While this is not Bitcoin's first bear market, it is the most opportunity-rich "winter" the sector has ever seen.
On Wednesday, June 15, 2022, the Federal Reserve announced a 75 basis point increase in interest rates, with another 75 basis point increase possible in July. On Friday, June 17, bitcoin, together with the rest of the crypto markets, saw a major sell-off, losing billions in total market value. A bitcoin first occurred as well: we fell below the previous cycle's all-time high of $19,756. Bitcoin fell under $17,000 twice before returning to $20,000 levels on Sunday. Many individuals were discussing the "R word" for the economy and another "crypto winter" like the one that happened from January 2018 to December 2020. While this is not Bitcoin's first bear market, it is the most opportunity-rich "winter" the sector has ever seen.
I think that not all bear markets are the same because we have a once-in-a-lifetime chance. During the previous crypto winter, I took a different approach to Bitcoin – I fell down the rabbit hole. If you're just a bitcoin investor wanting to earn money, then you don't enjoy current times. I suppose a sizable proportion is more interested in becoming an investor than in falling down the rabbit hole. For those on the verge of falling into the rabbit hole, if we indeed see another "crypto winter," this bear market is the moment to do it.
SUCCESS IN THE "RABBIT HOLE"
I slipped down the rabbit hole a little more than four years ago. What a difficult, rocky, uneven journey it was into Bitcoin ventures. The initiatives you hear and see now are vastly different from those of 2017 and 2018. If you're not a developer, and your eyes glaze over when you see the flickering cursor in the terminal, you'd probably turn around, climb out, and kick all the dirt back into the hole. Despite the fact that I am not a coder, I decided to persevere; a glutton for torture, perhaps, but pleased that I persevered in smoothing those bumps into smoother, more manageable roads.
Back in the early 2010s, I used to root my phones and install a lot of custom ROMs – again, I am not a developer, so I bricked a few phones in the process. As a result of discovering about GrapheneOS, a de-Google phone project, I now have a backup phone that has no sim, was never registered, and has been de-Googled. The important thing is that I can download several Bitcoin project APK files to this smartphone while still having a functioning UI that connects to my LN node through Tor. Consider it a bug out phone, but with no malware and complete access to your LN node and Bitcoin network.
FADE THE NOISE AND LISTEN TO THE BITCOIN ETHOS
Even if we are set to experience a recession and/or another "crypto winter," one thing I have learnt never stops: progress. Regardless, developers will continue to work on the Bitcoin network. They are not going to stop in 2022 if they did not stop in 2018. If you are a budding developer, this cycle is even better than the prior because the code and tools have gotten more sophisticated.
If, like me, you find yourself on the other side of the coin, then applications are the way to go. Take some time to learn about some of the projects available and how to incorporate them into your daily Bitcoin rabbit hole existence. This is an excellent time to perfect your trade, regardless of your skill level or area of interest. If you can "listen to the Bitcoin ethos and mute the noise," I guarantee you'll emerge from your rabbit hole bright-eyed and ready for the next cycle.
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Images culled from Google search.
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