Health, Wealth, and Happiness |
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“The individual investor should act consistently as an investor and not as a speculator.” - Benjamin Graham |
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In today's issue: How much does our average Bitcoin Market Journal have invested in crypto?
(To make things simple, let's round it up and say, "about $750,000.")
If you've only invested $75, don't worry. In fact, be encouraged by the fact that our crypto investors are succeeding. If they can do it, so can you!
More results (with charts!) from our crypto investor survey below. Read on. |
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| | Must Read Today's most important story for crypto investors. |
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Building on bitcoin is the new big thing.
As we reported on Monday, Ordinals are a way to mint NFTs on top of bitcoin. An older technology called Stacks, however, is seeing a resurgence of interest as it also allows you to build on top of bitcoin.
As proof, the Stacks token (STX) has more than doubled in price: |
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Investor takeaway: While we should avoid investing in hype cycles, the idea of building on bitcoin is a good one. Bitcoin is not much use as a cryptocurrency. Turning it into a platform, like Ethereum, could drive a new cycle of value.
We're HODLing the BTC. |
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How Much Do We Invest in Crypto? by John Hargrave |
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At Bitcoin Market Journal, we’ve got a lot of content. Almost 10,000 pages and videos! One of our great challenges is introducing people to the site. Where do they start? Regular readers may remember we created a Start Here survey last year, which had the added benefit of collecting (anonymous) data on what our crypto community looks like. Today, I’ll give you updated stats on what we’ve learned about our readership including how much they’ve invested (spoiler alert: on average, about $750,000).
What Our Crypto Investors Look Like |
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Most of our community already owns crypto, which is a useful takeaway. 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 yield?”
Armed with this knowledge, we've been focusing more of our content on advanced investing and yield-farming strategies and less on basic explainers. |
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We’re split roughly 50/50 on those who are earning extra yield on top of their crypto. This is an area of opportunity for the other half, since smart yield strategies can be a good way to earn “interest” on your existing investment. |
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A little more than half are using DeFi, another area of opportunity for those who aren't. Trying out these DeFi products is the best way to see the investment opportunities in the next generation of the Web (a.k.a. Web3). |
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A whopping 2/3 of our community report investing in NFTs (though this is down from the 3/4 that owned NFTs in our last survey recap). This is another area of education, since we're long-term optimistic about NFT technology. However, we're pessimistic about most of the NFTs currently on the market. |
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We still have about half of our community actively trading, though it's hard to consistently make money this way (especially after taxes and fees). To educate people about the dangers of trading, we’ve still got a lot of work to do. |
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Finally, our average community member reports $750,000 in crypto holdings. See the chart above for the breakdown. |
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Here are the top 15 tokens held by our community of crypto investors. (Re)Start Here Every month, thousands of crypto investors find our site for the first time. As you can see, some are newly discovering bitcoin; some are degens; and some are building 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 different (writers and artists), he has a lot of content (books, blogs, and videos) he's organized in a clever way. His Start Here page is magic (try it). Inspired by this page (and what we’ve learned from our original Start Here survey) this is how we’re reworking our Start Here page.
What Kind of Crypto Investor Are You? I’m just starting out. I own a few tokens, but I’m looking for new ideas. I’m actively earning yield and looking for better rates. I’m using DeFi products and looking for new opportunities. I’m an active trader (more than once a month). I own NFTs and am looking for new investments. I’m looking to mine crypto myself.
Investor Takeaway Being a serious crypto investor is hard work. While most people rely on “hot crypto tips” from YouTube or Crypto Twitter, we encourage the opposite approach. - Find good quality crypto companies…
- making real money…
- managed by reputable teams…
- with excellent long-term growth prospects…
- (and hopefully selling at fair prices).
Most important, make crypto a small part of your overall investing portfolio, whether it’s $750,000 or $750. One day, this strategy will just be common sense. Until then, we’ll keep (re)starting again and again until the message sinks in. |
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Health, wealth, and happiness,
John Hargrave Publisher Bitcoin Market Journal |
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Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It's created by John Hargrave, Nick Marinoff, Steve Walters, Anatol Antonovici, Ben Burn, Preetam Kaushik, and Daniel Joel.
Both free and Premium subscribers get content to build them into better investors.
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