Reviewing Some of My Crypto “Mistakes” in 2022
An end-of-year look-back at my crypto investments, and a 2023 look-forward. Is it worth HODL’ing to infinity? Also, some price predictions.
2022, we gotta talk, man.
What the hell happened? You were supposed to be the year cryptocurrency went super mainstream. The year where everything that wasn’t dirty, dirty fiat went to the moon, baby.
Instead, we crash landed in Death Valley. Celsius and BlockFi went bankrupt. FTX imploded, causing thousands of investors to lose access to their funds. TerraUSD and LUNA completely evaporated, taking billions with them.
And instead of Bitcoin crossing the much ballyhooed $100,000 threshold and putting a Lambo in my garage, it’s ending the year below its 2017 high-water mark.
What am I supposed to drive now, 2022? A freaking Toyota? GTFO of here!
Man, what a terrible year for the crypto asset class.
(Disclaimer Side Note: None of this is financial advice. I am not an investment professional. This is mostly a humorous gut-checking look at my crypto stack and the future of crypto, than some serious chart-analysing deep dive. If you want a pro’s opinion, go check out ClearValue Tax on YouTube, which is where I get a lot of my info. And do your own due diligence too, of course.)
Like most people, I got burned badly this year in the crypto space. But rather than wailing and whining, I thought I’d take a sober look at the wreckage. Throughout the year, I did sell some of my holdings, while keeping some others.
But even if I dumped some of my coins, that doesn’t mean I’ve lost faith in the asset class. If anything, I think all the chaos will make the space much stronger. Crypto needed a wake-up call. Investors of all stripes, amateur or otherwise, needed a wake-up call. With the Federal Reserve now rapidly raising interest rates, the era of easy money is over. For now. Investments have to really prove themselves, rather than just offer some potential…