Bear Market Is Here, Was I Wrong to Quit My Job and Go All-In on Crypto?
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Bear Market Is Here, Was I Wrong to Quit My Job and Go All-In on Crypto?
Keep learning and invest in your mental wealth.
Navigating Web3 tides with focused insightsBy Nick deWilde
Last October, I quit my job. Back then, Bitcoin was trading at $60,000 and the S&P was nearing all-time highs. Well, today feels like a completely different world.
From the collapse of crypto markets to mass layoffs at startups, everything feels like a true winter has arrived. As bearish sentiment grows, many who left their jobs to go all-in on crypto are starting to wonder whether their path remains viable in the face of an impending downturn. Should they hedge their bets and return to a safe corporate role just in case, or stay the course?
Why worry?
After a bull run, it’s hard to shift into recession mindset. While bull markets can sustain a wide range of quality products and services, downturns make any career path precarious. Independent workers in the crypto space typically rely on income from:
Consulting for startups
Selling courses
Writing paid content
While these may seem like diverse income streams, they’re all subject to the same economic forces. As public market valuations contract, VCs warn their portfolio companies, fundraising becomes difficult, and startups begin cutting costs—including your consulting contracts. At the same time, as budgets tighten, fewer people will be willing to pay for your courses. With rising layoffs, retaining subscribers for paid content becomes harder, let alone acquiring new ones. You might tolerate this for a few months—but what if it lasts 1–2 years?
Extend your runway
A CEO’s primary job is to avoid running out of money. As an independent worker, you are essentially a one-person company—making this responsibility even more critical. When a startup’s bank account hits zero, it loses its office; when a person runs out of money, they lose their home.
Over the past month, startup CEOs have been intensely focused on their runway—the amount of time they can keep operating before cash runs out. This is an equally vital practice for individuals.
Given your personal burn rate, how long will your current savings last? If that number is small (under 12 months), here are a few practical ways to extend your runway:
Earn more—If you can easily increase income without changing careers (e.g., raising your rates), it may be worth trying. But if earning more requires a complete shift in your work model—and doesn’t excite you—consider other options first.
Sell some assets—Though selling during a bear market isn’t ideal, doing so could bring peace of mind and help preserve your independence.
Cut costs—Of these three, cost-cutting is usually the easiest. Start by reviewing monthly expenses and eliminating non-essential recurring spending.
Don't blame yourself
Facing your financial reality and making compromises can be a shameful experience, triggering many emotions. When navigating this, remember: you made the best decision possible with the information available at the time.
While today’s economic conditions may seem obvious in hindsight, no one can predict the future. Professional investors spend their lives forecasting economies—and still lose money for their clients. There's no need to blame yourself.
Also, remember that the companies you used to work for aren’t immune to downturns either. Many are conducting massive layoffs, and even those spared often receive far fewer rewards than last year. I’m not saying your former colleagues made bad choices—just that we’re all navigating the same difficult economic reality together.
There's no shame in returning to safety
Going back to a full-time job for stable income and benefits is nothing to be ashamed of. While chasing your passion is exciting, paying bills and avoiding debt never go out of style. If your goal is to minimize regrets at the end of life, supporting your family during tough times won’t be one of them.
Other opportunities to build your own venture will come. The economy will recover. When that day arrives, you can try being independent again.
If you do return to traditional employment, recognize that you’re not the same person who left. You’ve gained new skills and experiences that can open doors to better roles. You might even find a job that suits you better than freelancing ever did—who knows?
If you choose to keep going, the rules have changed
If you decide to continue as an independent worker, understand that the principles governing this game have shifted. While individuals and products will still rise quickly, we’re no longer in an environment where every player appears brilliant. Many promising ideas will go unnoticed, and many hyped assets will face spectacular collapses. Those who succeed in the next phase will likely be the ones who adapt their strategies to the new rules of the game.
I’ve chosen to stay in the game and have made three strategic shifts:
1. Stay focused—When I first became a freelancer, I overloaded myself: paid newsletters, two consulting gigs, an investment portfolio, and a web3 education project. I knew it was too much, but I wanted to explore where I excelled. As the market shifted, certain projects revealed their potential, and I’ve actively reduced my workload to focus energy on the most promising ones.
2. Collaborate—Sailing solo works well in tailwinds. But when you need to row, you need teammates. I now prioritize projects that connect me with smart collaborators who can help me weather the challenges ahead.
3. Move deliberately—In bull markets, it’s easy to feel false urgency. You spot an opportunity and feel compelled to act fast to maximize gains. While that mindset served me well before, now I’m comfortable waiting. I’ll only take risks if they support my ability to keep playing.
Play an infinite game
Writer James Carse once said: “There are at least two kinds of games. One could be called finite; the other infinite. A finite game is played for the purpose of winning, an infinite game for the purpose of continuing the play.” As someone who values independence, I’ve realized my main goal isn’t to win—but to keep playing.
During the late 90s internet boom, many investors and founders rushed to Silicon Valley to get rich quickly. But when the market turned, most performed poorly. You’ve probably never heard of them—they damaged their reputations and were never able to return to the game.
If you're playing an infinite game, the most important thing you can do is preserve your ability to keep playing. That means don’t go bankrupt. Don’t take reckless risks. Don’t ruin your reputation chasing unrealistic dreams. Keep learning. Invest in your mental wealth. Those who thoughtfully navigate the challenges ahead will position themselves as players in the infinite game.
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