Time goes by incredibly fast, seemingly in a blink of an eye at times. But sometimes, it moves at an agonizingly slow pace. Many of us who are passionate about Bitcoin and cryptocurrency sometimes wish that we could fast-forward to the next bull cycle or even the next one after that. Thinking about how great it would be to see how high prices actually went, and how large the values of our portfolios became.
But we can’t, and we often become too wrapped up in what is currently happening. It does make perfect sense, after all, it seems like the level of FUD or attacks against the cryptocurrency market have never been higher, and prices dropped much further than we thought we’d ever see again. In the aftermath of the FTX fraud, the SEC has decided to take their gloves off and begin heavily going after the crypto industry. This causes panic to enter the market, with people wondering if the crypto industry will not only be able to thrive in the future but more importantly, survive. However, almost everyone reading this article will have already decided that they believe the future of crypto is still bright.
The cryptocurrency market, while extremely risky, is also one of the greatest investing opportunities we will ever see in our lifetimes. We have all heard the predictions that it will cause the largest transfer of wealth the world has ever seen. That is why so many of us want to accumulate as much as possible. We are all hoping to change our lives financially.
I have now been writing about cryptocurrency for nearly 3 years now. During those years there has been one question that I have been asked more than any other.
“What is your secret to becoming successful with crypto?”
The answer to this question is often too simple for their liking, “by having a lot of patience.”
But there is a lot more that goes into it. Amongst cryptocurrency enthusiasts, there has been a collective idea of how long it takes for someone to become successful in this market.
You see great gains in your first crypto cycle. You can become rich in your second full cycle. And you can become wealthy in your third cycle.
This means you should be thinking in decade time frames instead of daily, weekly, or even monthly. Do you remember how the market panicked and Bitcoin’s price dropped drastically after the Mt Gox hack? Most people don’t.
Do you remember when Ethereum’s price plummeted after the DAO hack? Once again, most people don’t. What this means is that if we have complete conviction in this industry, we don’t need to be so caught up in the daily ups and downs. People are currently concerned about the SEC heavily regulating the cryptocurrency industry. But what people don’t remember is that there was a time when people were legitimately worried that they might be sent to jail for simply owning Bitcoin. We have seen all of these concerns before.
When thinking several years down the line, that also helps your ability to accumulate as well. Always buying, dollar-cost-averaging, and also staking your coins are great ways to consistently grow your portfolio over time.
I have often compared growing your crypto portfolio as similar to learning a new language. When you first start learning a new language, it will seem intimidating and almost hopeless. However, each day you are studying that new language, it is like staking a new piece of paper on top of each other. After a few months of staking that paper daily, suddenly the pile has grown into something sizeable. After a year, that stack of paper will be something substantial. After a few years, it will something much bigger than you ever imagined you could accomplish.
That is exactly what it’s like with accumulating crypto. In the short term, your goals will seem impossible. However, with conviction and hard work, you will be surprised at what you can accomplish. My goal each day is to end the day with more crypto than when I woke up.
We must always remember that this market is very risky and the coins that we do invest in could go to zero. But it also could be the greatest opportunity of our lives if we are able to have enough patience to stay in the market.
How about you? What do you think is the most important trait to be successful with crypto?
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As always, thank you for reading!
