The fact is that investing in anything comes with risk, but is now the time to double down? I think so.
Cryptocurrencies lost over $205 billion dollars of value in 24 hours. People are losing money, which has undoubtedly scared off some newcomers who thought crypto only went up in value. Volatility is the norm; since November 2021, when Bitcoin hit an all-time high of $68,000, all the major coins have been sliding, then a rally, slide-slide-slide, then rally. It can be terrifying to new investors, but people who have faith in the projects they invest in are waiting on the next rally.
The great crypto crash of 2022 has certainly seen some fortunes trimmed down.
In times like this, I like to look at the number of coins I hold rather than the value of those coins. Knowing that I have 180 of something 1, 5, 10 years down the line will be worth more than I paid is comforting.
Crypto buying opportunity?
If you are down for the HODL (hold on for dear life) like I am, then you are seeing this current crypto crash as a massive buying opportunity. Viable projects like Solana (SOL), Curve (CRV), and Stellar Lumens (XLM) are down (way down) and can be had at a bargain. These projects and many others are sure to appreciate at some point in the future (HODL, remember). If you are investing in projects/coins you believe in rather than jumping in on meme coins, you will be ok in the long run.
When investing in crypto (or anything really), try to remember the lyrics by the great David Bromberg, “A man should never gamble more than he can stand to lose.”
Bucky has been into AI, online marketing, and website performance since its creation in 2020. Based in Los Angeles with their cat, Bucky finds joy in the idea of nature, being outdoors, and engaging with friends.