Cryptocurrency's Darkest Hour, Real Vision Founder: Hold Firm, Boldly Buy the Dip

One more time: Be bold and buy the dip!

Article by: Raoul Pal, Founder of Real Vision

Translation by: Luffy, Foresight News

The current market is bleak, with no hope in sight, as if everything has already come to an end. You missed the opportunity, and once again, you’ve messed everything up.

Everyone is deep in anger and confusion. Even those who predicted this downturn can feel a bit of relief that their prediction came true, but they also realize the heavy blow this market has dealt to countless people. At this moment, it feels like the darkest hour.

I have been in the trading market for 38 years, witnessing all kinds of crashes and market panic. Every time, the feeling is the same—absolutely terrible.

I entered the crypto market in 2013, buying Bitcoin for the first time at $200.

After my purchase, Bitcoin briefly rose, then plummeted 75%. And this was during a bull market, with the price eventually soaring more than 10 times my buy-in. I didn’t sell because it was a long-term investment, and I was aware of the risks involved.

In the 2014 bear market, Bitcoin dropped another 87%.

During the subsequent bull run until 2017, I experienced three crashes of 35% to 45%, extremely brutal. Ultimately, due to the Bitcoin fork dispute, I liquidated at around $2,000, which was also the previous high point in 2013.

At that time, my holdings had increased tenfold from my initial entry price. After I sold, Bitcoin doubled again by the end of that year—unbelievable! Then, another long and brutal bear market began.

I perfectly avoided that full bear market, and I was quite proud of it at the time.

Later, during the market crash triggered by COVID-19, I bought Bitcoin again at $6,500, which was 3.5 times higher than when I had sold. I thought I was making the “right choice,” but in the end, it turned out to be a costly mistake.

From April to July 2021, Bitcoin dropped 50%. The market sentiment then was eerily similar to now—Twitter was filled with despair, the market was extremely bearish. But even so, the level of oversold conditions back then was nowhere near today’s.

By November 2021, the market returned to all-time highs: SOL surged 13 times from its lows, Ethereum doubled, and Bitcoin hit new highs with a 150% increase.

I personally experienced all of this. During this long bull market, I was present for every heart-stopping, nerve-wracking moment.

My first entry was at $200, and now Bitcoin is at $65,000. Even with some poor timing that caused me to miss a 3.5x rally, my overall gains remain substantial.

For me, in a long-term bullish asset, the first core lesson is to do nothing. “HODL” (Hold On for Dear Life) has become a classic mantra in crypto, not by chance. Its power far exceeds the idea of “four-year cycles.”

The second lesson is to decisively add to your position during market dips. Even if your timing isn’t perfect, gradually increasing your holdings during market weakness can generate compound growth over the long term—far more effective than dollar-cost averaging.

I don’t always have enough funds to buy heavily during crashes, but I always buy some. It helps me develop resilience.

During market crashes, people often feel they’ve missed the last opportunity, believe the market will never recover, and think everything will collapse and never turn around. But that’s not true.

Ask yourself two questions: Will the world be more digital tomorrow than today? Will the value of fiat currency be lower than it is now?

If the answers are yes, then keep going. Be bold and buy the dip, letting the power of time beat timing strategies, because the former always wins. Buying more during sharp declines can lower your average cost, leading to a dramatic difference.

On this investment journey, pressure, fear, and self-doubt are unavoidable costs.

Position management should match your risk tolerance. Don’t panic—everyone feels this way: during declines, you think your position is too heavy; during rises, you regret not having more. Your job is to learn to manage these emotions and find your own rhythm.

Another key point is not to blindly follow others’ judgments. “DYOR (Do Your Own Research)” is also a golden rule in crypto. Without independent judgment, you won’t survive these dark times.

Develop your own firm conviction. Blindly following others’ opinions is like adding leverage—you’ll end up losing everything.

Remember: when you’re busy blaming others, you’re really just blaming yourself.

Sure, the current market is dark, but sunlight will shine again soon. This crash will eventually become another scar on your investment journey. The key is: don’t use leverage! Leverage can wipe out your principal, just like losing all your chips in a casino. Never give up your chips.

When will this gloom lift? I don’t know. But I believe it’s similar to the market from April to November 2021—a panic sell-off during a bull market. I believe it will end soon. Even if I’m wrong, I won’t change my strategy. As long as I have cash, I will keep adding to my positions.

But maybe your situation is different. Consider building an “investment portfolio to avoid regrets”: can you handle a 50% drop from the current price? If not, reduce your holdings—even if it feels foolish now. Maintaining the right mindset is crucial to surviving the market winter. My mindset is: how can I buy more? Yours might be the opposite.

There will always be timing experts in the market who can perfectly call the top or even short at the peak. There will always be such people. But honestly, just remind yourself constantly: a crash can happen at any time. When it does, you won’t panic because you’ve prepared. Let the crash be part of your investment story, not the whole story.

What am I doing now?

I’m starting to buy more digital art (which is essentially increasing my Ethereum holdings), and I plan to continue adding to my crypto assets next week, just as I’ve done every time such a dip opportunity appears.

During COVID-19, I bought the dip; during the 2021 crash, I bought the dip; in 2022 and 2023, I did the same. In 2024 and 2025, I will continue to buy the dip! This time, I will do the same. Every time, my account hits new highs before the market does—this method works repeatedly. Once again: Be bold and buy the dip!

Good luck to everyone. The road of investing is never easy.

If you want to hold assets capable of long-term compound growth, you must accept their high volatility—that’s the price we pay. Learn to embrace the fluctuations.