Summary: I am talking about the mental game of investing, specifically in relation to crypto markets. Subscribe here and follow me for weekly updates.
At Bitcoin Market Journal, we have a lot of content.
Almost 10,000 pages and videos.
One of our big challenges is to introduce people to the site: where do they start?
Regular readers may recall that last year we created a Start Here poll, which had the added benefit of collecting (anonymous) data on how our crypto community is looking.
Today I bring you updated stats on what we’ve learned about our readership, including how much they invested (spoiler alert: about $75,000 on average).
What our crypto investors look like
Most of our community already owns crypto, which is a useful insight: we don’t need to explain basic content like “What is Bitcoin?” as much as we need to explain: “How do I invest in LDO to maximize my ETH staking return?”
Armed with this knowledge, we have focused our content more on advanced investment and income strategies and less on basic explanations.
We split about 50/50 between those who generate additional returns on top of their crypto. This is an area of opportunity for the other half, as smart yield strategies can be a great way to earn “interest” on your existing investment.
Just over half use DeFi, which is another area of opportunity for those who don’t. Trying out these DeFi products is the best way to spot the investment opportunities in the next generation of the web (aka Web3).
A whopping 2/3 of our community say they have invested in NFTs (although this is down from the 3/4 who owned NFTs in our last survey summary). This is another area of education as we are long-term optimistic about NFT technology but pessimistic about most NFTs currently on the market.
We still have about half of our community actively trading, although it’s difficult to consistently make money this way (especially after taxes and fees). We still have a lot to do to educate people about the dangers of trading.
Finally, the reports of our average community members $750,000 in crypto holdings; See the table above for the breakdown.
Here are the top 15 tokens held by our community of crypto investors.
Start (again) here
Every month, thousands of crypto investors find our site for the first time.
As you can see, some are discovering Bitcoin for the first time. Some are degenerate. Some build their own crypto mining rigs.
They’re all over the map.
Steven Pressfield, author of The War of Art, has a similar problem. Although his audience is diverse (writers and artists), he has a lot of content – books, blogs, videos – that he has organized in a clever way.
His Start Here page is magical. (Try it.)
Inspired by this page – and what we learned from our original Start Here poll – we’re revamping our Start Here page.
What Kind of Crypto Investor Are You?
I’m just starting
I own a few tokens, but I’m looking for new ideas.
I am actively earning returns and looking for better rates.
I use DeFi products and look for new opportunities.
I am an active trader (more than once a month).
I own NFTs and am looking for new investments.
I want to mine crypto myself.
Investor Takeaway
Being a serious crypto investor is hard work.
While most people rely on YouTube or Crypto Twitter for “hot crypto tips”, we recommend the opposite approach.
- Find good quality crypto companies…
- make real money…
- managed by renowned teams…
- with excellent long-term growth prospects…
- (and hopefully sell it at a fair price).
Most importantly, Make crypto a small part of your overall investment portfoliowhether it’s $750,000 or $750.
One day this strategy will be just common sense. Until then, we will keep starting (again) until the message sinks in.
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Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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