If there's one thing that I would tell everybody in crypto that they need to have to last in this market is resilience. This market is brutal.
There are people that will spend all of their time and money to scam you and not care, like seriously not care at all that they robbed you of your money. There are people that spend billions of dollars targeting unsuspecting victims in the cryptocurrency. There are percentage drops that exceed 60%.
We've seen drops more than 40 to 60% in a single day. If you do not have the stomach to weather these monumental emotional shifts, you will get wrecked in crypto.
If I were to compare the stock market and crypto, it's very simple. When COVID hit, which was a big hit, it was a big hit. When COVID hit, which was a black swan event, cryptocurrency dropped like 90, 80% in.
The stock market dropped about 40, 50%.
So there's obviously a huge amplifier in cryptocurrency specifically. So this is more volatility, more risk, more emotional control is needed.