The crypto market is not for the faint of heart.
Although prices can climb thousands of percentage points in a manner of days, they can also drop by 90%+ within 24 hours. This unprecedented volatility has kept many potential investors out of the market.
While Bitcoin has had an initial run ($30k+) over the last two months, an extended bear continues in most of the altcoin market, where token prices remain depressed, along with their holders.
These bear markets are difficult to endure, especially if they extend past their expected four year cycle. They require resilience and dedication, even when the situation seems hopeless.
Necessary Cutbacks
Although options (such as Bitrefill) exist to pay the bills with crypto, we still live in a world where our expenses are priced in fiat.
Due to the poor market conditions, a lot of projects have already tapped out. Meanwhile, other teams have persevered by lowering their expenses, cutting salaries, or letting people go entirely.
Surviving this bear market will require making some sacrifices.
What are you paying for right now that you could afford to go without for the time being? Maybe you could downsize your home, get rid of a vehicle, or stop eating out, for example.
Then there's the other extreme. Some millionaires refuse to pay more than $1000/month on expenses as they wait for the bull-run to commence.
We always need to strike a balance between enjoying our (short) lives in the present, while also preparing for the future.
Hidden Opportunities
Despite the pitiful market conditions, opportunities abound. There are solid projects with huge growth potential that almost nobody is paying attention to right now, and their tokens are on fire sale.
Instead of moaning about the persistent bear market, we can choose to be thankful for each day that prices remain depressed, as it gives us another chance to discover a new project before it blows up, and re-balance our portfolios based on research.
Failing Fiat
We still live in a world that values and chases after debt-based fiat currency, despite its unsustainable trajectory. This debt continues to expand exponentially while real economic growth stalls or contracts.
We have already wrote about the signs pointing to the end of the dollar system. Europe's plan to implement a digital Euro by October of this year is further confirmation of an impending new financial order.
When it finally becomes obvious to everyone that the financial system needs to be reset, the value of cryptocurrencies, and precious metals, will skyrocket relative to fiat.
Until that time, patience and commitment will be required.
Until next time...
It's always worth questioning your market hypothesis. Might the dollar survive long-term? Could all altcoins go to zero against Bitcoin?
We must set aside our emotions related to fiat and Bitcoin, and re-think things logically and rationally with an open-mind. The old system is obviously being prepared for a reset, and a variety of crypto projects are building an unstoppable decentralized financial system for the future.
Don't let the bear market discourage you. Now is the time to get involved!
If you found this article interesting, be sure to check out my other posts on crypto and finance here on the Hive blockchain. You can also follow me on InLeo for more frequent updates.