Bears are scary. I’m not talking about the small cuddly teddy bears that your kids (or you) have in the bedroom. Nor am I talking about the grizzly bear that will slowly eat you alive in the woods.
I’m talking about the scariest bear of all… the crypto bear.
You’ve spent the past year enjoying crypto summer, riding the bull, watching all the green candles, thinking nothing can go wrong, and that’s when it happens. Crypto winter isn’t coming… it’s here. The wall is breached, undead crypto bears are coming to eat you, and life feels about as bad as the ending to Game of Thrones.
This is especially true if you are a relative newcomer to crypto. You have seen gains like you couldn’t believe. Your shitcoins made you rich (on paper), you were getting 20% interest on $LUNA, you held on, this can’t end, I’m going to retire, and then bang… down 90+% in a matter of days.
We’ve all done it. We’ve ridden the bull, not cashed out any profits, and then the bear comes steaming in and we’re poor again.
But it’s not over. If you hold Ethereum or Bitcoin you will be fine (probably). There are alts that will come back strong. There are projects that will thrive. On the other hand you will be left holding shitcoins that die never to be seen again. It’s the nature of things.
So you’re sitting there holding your bags thinking it’s all over — but it’s not, crypto isn’t dead, you have options.
Take Time Out
For those who are just investing I suggest that you close that wallet, stop watching the price, go to your local pub, have a nice cold pint, and wait for this all to blow over.
For those of you that are building a project, or have been thinking of building a project, now is a great time to get your head down and crack on with it.
Five Reasons to Build During a Bear Market
The Markets Are Crap
Unless you are a full on degen and/or know what you are doing, it is not the time to chase the markets trying to turn a profit. Yes there is money to be made from blood in the streets but most people will lose what crypto they have by trying to make a profit.
Ethereum Is Still Ethereum
Call me stupid but too much attention is put on the price of ETH (and crypto in general). Mainstream media, celebrities, and the average person, think crypto is only about price. They don’t understand the technology and where it can take us.
The price may be down but the technology is the same — be part of the revolution.
Crypto Twitter Is a Nicer Place
Gone are the shills and the scammers — well most of them — and what’s left are the people that are serious about what the crypto community is building.
Use this to your advantage. Learn, ask for advice, help projects, and have fun building with people that are serious about the tech.
Those who were around and building during the 2018 to 2020 bear market were able to build long lasting relationships and bonds with others in the industry.
Is a meme but take advantage of the bear and build your network with the all the fantastic people who are “in it for the tech”.
The Bull Will Return
It may not seem like it now but the bull will return and you want to be ready for when it does. What better way to enter a bull market than to have a product or project ready and waiting.
Bonus Reason… The Memes
Like it or not the bear brings out so many memes. May as well have a laugh about it all.
Don’t Be Scared of the Bear
So there you have it. I’m not saying it’s a good thing but the bear isn’t something to be scared of. Use it to your advantage.
And remember, if this bloke can survive* hand feeding a polar bear while its cub is cuddling his leg then you can survive this.
*tbh I have no idea if he survived. He probably got eaten.
Photo by Hans-Jurgen Mager on Unsplash
Reasons to Build During a Bear Market was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.