A young Australian crypto analyst has 22 crypto lessons worth learning this year. BeInCrypto has highlighted some of our favorites.
Miles Deutscher is a 21-year-old Australian crypto investor and analyst who currently works with the YouTube channel Crypto Banter. The baby-faced DeFi addict has amassed over a quarter of a million followers on his Twitter profile through sharing his crypto insights.
First among his nuggets of wisdom is the popular refrain that “DeFi is the only way forward.” This has become such a popular sentiment that it risks becoming cliche. Centralized organizations like FTX and BlockFi may deal in crypto, but that does not mean they live up to crypto’s decentralized ethos.
1. DeFi is the only way forward.
Most of this year’s major collapses were a reflection of human nature, not the underlying technology.
FTX, Celsius, BlockFi, Voyager, Genesis to name a few.
The need for DeFi is clearer than ever.
— Miles Deutscher (@milesdeutscher) December 29, 2022
At their heart, they are traditionally structured companies with flawed characters at their center. “Most of this year’s major collapses were a reflection of human nature, not the underlying technology.”
Timing The Top (Or Bottom) Is Impossible.
His seventh tip, and one of our favorites, is that “timing the top (or bottom) is impossible.” We would add a little more to that: don’t feel like you should always “buy the dip.” Not all dips are short-term; sometimes, price trajectories can continue for a long time. If someone bought the April 10 bitcoin “dip” in the hopes prices would recover, as of today, your investment would have decreased in value by 59%. There is no iron law of crypto that says prices won’t keep going down.