What To Do In The Bear Market
The bear market is a great time plant seeds for the next bull market. The industry is still a land grab in many ways. Not only in the sense of accumulating more bitcoins for the long-haul, but also accumulating influence, building a network and starting crypto businesses. The depressed market levels the playing field to get things going and starting from nothing. I believe it’ll be a lot more difficult for attention when up against giants when the markets are bullish again.
If you’re bullish on crypto, now’s the perfect time to build influence in the space. Some of the ways to double down in the space include:
- Starting a business
- Creating a dapp
- Hosting events
- And more…
Even if you can provide real value to a small group of people around you, it is a great first-step.
I saw first-hand how the crypto industry is spreading in every corner of the world, including Seoul, Shanghai, Beijing, Singapore, Tokyo, LA, NYC, Bangkok, Miami, Taipei, SF and tons more. I’ve seen crypto gatherings in literally every corner of the globe I’ve been to, which helped me further cement my conviction that crypto is truly here to stay.
I think one of the biggest motivations for getting into crypto full-time is that it allowed a lot of people to do what they love. Whether it was to get out of their 9-to-5 or to pursue work they were passionate about. There is a need and place for people from all sorts of skill sets and areas of expertise in crypto: engineering, marketing, building, finance, analytical thinking, community creation and more. Crypto is an industry that values experience and what-you’ve-done. You’re as good as your most recent results or your last project. The crypto projects are not biased towards college degrees or work experience. Just look at Vitalik, who hardly had a dollar to his name before creating Ethereum. In this sense, crypto is also pioneering a more decentralized business industry that is more approachable, barrierless and frictionless to work in and enter. There is a community and group ready to embrace and accept nearly all sorts of folks in this space.
In summary, it is a great time to spread out seeds of influence, and to start leaving a trail of good work and goodwill. When the markets are bullish again, one’s network in this space will be to their advantage. As my former boss Jason Calacanis once said, “fortunes are built during the down market and collected in the up market.” Jason meant that many of the billion-dollar tech giants were built in economic depressions, like Uber in 2008, but I think it can be applied to the state of crypto as well. It would be wise to work on building influence and creating value in the crypto space while the markets and slow and low. We are just getting started.