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We’re in that time of crypto period again.
Where there’s lots of blood on the streets and fear in the hearts of many. Many lost a lot of money, such as in
- Terra Luna’s catastrophic meltdown
- 3AC liquidation
- Celsius bankruptcy
and there are scores more of such exchanges, tokens, coins and projects being killed or rugging people.
The last time I went through this, was when bitcoin (BTC) went into high of $19,000+ before crashing as low as $3,000+ (about 80%+ crash). Yep, that was AFTER I pumped more to buy more BTC at USD 18,000+.
But it is what it is, I can see similarities today. Bitcoin as high as $69K, and been hovering around $19K (about 75% drop) for a long time now. It’s been wave after wave of negative events and news.
Should we be afraid?
It’s rationale and smart to be cautious and even afraid – it’s not a bad word.
Be cautious, but at the same time, I do not shun or look badly upon blockchain projects. If anything, I still hold onto my conviction that blockchain as well as cryptocurrency will change the world for the better. But there’s an important caveat:
Only the good ones will do that.
At least 90-97% of the blockchain projects and crypto are scams and rugpulls; and the okay-to-good ones, may be poorly managed due to insufficient regulatory measures in place. It is kinda like a wild wild west world of venture capitalism (or downright gambling, anyone?), but if you choose the right project and at the right time, you may be able to sit on a rocket to earn some delicious gains.
What to do now?
In crypto winter, it’s literally the best time to DCA, or dollar-cost-average into good projects.
Lot’s of fear to hold back that FOMO, and market moving sideways to give you time to research, speak to the team and participate in the project and community. Invest month-on-month amounts that you’re okay to lose (I dont like to lose money, but crypto can be really volatile and unpredictable) for the middle to long term basis.
Go with deep research and conversations, so that you will develop convictions beyond market swings.
I’ve been in crypto space since 2017-ish, and I’m more convinced that blockchain will change the world for the better, and I’ll be patient to continue to participate and invest for the long term.
I’m the founder and writer here at NigelChua.com; as well as serial entrepreneur, therapy business entrepreneur, digital entrepreneur, investor and also happy husband, father and Christian.
Started and sold off a business for 7-figures; built another 7-figure one and growing it further, plus building/investing into other businesses and investments as well as advisory works.
Nowadays I share and teach entrepreneurship, financial independence, retiring early as well as building and living a life you love.
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