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180 - Top 5 Bear Market Bets with Avichal Garg & Sanjay Shah of Electric Capital
Bankless
The Importance of Patience
The market will likely be 10X to 100X bigger than you could have imagined. It's like buying Bitcoin in 2012 was easy. Holding on for 10 years was hard, right? Like the patience is the hard part or a lot of times when you see a lot of activity happening, like not investing is thehard part until you really have conviction on a thing.
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Speaker 1
So,
Speaker 3
you know, we're sort of very early into NFTs and as an individual investor, you could, I mean, I understand it's a crapshoot at this point. Like what's like, are all these NFTs going to, you know, are I going to pick the right NFTs or not? But you could wait, you know, a few years and then maybe what emerges is sort of like a blue chip layer of sort of NFTs. Like if you just think about cryptos in general, right? Like you as an investor on the sideline, you can say, well, I'm going to invest in like Bitcoin and ETH and like those can be like my holdings. And so like maybe in like three or four years, the equivalent will emerge in NFTs. So maybe the answer is you just hold off for some amount of time until some sort of reliable index or blue chips emerge.
Speaker 1
This is also a good observation to like if a lot of times people really underestimate the size of the market. And so if things work out, the market will likely be 10X to 100X bigger than you could have imagined. And again, it goes back to this idea of patience. It's like buying Bitcoin in 2012 was easy. Holding on for 10 years was hard, right? Like the patience is the hard part or a lot of times when you see a lot of activity happening, like not investing is the hard part until you really have conviction on a thing. And I suspect if this stuff works, the markets are going to be much, much, much larger. It's just like the internet. Nobody could have imagined you go back to the year 2000 and you're like, hey, in 20 years, all of the world's largest companies are going to be internet companies would have been sort of unthinkable. Like Apple is going to be a $3 trillion company when Steve Jobs comes back in the late 90s. And it's like a failing enterprise that's going to go bankrupt. Like these are just like unthinkable statements, right? So patience, I think, is like the key thing. And patience oriented towards how do you understand more deeply what's happening with the user, with the business, with the market than anybody else? And only then should you really be thinking about investing. And I think that's usually the failing.
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