This article contains affiliate marketing links.
We’re a few months deep into a crypto bear market spurred by a series of cascading events starting in May 2022. Anyone who’s been in crypto long enough knows how rough bear markets can be. The excitement and collective euphoria are gone. Regulators are kicking us while we’re down. And many crypto projects are fizzling away into nothingness.
But if you’ve stuck around this long then you’re in a great position to take advantage of the bear market. None of what you’re about to read is financial advice. Instead I’d like to offer some activities you can do to ride out the bear market.
Whether you’re into crypto and NFTs for the money, the tech, the utility or the art, now is the time to educate yourself on what matters. The collective euphoria of a bull market is actually a bit of a distraction. Pretty much all tokens are pumping and every project seems like a winner. The reality is that a large fraction of projects that were doing well during the bull market probably won’t survive the bear market and beyond.
Now is the time to start researching blockchain technology fundamentals. Figure out which projects have real-world use cases. Which ones have survived multiple bear markets. Understand the culture around certain projects. And gain an understanding of the basics of economics. All of that is just a start.
Looking for a good place to get started learning about all things blockchain? Well you can start with the educational content I have on this website. There are also free online courses and some great books on blockchain fundamentals.
- Mastering Ethereum: Building Smart Contracts and DApps by Andreas M. Antonopoulos and Gavin Wood Ph. D.
- The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous
- Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond by Chris Burniske
This is the part where I need to stress that everything I’m about to type is NOT FINANCIAL ADVICE. Pulling the trigger on a crypto or NFT purchase should be something you do after conducting your own research.
Many seasoned investors have stressed that bear markets are where wealth is created. If you haven’t noticed, tons of people have put the crypto and NFT markets in their rearview as they’ve lost interest. There are no more headline-stealing, record-breaking NFT buys or insane memecoin pumps. Everything has all but bottomed out while at the same time, no one knows where the true bottom lies.
But the people who have seen multiple bull and bear markets know that low prices mean more upside for future gains. In other words, tokens are essentially “on sale” right now and most crypto veterans expect prices to rise again in the future.
That said, I personally see this as a great buying opportunity. A lot of the crypto and NFTs I had on my wishlist during the bull market are now deliciously cheap.
Now that so many people have left the markets, this is a great time to make yourself seen within the various communities on the blockchain. Bear markets are where friends are made. Join a community or start your own project. Keep building with others who share your vision, and do this while the competition is practically non-existent. If and when the bull market returns, you’ll be a well-established force.
The most important thing you can do in any endeavor is have fun. If you’re stressing out and not having fun with what you’re doing, either consider doing something else, or reframe your mind. Just because crypto and NFTs aren’t pumping to the moon doesn’t mean there isn’t joy to be found here. There are still many vibrant communities discussing current events and trends, and people interacting with existing projects. Web3 is all about inclusivity, and there is something for everyone in blockchain.