Indie hackers weigh in on a potential bull run in crypto

Big things are happening in the world of Crypto, from the halving event to the approval of the BTC ETF.

It's a good time to reassess the opportunities and see whether it's worth your time (and money). But with everyone looking to make a buck, wading through the bias is difficult.

So I turned to indie hackers — both experts and dabblers — to get their down-to-earth opinions about where crypto is at and where the opportunities are. Here's what they had to say. 👇

Why did the crypto hype die?

👤 Tom Garcy of Kyugo:

Did it? :)

I think it’s just a normal part of the market. Everything happens in cycles.

People stop believing in crypto when it’s going down, even though that’s the best opportunity to get in. Then everyone starts buying when the media is full of crypto, even though it might already be too late.

We’ll be seeing these ups and downs and corrections for the next 1-2 months before the bitcoin halving event. But we’re at the beginning of a bull run.

👤 John Dimou of Crypto Moment:

Cryptocurrency markets often experience "buy the rumor, sell the news" behavior, where prices surge ahead of anticipated positive events, only to drop once the news is confirmed. The recent drop to $38,000 after reaching $48,000 post-approval of crypto ETFs is likely a result of this dynamic.

While short-term hype may fade, some investors may find solace in the upcoming Bitcoin halving event, suggesting potential market resilience in the near future.

👤 Francesco Pretelli of Bitfolio:

A few things happened at the same time: Regulations increased, prices went down, and many more crypto scams popped up.

The hype was mostly driven by rapid price growth, making people believe they could get rich very quickly.

👤 Arjun Jain of pre.dev:

A combination of a few things. Major blowups like FTX and 3AC destroyed trust in the space (especially amongst institutions), which caused liquidity to disappear. AI also came and actually provided tangible value, which made crypto look pretty pathetic.

👤 Angus Cheng of Bank Statement Converter:

The prices crashed. Now that the prices are back up people seem to be interested again.

👤 Bilal Tahir of GPT Hotline:

Which time? It's a 4-year cycle. It happened in 2013, 2017, and 2021. Now, it’s happening again in 2024/25.

There are various hypotheses put forward for this cycle, most notably around the Bitcoin halving which cuts the supply of incoming Bitcoin by half via an algorithm update every 4 years. The next halving is around May 2024 and so a lot of ppl are anticipating another bull cycle because of this.

Is this a good time to invest?

👤 Martin Ratinaud of StakingCrypto.io:

It’s the best time – like every 4 years.

• A bull market will be on for the next 9-12 months

• XRP is going to IPO

• The Bitcoin ETF was accepted

• The Ethereum ETF is on the way

• More and more real-life usage for crypto (RNDR, XRP, etc.)

👤 John Dimou of Crypto Moment:

The timing to invest in crypto is subjective, as there is no universally "good" or "bad" time. The recent approval of crypto ETFs signals increasing institutional interest. And notable companies adopting blockchain technology indicate a growing acceptance of the industry.

👤 Arjun Jain of pre.dev:

Invest in companies that have the potential to make profits and increase them over time.

Crypto, for the most part, operates as a ponzi in the same way that fiat currencies do. If you believe you have an informational advantage, go ahead and do it. 

👤 Angus Cheng of Bank Statement Converter:

Don't think so.

👤 Louis Lafont of QuickAPI:

I’m ignoring crypto. I'm not into it. That's a lottery until everyday businesses start using it.

👤 Bilal Tahir of GPT Hotline:

Probably. The ETF approval has added another dimension and supply constraint, as these institutions gobble up BTC, so I am very optimistic of a huge price increase.

For me, it's easier to use Bitcoin as the anchor for crypto. A rising tide lifts all boats, so a BTC bull cycle usually is correlated highly with other assets moving up and usually the riskier the smaller the asset the higher (and consequently lower) the moves.

A lot of fortunes will be made (and subsequently lost).

👤 Tom Garcy of Kyugo:

Now is a great time to invest. I’d buy the current dips, since currently BTC will be in the range of approximately 39-48k. The top of the very likely bull run could be around 200-300k in 2025.

I’d set some targets, take the profits, and don’t look back. When the bull run is over, you don’t want to hold anything.

👤 Francesco Pretelli of Bitfolio:

It's a good time to invest in general, and a good diversified investment should also contain crypto. You know what they say: “Time in the market is better than timing the market.”

Where should indie hackers invest in 2024?

👤 Tom Garcy of Kyugo:

BTC is still a good investment, after the approval of the ETF by the SEC, it will grow stronger in the coming period.

Also, ETH and coins related to the Ethereum network, like ARB and LDO.

Finance crypto like INJ and gaming coins like PYR or SOL are still great opportunities too.

👤 Bilal Tahir of GPT Hotline:

I always say if you have $1000 and you want to put in crypto, you should put $700 into BTC and ETH, and $300 into alts. The alts can vary from blue chip ones like Solana to really degen, no-name ones you can find being shilled on X.

With alts, the timing is a lot more important, as they may go up 10-100x but then crash and never come back. With BTC/ETH, so far, you make money by HODLIng as the long-term trend is up and the Lindy effect is in their favor (i.e. they probably won't be going away anytime soon).

👤 Martin Ratinaud of StakingCrypto.io:

• SOL: It’s 25% of ATH. Lots of projects built on it and it is cheap

• RNDR: Brings 3D rendering capabilities to everybody easily.

• XRP: For bridging currencies and fast transactions.

👤 Arjun Jain of pre.dev:

I still like Bitcoin. 

👤 Francesco Pretelli of Bitfolio:

I'd focus only on Bitcoin and Ethereum.

👤 Tom Garcy of Kyugo:

ETH for sure. The next one is SOL. Then I like what PYR, DOT, and CRV are doing.

👤 John Dimou of Crypto Moment:

It's important to note that predicting specific cryptocurrencies to watch or buy in the future is challenging. However, if I were to highlight a potential area of interest, it would be blockchain projects prioritizing security — particularly those incorporating Multi-Party Computation (MPC) protocols to enhance data security.

MSC is a cryptographic technique that enables multiple parties to jointly compute a function over their inputs while keeping those inputs private. In simpler terms, it allows different entities to collaborate on computations without revealing their individual data.

One project utilizing such tech and worth keeping an eye on is Partisia Blockchain ($MPC). Partisia Blockchain has a background in cryptographic research and is expected to be available on exchanges soon.

👤 Angus Cheng of Bank Statement Converter:

I wouldn't buy any. But if you believe in crypto I'd recommend buying Bitcoin or Ethereum and holding it for 10+ years. Buying anything else puts you in a position to get borked.

Some tips

Bet only what you can afford to lose

👤 Bilal Tahir of GPT Hotline:

Only put in what you don't mind losing.

Be patient

👤 John Dimou of Crypto Moment:

It's essential to recognize that overnight success in the crypto market is uncommon. Instead of getting swayed by market hype, focus on the bigger picture, understanding the technology, and its potential impact. Avoid buying during periods of excessive enthusiasm and monitor indicators like the fear and greed index.

Patience is crucial; cryptocurrency investments should be approached with a long-term perspective rather than expecting immediate gains.

Buy, hold, sell

👤 Martin Ratinaud of StakingCrypto.io:

Buy. Hold for nine months. Sell. Wait for a drop. Repeat. :-)

Watch for FUD

👤 Tom Garcy of Kyugo:

I think when there’s FUD (fear, uncertainty, doubt), it’s the best time to invest.

Keep your head on a swivel

👤 Bilal Tahir of GPT Hotline:

Be careful of grifters and scammers. Crypto, unlike AI, attracts low-IQ, salesy ppl. Unless you're a true believer, play the game from a safe distance and don't invest too much of your time/brain cells into it.

I have to remind myself of this when the price goes up a lot. Then I go back to my AI tinkering. :)

👤 Arjun Jain of pre.dev:

Be careful out there. Crypto is filled with scammers and grifters. Don’t listen to people who tell you to invest with the promise of returns. Do your own research and don’t submit to FOMO.  

Do your research

👤 John Dimou of Crypto Moment:

It's crucial to conduct thorough research and stay informed about the evolving cryptocurrency landscape before making any investment decisions.

Understand the psychology

👤 Bilal Tahir of GPT Hotline:

I think it can make you a lot of money if you understand the psychology. It's all stories. And I guess you can apply it to any industry but it's just so in your face and degenerate in crypto.

Bet on the team

👤 Tom Garcy of Kyugo:

Invest more in the team and their plan than in the coin itself. I like to study what they’re doing and what would be the real case of using the project.

Don't get caught up in it

👤 Bilal Tahir of GPT Hotline:

Don't get too caught up in it. For most people, the best strategy is to put some in and forget about it.

When you get caught up in crypto, the true cost is not the money you lose, but the time you spend obsessing over the price action rather than being productive.

Is crypto relevant in business?

👤 Martin Ratinaud of StakingCrypto.io:

It is definitely relevant in business, but not to all businesses.

👤 Bilal Tahir of GPT Hotline:

Depends who you talk to. I have not seen many practical use cases outside of payments. We had the whole DeFi hype in 2020 and NFT/Web3 hype in 2021 but those bubbles mostly popped.

Will we see successful use cases/companies emerge from this rubble? Probably, but I don't pretend to know what those are.

👤 Tom Garcy of Kyugo:

Absolutely– I know many projects which, for example, pay benefits in their crypto – this is very strong in the gaming industry. It creates an ecosystem.

Also DeFi is getting stronger, so using crypto for savings/staking, or payments.

👤 Francesco Pretelli of Bitfolio:

I don't think it's relevant outside of a few specific cases, mostly related to investing and transfer of value. I  doubt this will change in the future without major changes to regulations and technology.

👤 John Dimou of Crypto Moment:

Similar to the internet and the early skepticism around it, cryptocurrencies are gaining relevance in business.

Cryptocurrencies and blockchain technology have the potential to reshape traditional business models, offering benefits such as secure transactions and increased transparency. Over time, as technology and regulations evolve, cryptocurrencies may follow a trajectory similar to the internet, becoming an integral part of global commerce.

👤 Angus Cheng of Bank Statement Converter:

Not my business, but there seem to be businesses that use crypto. At the moment I think it's mostly people living in countries with unreliable banks/currencies.

It also seems to be relevant to criminals.

The future of crypto

👤 John Dimou of Crypto Moment:

The crypto future looks bright, and everyone has a role to play. The potential for innovation and growth is vast, and there's room for optimism as the community continues to evolve and thrive.

👤 Frank Sondors of Salesforge:

I'm a big believer that crypto will change our society for good, but it's just taking a good amount of time due to regulations and many other factors.

👤 Martin Ratinaud of StakingCrypto.io:

The only way crypto will die is if a virus prevents TCP/IP from working :-) In other words, it won’t happen.

👤 Tom Garcy of Kyugo:

We haven’t seen anything in crypto yet. We’re just early.

👤 Martin Ratinaud of StakingCrypto.io:

The best is yet to come.

Please note that the above are opinions. None of these opinions are intended to be financial advice. This article is meant for informational purposes only.

Take it all with a grain of salt. 🧂