Yesterday was one of the worst days in the history of crypto; Prices fell sharply, crypto companies cut jobs, the Fed signaled a rate hike, Binance halted BTC withdrawals, and Celsius suspended a number of services. These single-day events left many investors in psychological turmoil.
Ripple CEO Urges Crypto Investors to Stay Strong
While the crypto community was nervous, supporters and industry experts such as Ripple CEO Brad Garlinghouse thought it wise to give hope to holders, especially new investors.
Garlinghouse acknowledged that going through a crypto winter is never going to be easy, but he encouraged investors to stay strong as the current downturn will pass just like previous bear seasons.
Days like today are never what you expect to see, esp. Incredible talent in an industry as w/ crypto. If you’ve recently joined the industry and haven’t seen a slowdown like this, know that this too shall pass (advice from someone who’s seen a few slowdowns over the years).
— Brad Garlinghouse (@bgarlinghouse) 13 June 2022
Ripple has faced several bear markets
Garlinghouse also shared how Ripple managed to survive past bear markets and how it will use the same technology to weather the current storm.
First, he added that the company has an experienced executive team that has been through bear markets in the traditional and crypto sectors, including the dot com bubble and the 2018 Digital Asset Winter.
He further added that Ripple is focused on building long-term utility products that solve existing problems.
The Ripple boss also talked about communication and transparency. He said the company operates with transparency and communicates with investors and stakeholders through various channels including its quarterly market reports.
Ripple is preparing for winter
While more crypto companies are cutting their headcount to reduce their overall spending to avoid a market downturn, Garlinghouse said that Ripple will be hiring new talent just like Binance as the firm prepares for the crypto winter. Is.
He added that the current bearish trend is “not a small market change.” He further revealed that Ripple had built up its war chest with a significant cash balance to retain the best talent.
Garlinghouse believes that the worst is not over, and the market is likely to decline further in the near term. However, he is confident that the crypto industry will be able to become an intrinsic part of the global financial systems in the future. “Slow and steady wins the race,” he said.
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