This morning I woke up to a duo of bad news: 1, the crypto market crashed again, and further, with bitcoin slipping to $38k and reaching a 5-month low, and then 2, my soon-to-be former editor reached out to let me know that my paycheck is due any day now. Why is that bad news? Because I’m a content creator by trade and for the last five years, 90% of my income was generated writing for a platform that’s due to shut down at the end of month, which means the next paycheck I receive from them will also be the last.
So that was a real ‘oh s*it’ moment followed by another ‘oh s*it’ moment, and that got me thinking, what am I gonna do today to feel better and what have I done when a similar scenario happened in the past?
1. Do a ‘Jack Reacher’
This is gonna sound weird but it’s always helped me tremendously. Jack Reacher, for those who don’t know, is a fictional figure created by Lee Child for a series of novel that spawned two films and an upcoming TV show on Prime Video. Reacher is a retired U.S. Army officer who lives freely and simply. He doesn’t own anything, walks everywhere when he can and consumes enormous amounts of coffee. So that’s what I did. I woke up, had a long shower, shaved, went for a long walk on my way to nowhere, and then I had a cup of coffee.
In my view, this is essential because whenever the market crashes, some (including myself) tend to give in to this frenzical need to do something about it, which is fine except oftentimes, this could lead to painful and pointless sell-offs. And that’s the last thing you wanna do.
2. Zoom out
I’m looking at it now: BTC is down over the last 3 months but still up since last year. In January 2021, BTC bottomed out at around $30,000, then it rallied to $63,000 in April 2021, before bottoming out again in July and reaching its all ATH in November. It just goes to show that ‘time in the market, beats timing the market’.
Some people are in this to make a quick buck but personally, I’m in it for the long run and I treat BTC as my retirement plan 20 or 30 years from now and zooming out, when looking at the chart, helps me focus (and remember) that BTC is cyclical, so even though every single crash and dip somehow feels like the end of the world, it isn’t.
3. Don’t look at a yearly highs, look at the yearly lows
Since its inception, BTC’s yearly low has always been set higher year-on-year, with one exception in 2015. It was $0.06 in 2010, $0.29 in 2011, $4 in 2012, $13 in 2013, $306 in 2014, $190 in 2015, $360 in 2016, $775 in 2017, $3.2k in 2018, $3.4k in 2019, $4.1k in 2020 and $28.260 in 2021. What’s gonna happen in 2022? So far bitcoin has tried to recover and get back above $44k, and failed every single time, but when it dipped, it always stayed above $40,000 with two exceptions, including one this morning.
It’s still way too early to say and no one knows what’s gonna happen, but even though there’s no guarantee that BTC will reach a new ATH in 2022 or 2023, it looks likely that it won’t go back to its previous lows. We just gotta be patient.
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