Crypto Currency

My Sincere Condolences to People Who Have Just Lost a Fortune in Crypto

2 Mins read

I have been comforting people privately all-day

I saw it coming. And I can prove it to you. Go to my Instagram profile. (Now, it’s more laidback and informal though and I literally play there). Go to my highlights. And then tap on the “2022 insights”. In there, you would see my crypto predictions for 2022 that I made in January this year. Thus far, everything is turning out to be right.

And this is not because an angel appeared to me to tell me about the future. (Okay, maybe some divine inspiration is part of it). But the main reason is that I felt the rhythms of 2018 all over again. 2018 was the first time I learned the harsh lessons in crypto that led me to the concept in my crypto book.

In 2018, I boldly argued that the price of bitcoin can never go below the mining cost. And I was shocked and stunned when it did. I wasn’t wiped out or anything like that. But I lost enough money to learn my lesson.

This is the rationale behind the chapter of my crypto book called; the analysis of nonsense. This is not a market of logic. And I knew after the bull run of 2020/2021, something nasty like this will show up again.

It doesn’t matter the event that triggered it. There will always be something. There is no logic for the crypto market. There are only cycles. Too many people get lucky and call it brilliance. The cycle always wins.

Even though I predicted this way ahead, and of course made preparations myself, it is still sad to see it happen. I can’t even tell people “I told you so”.

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I have seen some really sad stories. And I have spent the better part of the last couple of hours comforting people privately. And not all of them were naive. There’s one of them that got burnt in 2018 too. And still got burnt in 2022.

So, experience doesn’t validate that you have learned. You have learned when your approach changes sustainably. You have to know what the stakes are and what the game you are really playing is like.

Well, what has happened has happened. If you lost money, give yourself the time and space to mourn (if you feel like it). But you must remember that you can make it all over again.

You have to get smart about money in all areas of your life. Not just in investing. I have said many times already that you bet on yourself before betting on the creation of another person. Build your core stream of income to be solid and as independent as possible.

Sadly, this is not the bottom of the crypto bear in my opinion. And recovery will not be sharp. It’s going to take a while. So don’t embrace the foolishness of trying to place bets in the crypto market to make it all over again.

Bitcoin is not dead. Crypto is not dead. But, dear God, you ought to have a strategy. That is the entire lesson in my book. That’s why I wrote it. You have to have a strategy.

This is not the last time an event like this will happen. Another one will happen again for sure another day. The question is, how prepared will you be for the next time it happens?

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Think about these things.

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