This article is worth at least 10 BTC. Not long ago, the price of Ripple was almost $20, and some people rushed in, everyone was experiencing FOMO. FOMO stands for Fear of Missing Out, which can be localized as the fear of missing the opportunity as the price of cryptocurrencies rises too quickly. However, in the past two days, Bitcoin has dropped by $3,000, directly impacting the $10,000 mark, and many people's mindset has instantly switched to FUD. FUD stands for Fear, Uncertainty, Doubt, which translates directly to panic, uncertainty, and skepticism. Then, crypto investors first doubt themselves, then become uncertain about the future of blockchain, and finally panic and decide to sell at a loss. There is a lot of fear in the crypto world, and I can directly tell you that constantly switching between these mindsets will not lead to making money. Personally, I am completely unfazed by this significant drop because I: 1. Have no leverage, no borrowing 2. Adhere to a cryptocurrency-based approach 3. Have most of my holdings in Bitcoin Of course, some people have a fourth point: 4. The principal has already been withdrawn, but because I have extreme faith in Bitcoin, I am not worried about losing my principal even though my profits are still there; if I do lose it all, I will consider it a contribution to my faith, so I haven't withdrawn my principal. What are all the core points 1, 2, 3, and 4 aimed at? To navigate through bull and bear markets, let me explain simply. The first point is something everyone is very familiar with. Those who borrow money to trade cryptocurrencies, cashing out to trade cryptocurrencies, and during a bull market, betting everything a few times may just barely get by (I strongly oppose this practice), but it's impossible to survive a bear market. I have repeatedly reminded everyone in various places, including groups, to never borrow money; borrowing money to trade cryptocurrencies is a major taboo. The second point is to adhere to a cryptocurrency-based approach. What does this mean? When holding cryptocurrencies, focus less on how much your total cryptocurrency assets are worth in fiat currency and more on how much your total assets are worth in BTC. This way, your mindset will be much healthier. For example, during this significant drop, because I have always been fully invested. Although the fiat currency valuation has dropped by 40%, my amount of cryptocurrency has hardly decreased.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.