Crypto represents a once-in-a-lifetime opportunity for wealth generation and financial freedom. Unlike traditional stocks, the crypto market never sleeps, and with almost 18,000 tokens listed and counting, the rate of change and profit potential can be all-consuming. Couple that with a constantly churning information cycle, and it’s no wonder crypto burnout is commonplace.
But crypto burnout is something we need to fix. While working toward a metamorphic goal for the right reasons is noble, it’s easy to lose perspective and fail to see the forest through the trees. This will only curtail your efforts as you flirt with a self-defeating cycle. I know because I have dedicated my life to crypto to support my family, have experienced the thrill of victory and agony of defeat, and I’m here to tell you that it’s not all about profits — it’s about purpose. Here’s why.
Start with ‘Why’
Productivity and leadership author Simon Sinek is perhaps best known for giving one of the most popular TED talks of all time. He explains that “Why” is the most important message that an organization or individual can communicate because it inspires others to take action. “Start with ‘Why’” is how you explain your purpose. It’s the reason you exist and behave as you do. Repeat after me: Purpose has nothing to do with profits.
Defining your why is not about making money. Money is the result. “Why” is the default belief mode that fuels you. Why is upstream of your “how” and your “what.” Nietzsche nailed it when he said, “he who has a why to live can bear almost any how.” This is especially true in bear markets.
For me, it’s about two things: family and community. I don’t care if a red candle burns through the floor; I will not miss my childrens’ game or an anniversary with my wife. All of the big things (hint hint, even the tiny family things add up to big things in the end) are prioritized. Outside of family, I focus all of my time and energy on empowering people to find financial freedom through crypto-assets because of how it changed my life.
Depending on your life situation, I’m sure your “why” will differ. Think about your why, write it down, and share it with someone else. Post it to Twitter if that helps!
Ultimately, crypto is about staying power. Your “why” will always get you through dips, bear markets and FUD. It’s your anchor. Without one, you’ll find yourself floating around aimlessly in deep water.
Dealing with crypto burnout
Burnout is pervasive, especially in the United States. A Deloitte survey of more than 1,000 American workers found 77% experienced burnout at their current job, with 91% saying that unmanageable stress or frustration impacts the quality of their work and 83% saying that burnout negatively impacts personal relationships. While crypto can change your life and give you genuine autonomy, it’s no exception when it comes to burnout. This is one reason Coinbase instituted its four “recharge weeks” for its employees recently, in addition to their flex time off.
However, the reality is that for many self-employed in the crypto space or those working toward making that a reality, the responsibility to take care of yourself and those around you falls squarely on your shoulders. You have to be your own Chief People Officer and CEO. The best way to avoid burnout is to be proactive. It’s worth pulling a page out of Coinbase’s book: consider factoring in “recharge weeks” or even recharge hours or days. Schedule vacations and intentional time with the people who matter most to you — and stick to those plans. Find out whatever fills your cup up and treat it as sacred.
Energy levels matter. When you’re sick or tired, or sick and tired of running on empty, the little things feel significant and insurmountable. The power of rest and health cannot be overstated. The odds of overcoming your challenges and achieving your goals go way up when you approach them rested and healthy.
WAGMI: We are all gonna make it
The acronym WAGMI might seem hyperbolic, and admittedly, it is by definition. But at a deeper level, WAGMI stands for something more significant than the exuberance of the markets and elation tied to profits. WAGMI is a mantra that builds confidence, infuses optimism, and reinstills the collective togetherness of the crypto community. No, we are not all going to be billionaires, but with purpose, patience and self-care, we can do a lot better than survive. Let’s thrive!