Summary: I talk about the mental game of investing, particularly as it applies to crypto markets. Subscribe here and follow me to get weekly updates.
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 that 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 $75,000).
What Our Crypto Investors Look Like
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.
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.
A little more than half are using DeFi, which is 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).
A whopping 2/3 of our community reporting 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, but pessimistic about most of the NFTs currently on the market.
We still have about half of our community actively trading, though it is 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.
Finally, our average community member reports $750,000 in crypto holdings; see the chart above for the breakdown.
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 discovering bitcoin for the first time. Some are degens. 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, videos – that he has 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.
- First, start with Our Approach to Crypto Investing.
- Next, read our guide to Crypto Value Investing.
- Then, read our guide on How to Buy Bitcoin.
I own a few tokens, but I’m looking for new ideas.
- First, start with Our Approach to Crypto Investing.
- Then, read our guide to Crypto Value Investing.
- Also check out our guide to Crypto Sector Investing.
I’m actively earning yield, and looking for better rates.
- First, start with Our Approach to Crypto Investing.
- Next, check out our Guide to Staking Cryptocurrency.
- Then, check out any of our “Best Rates” pages (top menu bar).
I’m using DeFi products, and looking for new opportunities.
- First, start with Our Approach to Crypto Investing.
- Next, check out our Best Way to Invest in DeFi.
- Then check out Best Crypto Borrowing and Lending.
I’m an active trader (more than once a month).
- First, start with Our Approach to Crypto Investing.
- Next, read about Crypto Transaction Fees.
- Then, read our Best Crypto Trading Sites.
I own NFTs, and am looking for new investments.
- First, start with Our Approach to Crypto Investing.
- Next, check out our Investor’s Guide to NFTs.
- Then, check out our guide to Best NFT Projects.
I’m looking to mine crypto myself.
- First, start with Our Approach to Crypto Investing.
- Then, check out our guide to Best Mining Rigs.
- Also, consider simply buying Bitcoin Mining Stocks.
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 a fair price).
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.
50,000 crypto investors get this column every Friday. Click here to subscribe and join the tribe.
