This is not the end. This is an opportunity. Bear markets have hit before. When I talk to many crypto enthusiasts, it seems like many of them forget that we have experienced enormous downswings in the not-too-distant past. If investors look at historical price action for Ethereum, we see this truth. In January 2018, Ethereum hit nearly $1400 USD and by the end of the year it had crashed to around $86 USD. Crypto is not for the weak – it is for the willing.
Here are four ancient ideas that keep me from hitting the sell button.
Amor Fati – Learn to love your fate.
This is clearly a cliché most people have heard by now, but it is worth repeating – love the hand that fate deals you. We don’t get to choose the cards we are dealt in life. We only get to choose how to play them. Accepting that bear markets are a necessary part of every cycle is getting comfortable with reality. I personally know people that have lost ten’s of thousands in this past drop, but they remain vigilant. We lose money by closing positions and taking losses, not by remaining strong.
Sure, if a crypto is pure junk, it can be better to limit our exposure. However, solid projects will not collapse and will endure. How do we know what will last? The short answer is we don’t. It’s a leap of faith and a leap of fate. What will happen is beyond our control, so accepting our temporary losses will pave the way to lessons learned.
Memento Mori – Remember our time is limited.
The Romans had a saying, “Remember that you die.” This isn’t a morbid attitude that we are doomed. It is just the opposite. What it means is that our chance to make an impact is limited. We all will die someday. Our portfolio will pass to someone else or be lost forever. In any case, realizing that our moment in history is brief empowers me to make quality choices today. I don’t know when my time will be up – None of us do.
Personally, I don’t think we’ve seen the worst of this market. The economy as a whole hasn’t nearly bottomed out yet. That said, we have a precious opportunity to capitalize on the bargains that are everywhere. Crypto millionaire’s may get all the credit in bull markets, but they are born in bear markets.
We have a limited time to capitalize on this opportunity. I for one, am not going to waste it.
Dichotomy of Control – Focus on what matters, not what is beyond us.
This is the most important lessons the ancient Romans had to teach us. We need to focus on what we can control, not on what we have no control over. If we have the power to make a change then act. If we have no power, it makes no sense to worry about it because it is beyond us. This bear market is beyond our reach so focusing on the downturn only serves to create panic and poor decisions.
Instead, let us focus on what opportunity we do have. We can focus on new projects that have hope. Even old projects that seem to have lost their luster can come roaring back. I’ve seen Zilliqa (CRYPTO: ZIL) hit $0.20 twice in the last year. Right now, it is a bargain. Don’t believe me? Go check the charts and comment below.
Fortes Fortuna Adiuvat – Fortune Favors the Brave.
I’m sure this saying is on a flag somewhere. Those who take bold moves are the ones who are being rewarded. I have made the mistake of not capitalizing on opportunities when they have presented themselves in the past. No more! When the pandemic hit two years ago, I exited out of my portfolio and let it sit in cash for months. Then, the biggest bull run I have seen in my lifetime happened. If I had jumped on and instead but more at the end of March 2020, I would probably be rich today.
I will never make this mistake again, and neither should you. Grab onto the brief chance we have at making a good life for ourselves and jump headfirst. This unique opportunity to accumulate during a downturn will not happen in this way again. When I think about how much my portfolio has gone down in the last year, I think what luck. Now is our opportunity to be brave.
Last words
Regardless of our backgrounds and our cultures. Regardless of our belief in the afterlife, or lack of one. It is a simple truth that all the time we are ever granted for sure is this moment. This brief shard of time we inhabit called today. Once today is gone it will never come again.
I for one am not going to waste it on panic. Instead, I will spend it on research and networking with other like-minded people who will empower me to make rational choices and not lose out this time.
To all those who read this I say good luck. The point of this article is just the opposite, however. We’ve already had our good luck. Now its time to get to work.