Do You Find Crypto Winter Difficult To Survive?
It is easy to be positive when things are well. Who was negative about crypto in the bull market? Everyone was positive. It feels like the crypto prices will go up forever. When BTC broke the previous ATM, big guys started buying, creating a new all-time high.
When the market looked bearish, you saw even big guys started selling for whatever reason, and the price kept falling further. Crypto lending platforms went out of business and the situation is so bad that people may not imagine it before. Otherwise, who would like to lose their cryptocurrency lending to those lending platforms?
There was a talk about the crypto supercycle and how cryptocurrency prices would keep rising. Now here we are in a crypto winter. Big companies stop hiring new employees or start laying off. You see the same thing going on in crypto platforms and exchanges like Crypto.com, Gemini, and Coinbase. They want to reduce their expenses and plan to survive in the bear market.
You feel bad looking at your crypto portfolio because the only color you see is red. It reminds you of 2018. We are going through a similar situation as we did in 2018. What you planned did not work out. You got trapped buying high, and could not exit the market in time.
If you do a job and have a consistent income, that's great. But when you lose your job and stop earning, you are going through a tough time. You become desperate to earn money. It is difficult to express how difficult things can be unless you experience it yourself.
This is the time you have to survive. The great news is, the crypto winter gives you the opportunity to accumulate crypto that you cannot do any other time. The bear market will not be here forever. If you went through a crypto winter before, this is not something new to you. You have the plan to survive in a bear market and grab the opportunity to grow your crypto portfolio.
Blockchain and cryptocurrency are here to stay. Although the government and SEC go hard on crypto, it can make things difficult but there is no way they can stop it. Many countries plan and test to launch Central Bank Digital Currency (CBDC). It will be centralized and that gives more power to implement monetary policy
People who grab opportunities will do better in the future. Keep it simple. Work hard to make money, reduce expenses, save money and accumulate capital for investment. In spite of everything that's going on, if you stay strong, make investments, and have patience, it will pay off later.
You will grow your asset over time and thank yourself in the future for your financial decisions. So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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There is little change in term of fees for Crypto.com, Gemini, and Coinbase. This is why purchasers focus on these fees and supply or demand before decide to save assets in one of these platforms.