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All businesses endure periods of “testing”, which are often linked to the economic climate or the nature of the particular business. Every business has some seasonal dynamic to it that cannot be avoided. Restaurants and other entertainment typed businesses tend to do extremely well over holiday periods, while tourism-based businesses flourish during the summer months. Whatever the dynamic, every business experiences ups and downs. What does however vary is the extremity of these periods. For some, the effect is modest and doesn’t change much at all. For others, it’s a time of extreme circumstances, making survival extremely unlikely.
The Extremities Of Crypto
Crypto is an excellent example of the latter and those solely reliant upon Crypto related income are currently taking strain. The opposite was true in 2021 when abundance was the order of the day. This is why scooping off the top and realizing profits is an essential part of this business. When the difficult times come, they really are challenging! We have seen many multi-billion dollar companies hit the ground during these trying and difficult times. This is Crypto! When the tokens you are earning are now down 90% or more, it becomes extremely difficult to compensate for that loss. Additional work and effort have a marginal effect and in many cases are simply just not enough.
What Are Cryptoneurs To Do?
There are those running actual companies and then there are those generating Crypto Income from a majority of sources. This is why bear markets are great for building. Many are forced to build in order to survive. There is no choice but to work harder and perhaps deploy more capital in “safer” ventures such as trading. Lending, and even DeFi have left a somewhat sour taste in the mouths of many. Additional side hustles and even a part-time job are other alternatives that Cryptoneurs might have to consider.
I think this is where many have deceived themselves in relation to the current bear market. Because their livelihoods are dependent upon a reversal, subconsciously they refuse the negative reality and opt in favor of a bullish story that quite frankly isn’t here yet. It definitely is a difficult time that could go on for months before Crypto prices are even modestly higher.
Surviving difficult times is similar to an athlete being pushed to the limit during an extreme exercise routine. He surfaces stronger and more capable than before, provided he pushes through. Many are facing a similar challenge right now and once again, staying the course is vital. Finding the means to continue is of critical importance. Set your mind on what is ahead while you are forced to deal with what is at hand. Tough times don’t last, tough people, do!
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