The Bitcoin Motivation That You Need to Have
The bear market is not only a time for building but also a time for reflecting. Looking back on the previous cycle, the things you did well, and also the mistakes you made. If we never take the time to reflect on our own mistakes, how can we ever expect to learn from them? With many "experts" claiming that financial markets, including crypto, are on the brink of total collapse, it means that we are running out of time before we need to take action. For many of us, this will be a move towards safety. We all have dreams of Bitcoin, Ethereum, and the crypto market changing our lives financially forever. But, we need to actually survive the market to see that day arrive. This may include going completely off risk. Putting all of your crypto into cold storage. Withdrawing from lending and DeFi protocols. Avoid trading with leverage and the list goes on. But the thing that most people are probably doing is putting more of a focus on saving, rather than investing in crypto. Prioritizing the essentials that we need to live each day.
During times of financial panic, the general idea is that cash is king. But that is a lie. Unfortunately, right now the US dollar is king, and most other currencies are actually looking more like trash. Inflation is rampant around the world and currencies are rapidly losing their value compared to the US dollar. In Japan where I currently live, the Yen has lost 30% compared to the Dollar in just the last 6 months. The situation for the British Pound and EURO are very similar. Prices are going up, and your purchasing power is going down. It is a difficult combination.
The scary part is that I have interacted with a shockingly high amount of people who have only recently begun noticing and complaining about prices on goods and essentials increasing. Wondering why their heating and credit card bills were so much higher than what they were accustomed to. Not knowing why these prices were increasing and having no idea how the value of their cash savings was quickly melting away.
In times such as this, being able to pay all your expenses and see another month is a great achievement. Especially if you can do that without having to dip into your savings, or sell off your crypto or other assets. Something that is becoming more difficult by the day. In today's landscape, if you can do that. I would consider that something to be proud of.
But here is the key point. Most of us recognize that the prices of Bitcoin, Ethereum, and most other financial assets are complete bargains right now. Prices that we could have only dreamed about over a year ago. However, if those "experts" doom predictions come true then prices would then be at once-in-a-lifetime price levels. If you could accumulate a decent position, it could very well end up changing your life. That could mean being able to pay off all your debt. Finally escape living from paycheck to paycheck. Having a decent nest egg in your retirement savings. Or achieving financial freedom.
The problem is that to achieve those goals; money is required. Yes, the world appears to be quickly going downhill. But it is also true that there are still plenty of opportunities for those who are motivated. Those that are so hungry to succeed, they are willing to put in the extra work. Doing things that many people are not willing to do. In this article, I won't be talking about how to make extra money, as I have talked about that recently. The internet is your friend, and there are endless possibilities there. This article is more centered on the type of mindset that you need to have. If you are truly in a hard situation, it is this type of thinking that could help to begin to right the ship and turn things around.
The difference between being average to having incredible success isn't as much as you would think. For example, let me share with you an example from baseball. In MLB, a career batting average of .250 would be considered mediocre, and might need to worry about having a spot on the team next year. While a career .300 hitter is considered an all-star. Stringing along several of these .300 batting average seasons in a row may make the player a contender to make the hall of fame in the future. But, the interesting thing is that over the course of a baseball season. The "all-star" player is only getting about 1 to 2 more hits per week than the average player. The difference is that small. But, over the course of a season, those small differences add up to large results. Those results then become even larger over several years.
That is exactly what happens in the investing world as well. And the difference between people who struggle financially, and those who don't worry about finances anymore.
A dangerous area of life that I try to avoid the best I can is falling heavily into habits. Humans are creatures of habit, and we love to do the same things over and over. It makes us feel comfortable. Doing anything outside of the norm, or that has any risk, gives us anxiety. We often try to avoid that the best we can. That is why many people stay at a job that they don't like much longer than they ever imagined they would. The job they don't like is more comfortable than the uncertainty of change. That is also why many people who grew up in my small hometown, spent their whole lives there and never ventured outside of it. Upon reflection, that is most likely why I have been a globetrotter living in various places around the world. I must say that there is nothing wrong with those things at all.
However, if your finances are in a difficult situation. Continuing to do the same thing would not be a good idea. The old way wasn't working, and so we need to try something else. We're going to need to do anything we can to get an advantage. This means outworking people, and in some ways outsmarting them as well.
As I mentioned with my baseball example, it actually won't take as much effort as you might expect. It could mean picking up 1 extra shift at work a week. Or perhaps instead of watching TV all night after work, instead devote 30% of that time to learning or improving your skills. This could help you to qualify for jobs that pay better. You could even begin planning a side-business that you could begin. As for the cryptocurrency market, this extra time would be enough to not only give you great knowledge of the market. Something that could help you to invest better. But also bring other opportunities such as airdrops, earnings, or future job potential. When you're tired and ready to give up. Do a little more. When you want to relax and take a break. Do a little more. Just like with baseball, 1 or 2 extra hits per week are all that separates an average hitter, from an all-star. In the cryptocurrency market, those who devote an extra 1 or 2 hours per week will have the same advantage. This can be applied to anything financial or investing-related.
As I look back on the previous crypto bear market. My largest regret was that I didn't invest and grind even harder to get even more Bitcoin and Ethereum. I had the knowledge and conviction, but I could have put in more effort to accumulate even more. While I currently am in a great position, it could have been even better. I will not repeat that mistake again. That is why I have made it my personal mission this time around to put in more time and work than most people will. In the end, I feel this will help give me an advantage and it will all be worth it in the end. Life is a game of small percentages. One hour here and one hour there repeated could be the difference that helps to make us successful.
How about you? How much time do you devote each week to crypto and investing?
As always, thank you for reading!
