A lot of crypto investors and enthusiast likes to create endless possibilities in their mind. For example, I see many of them saying, "If I had bought BTC in November at 17k, I'll have blah blah blah % of profit selling at 30k".
It's the same for people who feel they could have bought Hive at 19 cents in December.
Many people create imaginary profit positions when crypto prices go up against the general predictions of doom. It's easy for people to say they're protecting themselves by selling when prices are dipping, but also begin to regret, they never held or bought when prices begin to recover.
In crypto, fear can protect you in the short run, but in the long run, you'll eventually miss out
Why?
This is because it's difficult to obliterate sentiments when investing in crypto. It's difficult to have a futuristic mindset, especially when the little dips in the present matter a lot.
In 2015 for example, some exchanges crashed and a lot of people lost big on the dollar values of their assets, this made some of them sell everything they had and in 2017, Crypto mooned.
People Cannot take away the sentiment of the present, this is because no matter how futuristic and innovative the technology is, volatility will always create the sentiment for people to exit when they should have held, bought more, and looked at the bigger picture.
"The End" Narrative Every Bear Market
With the events that happened with Do Kwon and Luna, SBF, and FTX, many people already felt this was the end of Bitcoin and crypto. They forgot that black swan events are part of the narratives that threaten to end innovations.
For example, Spartacus was a threat to the Roman empire, he dragged the innovation backward, but he couldn't stop the movement.
This is the thing with innovation. Crypto is an innovation and because its existence will create structural change in world economics, it'll always experience pushback by those who seemingly want to keep the old system at play.
Some of the people who were not pumped up about crypto in 2017 are now the biggest fan or investors in 2023.
Irrespective of the fact that these people weren't fans, crypto still mooned in 2017 and this is because there are endless catalysts in the crypto sphere that are responsible for different runs.
A lot of people have adopted crypto by going into the wrong projects, of course, crypto is not a merry-go-round, as much as it carries prospects, it's not immune to exploitations by bad players.
One of the reasons why we haven't gotten past this stage in over 13 years is because of black swan events, bad players, and terrible projects, because of the Inevitability of these things, heavy regulations will always happen, but they'll never be immune to loopholes.
Holding back Crypto is like tracking air Inside a balloon, it'll inevitably blow up.
Inasmuch as we understand this, people are still sentimental about their money
Which isn't a bad thing
the short-term losses to their portfolio as against the potential profit they'll earn by being logical.
Once again, the legendary of Gary Gensler seems to be waning, and despite all that rampage, institutional and private investors are still pumped up about crypto and in two years from now, only people who held on will tell the story of how Gensler shook the crypto space and many exited because of the pressure of the FUD People like Do Kwon, SBF, and Gensler are the Spartacus to Crypto.
It's never going to be smooth and trust me, even bigger events might happen in the future to thwart the innovation, but eventually, only those who are strong enough will benefit from playing the long game.
Sentimentally, it's never easy to adopt and believe in Crypto
.......this is why there's no free money in the space. What weak hands will call "free" or "lucky" money, takes endless resolve to build or make, this is why people are never going to make life-changing money unless they play the long game.
Currently, people are concerned about institutions threatening the decentralized nature of crypto, but sometimes back, these same people hoped for institutional money to come in and life the market
it's currently a position of Impasse at the moment, but I do believe that it'll take a lot of money to really threaten the decentralized nature of crypto and we're not seeing that type of money anytime soon.
Interested in some more of my works?
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Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
