Crypto entrepreneurship and investment are challenging due to the industry's cyclical nature. Market volatility, driven by rampant speculation, results in extreme highs and lows. I've personally experienced this cycle 3-4 times, with each iteration presenting unique challenges.

When you witness your net worth, holdings, or customer base shrink by 60-90% year over year, doubts naturally arise. It's reasonable to question your commitment and ask, "Do I truly believe in this?" Having spent time at Coinbase but not as an entrepreneur, I've observed how successful entrepreneurs manage these challenges.

Two core beliefs are crucial for success in this volatile space. First, you need to believe in the transformative potential of crypto. The technology has the capacity to reinvent money and identity on the internet, a change that could have far-reaching implications.

Second, it's essential to understand and believe in your role in this transformative process. Observing or moving with market trends is not enough. Instead, you need to be actively participating and shaping the future with your decisions and investments.

In 2019, during a bear market, we decided to freeze hiring at Coinbase. With the benefit of hindsight, it's clear this was a mistake. The more effective strategy was to invest more, even in a bear market. It's a counterintuitive approach, but one that positions you for greater success when the market turns bullish.

From 2018 to 2020, I observed Devin from Opensea delivering flat investor updates month after month. However, the team eventually found success due to their steadfast belief in their product and an unwavering commitment to their vision.

Crypto's cyclical nature suggests a recovery will follow a downturn. This time, however, the recovery may be less driven by speculation and more by adoption. This could result in a slower, but more sustainable, recovery.

A recovery driven by adoption would indicate a maturing market. This could lead to greater stability and less susceptibility to speculation, marking a move towards mainstream acceptance and integration.

Bear markets are difficult. They test your belief in the technology, your resilience, and your ability to maintain focus. In the midst of a bear market, stay focused on your vision, invest strategically, and prepare for the next upswing. The bull market is never that far away.

Crypto entrepreneurship and investment are challenging due to the industry's cyclical nature. Market volatility, driven by rampant speculation, results in extreme highs and lows. I've personally experienced this cycle 3-4 times, with each iteration presenting unique challenges.

When you witness your net worth, holdings, or customer base shrink by 60-90% year over year, doubts naturally arise. It's reasonable to question your commitment and ask, "Do I truly believe in this?" Having spent time at Coinbase but not as an entrepreneur, I've observed how successful entrepreneurs manage these challenges.

Two core beliefs are crucial for success in this volatile space. First, you need to believe in the transformative potential of crypto. The technology has the capacity to reinvent money and identity on the internet, a change that could have far-reaching implications.

Second, it's essential to understand and believe in your role in this transformative process. Observing or moving with market trends is not enough. Instead, you need to be actively participating and shaping the future with your decisions and investments.

In 2019, during a bear market, we decided to freeze hiring at Coinbase. With the benefit of hindsight, it's clear this was a mistake. The more effective strategy was to invest more, even in a bear market. It's a counterintuitive approach, but one that positions you for greater success when the market turns bullish.

From 2018 to 2020, I observed Devin from Opensea delivering flat investor updates month after month. However, the team eventually found success due to their steadfast belief in their product and an unwavering commitment to their vision.

Crypto's cyclical nature suggests a recovery will follow a downturn. This time, however, the recovery may be less driven by speculation and more by adoption. This could result in a slower, but more sustainable, recovery.

A recovery driven by adoption would indicate a maturing market. This could lead to greater stability and less susceptibility to speculation, marking a move towards mainstream acceptance and integration.

Bear markets are difficult. They test your belief in the technology, your resilience, and your ability to maintain focus. In the midst of a bear market, stay focused on your vision, invest strategically, and prepare for the next upswing. The bull market is never that far away.