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How To Survive The Great Crypto Crash of 2021
“Oh no! My Dogecoin is 19 cents! Fuck! I was going to retire! Fuck!”
“Bitcoin is $31,000! Fuck bro, what do I do?”
The collapse of the Western world is really funny sometimes.
How do you survive this horrible cryptocurrency crash of 2021? This won’t be anything new. Investing is investing, speculating is speculating, and these things have been the same for a very long time. Here, I’m going to tell you exactly what you should do and not do when these things happen.
Cryptocurrency is bad right now, but it is the future, and at the end of this article, I will tell you why cryptocurrency (and the blockchain in particular) will change the world for the better forever.
A Quick Look Back
First, let me review what happened back in 2017. Toward the beginning of that year, Bitcoin was somewhere around $2,300 or so. From September through December, it skyrocketed. There was a Bitcoin cash fork that occurred around September and it shot up to around $20,000. A lot of people got very excited and said, “Wow! Bitcoin is a thing! Now that I’ve heard about it, I should buy some!” And they did the exact opposite of what people are supposed to do—they bought at a high price.
Then in January, it collapsed to around $6,000 or $7,000, and all the people who bought in at prices above $15,000 lost their asses. Suddenly, in 30 days, this thing called Bitcoin that was such a great and wonderful thing was being labeled a “scam” and “bullshit” by people who didn’t know what they were doing.
Does any of that sound familiar? Yes—not only is it familiar, but it’s also the same thing people keep doing over and over. I’ve seen this happen many times with many types of investments, and I’ve been investing for about 25 years. I constantly see people ignore things when they’re low and then jump in and buy when prices are on their way up. Then, when prices collapse, everyone freaks the fuck out and sells. Emotionally speaking, people are wired to buy high and sell low, which is the opposite of what they should be doing.
When you tell people that, they think you’re stating the obvious—but then no one fucking does it. The smartest investors I know, many of whom are much wealthier than I am, buy when something sucks and sell when everyone else is buying.
I bought most of my Bitcoin between $1,800 and $2,200, I believe, and I sold at about $16,000—when everyone else was buying. I made a mountain of money, and I threw a big party, and it was fucking great.
Then Bitcoin crashed, everyone freaked the fuck out, and I was still throwing a party because I’d already made my money. The same exact thing happened this year when Bitcoin went up to $55,000; I sold at about $51,000 when everyone else was still buying.
I’ve said this repeatedly: I have never lost money across my entire investment portfolio in a given calendar year. There have been some years when I only made two percent, but last year I made more than double. How do I do that? I buy low and I sell high. I buy things like Bitcoin when everyone else thinks they’re stupid.
Back in the early 2000s, I bought a bunch of gold when everyone thought it was a stupid idea. And boy, did I make a lot of money off it. I’ve made another nice hunk of money now off Bitcoin. I’ve made more off gold again over the last 12 to 18 months. I’ve done this over and over again.
A Simple Strategy
I guess I’m one of these overly logical types who’s confused as to why everyone buys high and sells low. It doesn’t seem that complicated, but I realize I don’t have a lot of emotional involvement in it like a lot of people do. I also realize people are irrational and panic-sell when prices crash. That’s not how you make money.
All you need to do to be successful in investing is to buy things when they’re low and everyone thinks they’re stupid. No, you won’t look cool to your friends. I didn’t look cool to my friends back in the 90s when I was buying real estate and everyone else was buying dot-com stocks. But I made a lot of money, and they lost theirs. It was the same story in the 2000s when I bought gold and everyone else bought real estate: I made money and they lost theirs. You have to be aware of the emotional difficulty of buying low and selling high. It’s difficult; that’s just the way it goes.
In order to buy low and sell high, you have to exert emotional control. Alpha Male 2.0 is about consistent long-term masculine happiness. That is not possible if you don’t know how to control your emotions. If you see everyone on the news talking about Dogecoin and you instantly think, Well I’d better buy Dogecoin, everyone’s talking about it, you have no emotional control, and you won’t be long-term happy.
And it’s not just investing; it’s about many other areas of your life too. When you manage multiple women in your life, you need emotional control to make that work. And if you lose your cool every time something goes wrong in your woman life, you’ll never be long-term happy. I also used to make a lot of money playing blackjack using the same strategy: When I was winning, I cashed in my chips and left the casino. That’s the opposite of what most people do, which is keeping playing until they lose it all. It takes emotional control to handle this the right way.
Emotional control. You’ve got to have it or you will be manipulated by all the external factors that are manipulating cryptocurrency prices and buying.
Emotional control also means you know how to research things using actual numbers and not hype or excitement. You research based on stats and facts instead of feelings. Why do men constantly get raped in divorces? It’s because when they got married, they didn’t look at the data that was right in front of their faces about monogamy not working and the 76% divorce rate we’re looking at these days. They followed their hearts instead of the stats. You don’t want to do that. You want to make your decisions based on the facts.
Overall, is cryptocurrency a good thing to buy? Yes—it will do well over the next several years. That includes Bitcoin. Ethereum will certainly do well as well. Dogecoin might come back too; I don’t know much about it. But the primary ones will do just fine. If you have these investments, now’s not a good time to sell them. I’m keeping my Bitcoin for the time being, and I plan to do very well when the prices go up and everyone else starts buying again when they shouldn’t.
Digital currency is the future. In some ways, that’ll be a good thing; in other ways, not so much. If the world starts going to Chinacoin or a Fedcoin, that’ll suck. What will change the game significantly is blockchain and smart contracts. Some really exciting things are coming with blockchain and crypto, so overall, the bit crypto coins are good investments. They’re speculative investments, so you have to do your research, like I said. If you don’t know anything about them, don’t buy them, please.
My personal opinion about Bitcoin is that it’s going to go way up in value and then it’ll be replaced by something else—like Bitcoin 2.0—and then it’ll drop to zero. I’ll sell most of it (not all of it) when the prices are way up, make a big pile of money, and watch everyone else buy high. I guess I’ll be doing this for the rest of my life. That’s stupid. Use your brain; don’t invest with your heart.