Ben Simpson addresses a current crypto market downturn and reframes market crashes as buying opportunities. He contrasts his present confidence with earlier fear from nine years ago, says he made most gains over the last eight years by buying during fearful periods, cites Warren Buffett's dictum to be 'greedy when others are fearful,' and advises having a plan, cash on the sidelines, and executing purchases during dips.
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Right now, the crypto market is down, and I don't fear these market crashes anymore. I used to when I was in crypto nine years ago, but now I actually prepare for them because this is where the riches are made. 98% of people, when the market goes down, like we saw a week ago, we had the flash crash, people panic, they get fearful. They think crypto's over and the bull market's over. But that's actually where the opportunity lies. If you have cash on the sidelines and you can take advantage of those opportunities and start to accumulate during this period, that is where you can really start to grow your portfolio. It's where I made all my money in the last eight years is buying. When the market is in fear mode, if you are on the side of what everyone else is doing, you are going to be in the losing position. Warren Buffett's quote is, be fearful when people are greedy, and greedy when people are fearful. It is so important in crypto because most people are so emotional with what's going on with the market. If you have a plan and you can execute it and you be prepared for those dips and you take advantage, that is where you can really grow your portfolio.
