Cryptocurrency Investment: A Long-Term Mindset And Some Patience Pays.
Earlier today, I read about an early Dogecoin hodler and how he had stacked about 2 million Dogecoin in 2014 but missed out on the crazy pumps last year which would have gotten him close to 2 million dollars worth of dogecoin. The investor claimed he gambled with some Dogecoin, traded some and may have even bought some pizza for his cat with dogecoin when the crypto was almost valueless. To simply put, he lost all of his holdings and was left with nothing when Dogecoin became one of the most talked about coin in the 2021 bull market.
Well, this is something many of us can relate to as some of us still kinda wish we still had the cryptos from our early days in the crypto space. Hodling is probably the surest way of making millions from cryptocurrencies and this strategy sounds quite easy but could one of toughest especially when we don't have the key attributes of a hodl, a long term mindset and patience.
I must have talked about my story of why I've taken hodling pretty seriously lately. Thing is I didn't actually plan on hodling when I first got into crypto. I wasn't as informed as I am today and I had a mindset that crypto could change our lives overnight. What we didn't know was that, "overnight" in the crypto space spanned from a couple days to a couple years.
Personally, there were struggles along the way which didn't make me think twice about selling my cryptos when I had some financial issues and also due to the uncertainties surrounding the crypto market and the bear market I witnessed in 2018. I got quite emotional and sold some of my holdings to prevent more loss because at the time, I felt every dollar could really my life. I was simple just a naive, impatient, and emotional crypto newbie.
Fast forward to today, I've learnt so much about cryptos and hodling, I could write a book. I've realised the easiest way to make to be successful in the crypto world is to be a hodler and develop a long term mindset. To buy and hold and keep buying no matter. I understand financial situations of everyone isn't the same and there are situations that may actually cause us to sell everything we have as some of these situations are way beyond our control. We can only hope those situations stay really very far from us as we build our portfolio and hodl.
Hodling feels great and this period kinda feels like the easiest time in the history of cryptos to hodl as there's massive adoption of cryptocurrencies around the world, more users are coming in and many of us are now well informed about the ups and downs of the crypto market.