also believe they have the best chance to be successful. Outside of those two investments, I still like to venture out into a few altcoins in which their tech really impresses me, and feel they could have great potential in the future. These are my home run plays. I have already fully accepted that they have just as good of a chance of going to zero, as they do of becoming successful.
Polkadot is one of those plays for me. I’ve been invested in it since the first day it came onto the market. It has been underrated throughout that time in my opinion. Fast forward to today and DOT has been on the market for more than 2 years. Finally, the tech and ecosystem are getting to a point where things could take off. I believe this will happen during the next bull cycle.
One of the things I loved about DOT initially was the great staking rate you could earn. In a crypto market where lending is quickly becoming an area that should be avoided. This makes earning a passive income by staking an even more valuable factor. In the beginning, it was easy to earn 10–15% on your DOT.
Polkadot Progress — 70 / 500 = 14%
Internet Computer — 1,000 ICP
Aside from Polkadot, the other crypto that is my risky play is Internet Computer. It has been described as having alien tech, or already being what Ethereum hopes to be after all of its upgrades have taken place. It is this technology and the huge potential that made me interested in this project. While ICP has had a large amount of FUD thrown it's way, some warranted and some not. The fact is that once you actually begin using it, that is the moment you will see that no other crypto project currently compares to its tech. Right now it's ranked about #38 in terms of market cap, however, if they deliver anywhere near its potential, I could see it becoming a top 5 project. However perhaps even more so than DOT, ICP will either be worth nothing or become very valuable.
With ICP you can also earn a great passive income by locking up your coins and participating in the governance of the blockchain. I’m currently earning nearly 20%.
Internet Computer Progress — 302 / 1,000 = 30.02 %
Ethereum — 10 ETH
We have finally reached the blue-chip section of my accumulation goals with Ethereum. Last year ETH successfully merged into a proof-of-stake blockchain and this gave me the confidence that future upgrades will happen successfully as well. Also taking into account the fact that crypto lending was destroyed last year and we can earn a great passive income from staking ETH. These factors have caused me to ramp up my accumulation of Ethereum.
If all goes well for Ethereum, it still has enormous potential to grow and may even surpass Bitcoin in terms of market cap someday.
Ethereum Progress — 2.7 / 10 ETH = 27%
Bitcoin — 1.5 Bitcoin
Finally, we have reached the cryptocurrency that I am the most passionate about, Bitcoin. If you have read any of my articles, you will likely already know that I believe the name of the game in crypto is to accumulate as much BTC as you possibly can. All other cryptocurrencies I accumulate, I do so in hopes of converting that into even more BTC in the future.
Although, I must admit that my BTC accumulation has taken a hit and I’m not able to accumulate as quickly as I could in the past. The reason for this is the death of the crypto lending market. In the past, that was one of the methods that allowed me to quickly grow my BTC portfolio. But I feel the lending market is no longer safe and have put all of my Bitcoin into self-custody. Instead, I’m just using money earned from my day job, and crypto writing income to buy more Bitcoin. While it’s taking me longer to reach my goals, I also am appreciating the cheap price of Bitcoin that we are currently seeing.
Bitcoin Progress — 0.65 / 1.5 BTC = 43.3%
As you can see, I like to set lofty goals that I hope to achieve. While I might not reach my goals, I absolutely love the journey of waking up each day and trying to figure out ways to make my goals a reality. This is one of the reasons why I have been loving the price discounts we have been seeing since last summer due to all the insolvencies in the market. While your accumulation goals may be larger or smaller than mine. There is one thing that is certain. I believe those who are accumulating as much crypto as they possibly can right now, will become successful in the future.
How about you? What’s your progress toward your crypto accumulation goals in 2023?
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