It’s been a minute since we’ve had to bring out the bear spray, well here we are
and while all the talk is doom and gloom, we’ve been here before and I know it’s
hard to believe, but there is light at the end of the tunnel. We’ve gathered up a handful
of points to bring some perspective and help you HODL on. I’m Kris Merkel and this
is Exodus Crypto News.
Welcome everybody, it’s good to have you along fo this ride even though Big storm clouds
loom in the crypto skies right now. We’re in a full-on bear market, with Bitcoin way
down from its high last November.
Cryptocurrencies are hitting their roughest patch since 2018, and this has triggered a
wave of panic selling.
Today the Bitcoin Fear and Greed Index sits well into the Extreme Fear category with a
score of 9 out of 100.
Of course, if you’ve been involved with crypto for any length of time, you already
know how the market roughly follows cycles related to when Bitcoin mining rewards are
cut in half. Historically, every slump has been followed by even greater growth. And
even now, there’s still a trillion dollars in the crypto market.
There are definitely some silver linings to be found in these dark skies, and many of
crypto’s biggest investors already see them. And as dedicated crypto evangelists, they’re
happy to share their insights and advice.
Skybridge Capital founder Anthony Scaramucci said in a CNBC interview this week: ”This
is my eighth bear market. I expect to survive this one as well. Bitcoin is above 50 percent
of the overall crypto market cap right now, another sign that there’s a flight to quality
there.”1
Scaramucci confirmed that Skybridge was still buying Bitcoin and Ethereum. And he urged
investors not to panic: “Everybody has a long-term perspective until they have short-term
losses. Then they start to set their hair on fire and run around in a circle.”
According to Josef Tětek, Brand Ambassador for Satoshi Labs, this bearish action is healthy
for Bitcoin in the long term, cleansing the market of leverage, scams and dishonest players.
Or as legendary investor Warren Buffett once said, "You only find out who is swimming naked
when the tide goes out."
Crypto guru Guy Swann recently tweeted a list of do’s and dont’s to help newbies weather
their first major storm. He advised noobs to buy Bitcoin, stack regularly, ignore the
market price, get rid of leverage, and hold your own keys.
Michael Saylor, laser-eyed permabull and CEO of Microstrategy, said yesterday on CNBC: “Over
any time frame… Bitcoin’s the best-performing asset. I can’t come up with a better idea.
Nobody’s ever lost money investing in Bitcoin for four years.”2
When he was asked if he thought now is a great buying opportunity, he answered without hesitation,
“Absolutely… This is an ideal entry point.”
And if all the financial news is stressing you out, it may help to tune out a little
bit. Follow the advice of CoinGecko co-founder Bobby Ong: “Go for a jog, cycle, hike.
Improve yourself technically and socially. Spend time with family. The market will still
be here.”
So, what are the big takeaways here? Well, rule number one is don’t panic! Unless you
have an immediate need for cash, your best bet is to keep HODLing your crypto.
If you do decide to double down from here, the most reliable long-term investment strategy
has always been dollar-cost averaging, which protects you from the stress of trying to
time the markets. Dollar cost averaging is simply buying the same amount of your favorite
asset on a regular schedule, no matter what the price is.
Finally, don’t forget that some coins like Solana, Cardano, Cosmos can still earn passive
income to help bolster your portfolio.
Thanks for watching everyone! We got a lot more videos for you so just click any of these
to keep watching. Until next time, hodl on!