A similar point was made at an investment conference I went to last summer, though it was in the context of advising investors to hold on to their good stocks and not give up on them too quickly. The advice is even more applicable to the crypto markets which are much more volatile than the stock markets.

While the corrections can be pretty scary, each time the crypto markets have come back and made new highs. We're not at that point yet following the most recent correction but have bounced back quite nicely and I'm optimistic the markets will continue to go higher.

I think the main keys to being able to HODL during a nasty correction are the following:

1. Don't invest money in cryptos you can't afford to lose. If you're gambling with the rent money or money you need to pay for your kids' education, you will become a nervous wreck and have trouble sleeping at night.

2. Do your research and invest only in cryptos you understand and that offer a good value proposition. Most cryptos will eventually be worth nothing, but if you're confident you're holding solid cryptos with good teams and legitimately favorable prospects, that provides confidence that their value will recover and go higher despite a correction.

3. Diversify among a basket of good crypto assets. You don't have a crystal ball and can't know with certainty which cryptos will remain standing like Amazon when the dust settles. Spread your bets. If one or two of your investments become the next Amazon, that will more than make up for your losers and provide you with life-changing wealth.