If you were told that there would be a short period that if you did everything right, you could change your life financially forever. What would you do? Most of us would be willing to do anything to make that change a reality. Allowing us to finally pay off our debts, have a financial cushion so that we’re no longer living paycheck to paycheck, and most of all; no longer worrying about money. There will be others who set their sights even higher. Aiming to potentially retire early and truly go after their interests.
That time is now.
In all financial markets, we have entered a time where everything is on “Black Friday” type of deals. All prices have come down drastically, and there is money to be made everywhere if you have the spare cash to invest. This is especially true in the cryptocurrency market. Where even the best assets in the market such as Bitcoin and Ethereum have fallen by nearly 80%. Altcoins have fared even worse, with many of them being down by 90% or more.
As I mentioned above, there are great deals everywhere if you have spare cash, but that is a luxury that many people do not have right now. Also, it's important to know that we might not have reached the bottom in terms of prices quite yet. Depending on further market insolvency contagion effects, or further macro factors we could see prices drop further. However, we are likely in the final lap of the price movement downwards.
What this all means is that the final sprint of the race is beginning now. There are approximately 17 months until the next Bitcoin halving and prices will begin to recover before that happens. And a few months after the halving, typically the next bull cycle begins. Likely we have a year or much less to take advantage of the prices that we are seeing today. A time when those who take the risk of going all-out could be greatly rewarded. That is how bear cycles have typically performed, although this time could be a little different due to everything that is happening in the world. However, I believe that eventually, the crypto markets will return to how they usually performed in the past before 2020. That we can throw out the most recent disappointing bull run and declare it an abnormality. How could things remain par for the course, when the world is crumbling around it? That’s not even mentioning the insolvencies that took place.
And so we are entering the final sprint of the race.
The timer is beginning to countdown and we all need to begin planning how we will take advantage of this opportunity. Before planning any of that, always make sure to make sure all of your essentials are taken care of. Never invest more than you are willing to lose.
Free Time is a Luxury You Can’t Afford
If you are truly trying to change in your life and do so in a faster timeframe. Then free time is a luxury that you cannot afford. To change your life you must do the opposite of what you were doing before, putting in extra time, and frankly outworking others. The great thing is that this can mean different things to different people. It could mean picking up more hours at work or even finding a part-time job to go along with your full-time job. It could be creating other income streams such as starting your own online business, writing, or a multitude of other options. Opportunities are everywhere if you’re looking, you just need to have the motivation to put in the effort.
Finding Extra Cash
The price levels we are currently seeing at Bitcoin, Ethereum, and everything else makes a person want to throw everything in the market. However, that wouldn’t be the responsible thing to do. Instead, we need to find other ways to find extra cash to invest. For some, this once again could be working more hours as I mentioned before. But there is a much easier option as well. By making a strict monthly spending budget, most people would be amazed by how much cash they can free up. Cash that can be used to invest.
Also, by selling things around your house. I have a collectors mentality and so I understand why many people wouldn’t want to get rid of many of their belongings. But truth be told, we wouldn’t miss almost all of it. Go through all your belongings. Electronics, games, clothes, household items, and the list goes on. Sell almost everything you haven’t used within the last month. The combination of having extra cash by budgeting and finding extra cash by selling items around the house could help people jumpstart their crypto portfolios.
Buying
As simple as it sounds, we need to continue buying. If you have a strong conviction in the crypto market and its future, then these price levels are fantastic times for you. However, if you are lacking conviction, this could be a scary time in the market for you. Causing you to hold off on buying. During the March 2020 crypto price crash, Bitcoin’s price dropped to nearly $3,800. This was a once-in-a-lifetime buying opportunity. But, many people held off on buying because they thought prices would continue dropping, or the rapid price drop had stolen their conviction. This is why dollar-cost-averaging and always buying no matter what prices are can be such a strong tool. Taking our largest weakness out of the equation; our emotions.
Growing Passive Income Avenues
Earning passive income by lending crypto likely has come to an end for the short term, but there are other ways to still earn passive income with your crypto. One of the safer and easier options is by staking. You can earn a passive income on some of the largest blockchains in the market. Such as Ethereum, Solana, Polkadot, and the list goes on. When you’re just getting started, your earnings may seem quite small. But, once the bull market eventually returns, the value in US dollars will have likely done 10x. All of a sudden those small earnings will have become something substantial.
These are just a few of the things that will help you become successful in the run-up to the next Bitcoin halving. Remember to always do your own research and trust no one. The crypto market is the Wild West with danger all around. Everyone has their own motive and could be trying to take your own money. Find great projects, invest in them and keep repeating that process. By doing this and HODLing with a long-term mindset, you will likely be able to change your life financially.
How about you? What are you doing during this time to ensure your success in the crypto market?
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