Happy Friday 🌱
We thought we'd give you some food for thought as you enter the weekend by interviewing Craig, Head of Growth here at Bamboo about his crypto journey so far and any insight he's had in similar market cycles to that which we are all experiencing right now.
Craig firstly, how long have you been investing into crypto?
April of 2017 was my first BTC purchase. Since then, I dabbled in the space for 3 years before going full time in the industry.
A relatively early adopter then...How many bear markets have you endured so far?*
A few! Mainly only 1 ‘Bear Market’ but a few times where it felt like a bear market. 2018 was the most brutal bear market. The covid crash felt like a bear market at the time but was actually the start of the bull market.
That must have been nerve-racking! What was your first experience? What did you do?**The first bear market I went through, I was quite young at the time and didn’t have too much invested in the space. I held my positions for the whole time!! Maybe sold the bottom of a few of my alt-coins but mostly just stuck to the game plan.
Easy to look back with hindsight but if you could go back in time to then what would you have done?
Looking back now I just wish I started dollar cost averaging (DCA) in the bear market, as that's the best time for accumulation because the price is lower. I would’ve had a sustainable investment plan so I could continue to buy at the lower levels. At the moment I DCA into Equities and Bamboo using the recurring top up tool. So if we went through another bear market I would continue to buy and accumulate trusting that the market always goes in cycles and knowing that one day I'd look back and wish I'd bought more!
Any advice to people new to crypto experiencing price dips for the first time?
For people new to the space experiencing a decline for the first time I'd say it would be important to remember that ‘nothing goes up in a straight line’. Sometimes the market has to cool off and correct - the good thing about this is that you get the buy these great assets at a discounted price, so to speak... You have to ask yourself ‘Besides the price - has anything fundamentally changed about this asset?’. If the answer is ‘No’ then that’s the conviction you need.
Thanks Craig, appreciate your thoughts and your time.
No worries if anybody has any questions or wants to just chat crypto they can engage with us on twitter we're pretty active on there and love engaging with everyone.*That's all for today's instalment, as always if you have any questions feel free to reach out to us email@example.com otherwise, have a wonderful weekend.
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It is important to do your own research (DYOR) and understand the risks involved before investing in any cryptocurrency or other financial product. You should also consult with a financial advisor before making any investment decisions. Investing in cryptocurrencies is a high-risk investment. You should only invest money that you can afford to lose.