I am 110% bullish on crypto, but I did A LOT of stupid things during the last crypto bull market. Here are 7 things I learned since 2020.
1. NFTs Are Tools, Not Treasures
In 2020, many of us believed that all NFTs held intrinsic value. We overlooked the truth: NFTs are tools (code), not valuable by themselves. This misconception led to significant financial losses. Holding blockchain-native tokens such as
$ETH or
$SOL would have preserved more value than gambling on NFTs.
Today, my excitement for NFTs has greater, but it is balanced by a deeper understanding of their true worth. Just as the internet was flooded with subpar businesses in the 90s, 2020 saw a wave of mediocre businesses launching NFTs. The technology isn't flawed, but businesses must find meaningful ways to harness its potential.
2. Investing in Yourself is the Ultimate ROI
Like many newcomers to crypto, I initially believed NFTs were the quickest path to wealth. Reality soon corrected me: true riches come from investing in oneself. During the crypto bear market, I spent the equivalent of two ETH on better equipment for content creation. The productivity boost and increased revenue far outweighed any speculative gains I have ever made.
While I still allocate a portion of my budget to crypto, my focus has shifted to personal growth, business tools, and marketing—areas that consistently deliver positive returns. Yes, memecoins can go to the moon, but buying lotto tickets is not the best investment strategy.
3. Leverage is for Suckers & Institutions
Leverage can feel like a shortcut to massive profits, but it’s a double-edged sword. Tempted by the promise of 10x gains, I experimented with leverage in February 2024. A technical glitch on Coinbase triggered a market-wide panic and a
$BTC sell-off. Although I do not use Coinbase, I was still affected by the chaos. The fallout resulted in a margin call that wiped out a third of m
y Solana investment on another exchange. This loss was a costly lesson about the dangers of leverage and the emotional strain it can cause.
Prices rebounded just as quickly, but it didn’t matter—my positions had already been automatically closed, forcing me to accept my losses. This experience taught me that slow, steady, and unleveraged investing is often the wiser path.
4. Watching Charts Impacts Mental Health
Watching crypto prices rise can be exciting and intoxicating, but the despair of falling prices is equally intense. Checking charts became a significant source of anxiety for me. Over time, I learned to limit how often I look at prices, especially for long-term holdings like BTC and art NFTs. Now, I rarely check prices unless prompted by conversation. This approach has drastically reduced my stress levels, allowing me to focus on my goals without the emotional rollercoaster of constant price monitoring.
5. FOMO Will Leave You Naked & Homeless
The NFT bull market was driven by FOMO (fear of missing out). Hyped Twitter Spaces featuring catchy songs like “Pump It Up”, convinced us to buy NFTs with little to no real value. In hindsight, impulsive decisions fueled by FOMO almost never pay off. While rare opportunities, like undervalued real estate during the pandemic, were too good to pass up, these are exceptions, not the norm. Most of the time, resisting FOMO is the key to avoiding regret and financial losses. Have you ever heard anyone credit their great success to FOMO? I certainly haven’t.
6. “Time in the Market Beats Timing the Market” - Ken Fisher
As far as I know, Ken Fisher said it, but Warren Buffett often gets the credit. Either way, the best investors understand that perfectly timing the market is nearly impossible. My own experience has taught me that holding onto assets I believe in and investing consistently through dollar-cost averaging (DCA) delivers better results than trying to predict market highs and lows. This straightforward strategy, favored by seasoned Bitcoin holders, works because it outperforms most swing traders while causing far less stress. Trusting the long-term potential of quality investments is a lesson I wish I had learned sooner.
7. “Community” Is the Biggest Lie in Web3
In crypto, "community" is essential, but it’s frequently just a buzzword for profit-driven groups rather than genuine gatherings of people with shared goals and values. During the NFT bull market, many of us joined multiple themed “communities” bound by the pursuit of financial gain. Once the profits disappeared, so did the camaraderie. True communities, however, endure through tough times and provide mutual support.
Unfortunately, many newcomers to crypto mistake these profit-focused groups for genuine tribes, only to feel abandoned when the market shifts. Genuine Web3 communities, such as hacker houses and gaming guilds, do exist, but they rarely make a big show of calling themselves “communities.” I believe values like privacy and freedom have fueled the crypto movement, but not everyone shares those principles. For many, it's just about chasing a quick dollar.
#BTC☀ #ETH🔥🔥🔥🔥 #Bitcoin❗ #Bitcoin2024