If I were to compare the 2019-2021 bull market with the current 2023-2025 one, I would say that during periods like the current one, I tend to get bored and make significant mistakes in crypto.
I've already mentioned in a few posts my story with DOGE and how I let nearly $500,000 slip through my fingers because I lacked the patience to hold onto the meme coin.
While going through my crypto activity on my Exodus wallet this evening, I realized that at some point in March 2020, I owned 30,000 ADA. I distinctly remember that this stake was only a small part of my portfolio.
Back then, ADA was valued at around $0.03 per coin, and little did I know that it would increase 100-fold by the end of the bull market. I also grew bored with ADA, and it's important to note that I exchanged them for other coins.
I can't recall if it was XTZ or LINK, but I do know that I bought them after a significant rally. My reasoning was that ADA would no longer be a good investment (as its fundamentals were weak at the time), while coins like XTZ and LINK seemed promising.
If I had held onto ADA for a longer period, I could have potentially made around $90,000 at its all-time high. However, my boredom during the accumulation phase became my biggest mistake in crypto. Accumulation shouldn't be boring; it should be exciting because life-changing money is made by buying when others are fearful.
Instead, I got caught up in the euphoria and ended up missing out on incredible potential gains during the 2021 bull market. I see many people in the crypto space experiencing the same emotions now.
I have a friend who is still waiting to buy BTC at $20,000, and many crypto participants can't even fathom a new bull market. Why wouldn't that happen? Why?
If we don't have a new bull market (although I believe we are already in one, similar to 2015-2017), then what's the purpose of crypto? It would essentially lose its purpose.
Currently, most coins listed on CoinGecko hold no value apart from the speculative value given to them by crypto participants. There are a few exceptions, of course, but we need more speculation and hype before we witness true mass adoption.
Strike expands Bitcoin payments to 65 countries and moves its global headquarters to El Salvador. That's a positive development, but how many people in the crypto space truly care about it? Very few. Most of us are more focused on capitalizing on the market's macro swings to make more dollars than on utilizing the technology behind cryptocurrencies.
Anyway, I don't want to make this post longer than necessary because I'm already aware that I've lost quite a few readers lately, and I don't want to lose them all. The conclusion is that boredom can kill the incredible gains you dream of.
Instead of over-diversifying or, even worse, selling during such times, I would rather accumulate. Unfortunately, I no longer have cash to do that because I rushed a bit into the market. However, in my personal opinion, the crypto market currently presents life-changing opportunities.
Many people will make the same mistakes I did in 2019 and 2020 and miss out on the life-changing gains that 2025 will bring. Just hold tight...
Thanks for your attention,
Adrian
Posted Using LeoFinance Alpha