My Crypto Goals for 2023
2022 has flown by and we are already approaching the end of the year. For many people who invest in crypto, it was a year that we would much rather forget. Either your portfolio’s value shrunk greatly, or you might have completely lost portions of your crypto due to all of the insolvencies that occurred in the market. We live and we learn. If we want to be successful we must pick up the pieces, stand up, and pursue our goals even harder.
As we approach the end of the year, I have been reflecting on how I performed in 2022. Did I reach the goals that I set last year? What mistakes did I make? What successes did I have? How can I learn from both of them? And perhaps most importantly, what do I want for the future?
It is by taking all of these factors into consideration that I started making my goals for 2022. But to make your yearly goals, you need to have an overall goal that this path will lead towards. For me, my goal is to become financially independent by 2030. This means that I would become wealthy enough to quit my day job, and live or do anything I want. Perhaps starting my own company or something in that vein. Now that you know my overall goal, it will help you to understand the yearly goals that I have set for 2023.
1. Accumulate & Take Advantage of These Bargain Level Prices
The world is seemingly crashing around us, and there is a lot of uncertainty surrounding financial assets currently. Crypto prices have dropped much lower than many of us could have ever expected and still might drop even lower. Confidence in the market has been shaken as usual in bear markets, with people debating whether crypto will ever be able to recover from all of the mishaps that have taken place. Wondering what it will take to rebuild the trust in this industry.
However, I believe that prices are currently at once-in-a-generation buying levels. Caused due to the covid pandemic, rising interest rates, the Russia/Ukraine war, and then the countless insolvencies and crashes in the crypto market. In a traditional bear market, Bitcoin’s low price might have remained in the $30,000-$45,000 range. However, due to everything that happened, prices dipped much further. I consider today’s buying opportunities to be even better than what we saw during the March 2022 covid price crash.
Taking that into consideration, I am nearly going all in. Accumulating as much Bitcoin and Ethereum as I possibly can. As I mentioned before, prices certainly could drop lower. With that said, 5 years later we would look back at today’s prices and wish that we had bought more.
2. Build up my Passive Income avenues. (rebuild what was lost)
2022 was a year when I lost one of my greatest crypto passive income streams. In the past, I used to lend out my Bitcoin to 3rd party services such as FTX, Celsius, Nexo, and BlockFi to earn interest. Obviously, it is no longer safe to do that and I’m no longer willing to take the risk with my Bitcoin. Which resulted in me stopping lending out my Bitcoin.
However, just because I stopped lending out my Bitcoin doesn’t mean that I need to give up on earning a passive income with my Crypto. There are still options available that are much safer than lending, such as staking.
Taking that into account means that I will put more of a focus on staking income in the future. By staking crypto that I’m already a fan of such as Ethereum, Polkadot, and another blockchain that I will mention in #3. Just because I am focusing on earning passive income by staking, it doesn’t mean that I will invest in projects that I’m not passionate about or think don’t have a great future. Blockchains such as Cardano or Solana.
I’m excited about the new staking passive income streams that I will be building in 2023.
3. Build a 3rd Pillar Position to my Crypto Portfolio
My preferred strategy for building my crypto portfolio has always been to build a highly concentrated portfolio. By focusing on a few crypto and being able to accumulate much more of each one. In the past, my focus has been entirely on Bitcoin and Ethereum. I believe those are the only two must-own assets in crypto at the moment. Thankfully due to this highly concentrated approach, I have been able to build solid positions in both of those assets.
But the specific coin choice isn’t the most important thing in the idea behind this goal. I have built two very solid positions in what I consider the two blue-chip assets in this space. Now I’m ready to go more on the risk side and picked a blockchain that I feel is greatly underpriced, has great tech and potential and is something that I’m passionate about. This is also a new addition to my staking passive income, which is earning me nearly a 20% APY. In my opinion, ICP is an all-or-nothing kind of project. 10 years later, It will either become incredibly valuable or will become nothing. However, recent developments on the chain have been really picking up. This is my gamble play. Other crypto that I considered were Solana, Avalanche, Polygon, Polkadot, BNB, Near, Fantom, and a few others. As always, do your own research when deciding which crypto to invest in.
4. Avoid unnecessary risks. Protect my crypto assets.
This year I was reminded of how much risk I was actually taking on in my pursuit to earn passive income and quickly grow my portfolio. By lending out Bitcoin to 3rd party companies, and by staking high-risk tokens such as UST on Anchor.
In 2023, I plan to be much more careful. I will be locking up my Bitcoin in cold storage, and stake crypto only in their native protocol or on the most trusted exchanges.
While I was a big advocate of lending during the peak of the cycle. Admittedly, the risk was always something that worried me in the back of my head. Worrying about other companies remaining solvent, and returning my funds when I requested them. Having my Bitcoin in self-custody has quickly erased many of the worries that I previously had. Giving me full peace of mind even during the worst price drops, or when there is news of even more insolvencies occurring.
5. Grow my Crypto Blogging Audience
While crypto prices were a large disappointment in 2022, one of the true bright spots was the amount of growth that I saw with my blogs. On Publish0x, I am quickly approaching 7,000 followers, and after only 2 months on Medium, it has already become my biggest earner. I was even able to gain the attention of companies in the crypto market and begin writing freelance gigs for them as well.
In 2023 I hope to take this growth to an even higher. By focusing on higher quality, writing more often, but most importantly only writing about what I’m most passionate about. As always, you won’t see me shilling projects or referral links. My blogs are always my soapbox, where I love to talk about what I’m most passionate about. I’m thrilled that so many have enjoyed my content. Especially considering that this entire year we have been stuck in the bear market. I’m extremely excited for next year, and the potential that the future has.
So what did you think? These are my biggest crypto goals for the year 2023. As always, I want to never stop learning, and always keep an open mind. This will help me to spot the next great opportunity.
How about you? What are your crypto goals for 2023?
As always, thank you for reading!
