📚5 Crypto Truth-bombs👇🏽

Happy Morning, folks.

Welcome to Switch Weekly!🤗

It's friyayyy 👻. But honestly, between us, we have so much fun whipping up fun and witty content for you through the week that we hardly notice how the week flies by. It’s like we went from Monday..Tue..We..T..Friday. Feel us?

Here’s what we have for you today:

• Market pulse

• Crypto investing psychology

• Creator's Spotlight

• Crispy news

• The Crypto Comic

Market pulse 📈

The market is bright and sunny ☀️

The broader crypto market decides to end the week on a positive note, up by 4.39% at the time of writing. Most cryptos are in the green, with BTC and ETH showing 3.65% and 5.78% upticks. Yet, the focus is on Ripple (XRP), which is up by 21.50% at release, led by positive news about a cross-chain integration and improved trading volumes.

If we look at the macroeconomic scenario influencing the crypto space, the fed hike jitters continue to be at work. Bitcoin (BTC) hasn’t been able to push through the highly resistive level of $20,000. The dollar index, which might be inversely correlated to BTC, stands at 111.08, a level close to its 52-week high.

What’s the Psychology behind Crypto investing? 🧠🤑

We’re officially at the end of the week, and as always, we bring you a super special issue. 😎

Have you heard of Morgan Housel, a.k.a; the guy who wrote a book on the Psychology of Money?

If you haven't, you should consider googling him up; he’s like Osho, but for investors. He’s also a successful financial journalist. If you have, you’re in for a surprise 🎁.

Either way, we found this interesting podcast — Psychology of Crypto by bankless, where they brought on Morgan Housel to unpack the Psychology behind Crypto investing. The podcast was packed with Morgan’s pearls of wisdom on (crypto) investing, and we wanted to share some of these pearls with you too. So here we go!

💸 Crypto investing is not special

Morgan says that crypto investing is the same as any traditional investing; nothing is different. Humans have been dealing with finance for over 400 years and behave the same way with every asset class.

Of course, the crypto industry is always looking for what’s new in terms of technology, VCs, innovation, etc., but one thing that will never change is the investing pattern. Markets work in cycles, and that’s inevitable no matter what the asset class is.

💸 Good investing is good psychology

You can be the smartest finance mind in the world and still lose everything if you lose control over a sense of greed and fear. During the hedge fund crisis of 1998, people who won the Nobel prize also lost money because they did not know where to stop.

On the flip side, even if you have zero background in finance, you can win the investing game if you have the patience to weather out the volatile markets.

💸 It is not bad to want to make money in crypto

Who says it is, right? But seriously, there is a common myth that it is bad to be in crypto for the money. And Morgan says don’t believe it.

It totally depends on you. If you are here for the tech and the crypto goodness, that’s great. But if you are here to invest in the crypto for returns, there is no shame in that too. Just be you, but just don't get too attached to constant profits, coz that’s trouble.

💸 Nothing is free in crypto

Well, we thought this was another don’t fall for scams disclaimer too. But no, get this. Everything of great value comes with a cost attached. Many people think the cost of making money in crypto is the market fee, taxes, etc.

It’s none of that. The cost of being successful in crypto is being patient during a bad market phase, the pain of watching your portfolio go red but not giving into it. That’s how most OG crypto folks have become crypto billionaires today.

💸We humans suck at compounding

We often undermine the value of compounding because our brains are wired that way. For example, it may be easy for common folks to answer what 8+8+8 is, but try answering 8*8*8. It doesn't come to us very easily because the human mind can't fathom compounding.

But understanding the value of compounding is super important. Warren Buffet, one of the richest guys on the planet, made 90% of his wealth only after his 60th birthday. How? - Compounding. If he had retired at 60, he would have just been another common bloke from wall street. Basically, what he is trying to say is HODL.

And finally, Morgan wrapped everything up in a bombshell of a message.

Damn! That was heavy so let that sink in. While it's sinking in, mind taking a second to click on the social media icons on the top left corner of this letter and share the goodness with your network? Thanks!

Creator’s Spotlight 📹

Love Bitcoin? Then this one is for you. Catch our crypto expert Parth Chathurvedi and Editor-in-chief Ankit Vengurlekar as they unpack what you can expect from Bitcoin in the present world.

Aur, scene kya hai? 🤨

🤝🏽Funko, Warner Bros team up to launch NFTs

Pop culture and lifestyle brand Funko Inc. (FNKO) is back with another non-fungible token (NFT). The company, best known for its bobblehead collectibles, is collaborating with Warner Brothers to launch the NFT collection. Read more.

👑Bitcoin gets a royal boost in Dubai

Seed Group, the Royal Family of Dubai’s company, signed a partnership with Bitcoin trading firm CoinCorner to boost Bitcoin payment across the UAE and the Middle East. Read more.

🎎Japan’s Nomura launches VC arm to invest in crypto firms

Japanese investment bank Nomura has launched its venture capital unit to invest in firms focused on crypto and blockchain. The launch of the new arm follows the company’s announcement in May that it was planning to launch a new subsidiary to focus on digital assets. Read more.

🇮🇷Iran launches test run of its digital currency

The Central Bank of Iran (CBI) is set to launch a trial run of crypto-rial, a central bank digital currency (CBDC), on 22 September. The news was announced by the news service of Iran’s Chamber of Commerce, Industries, Mines, and Agriculture. Read more.

Twitter Gyan:

The Crypto Comic

Well, that's a wrap for today!

Have a good weekend. See you Monday! 👋🏽

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