Ripple CEO: The current collapse and downturn in the crypto market will pass too!
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Answer Ripple CEO: The current collapse and downturn in the crypto market will pass too!
The past days are one of the worst in cryptocurrency history, as prices collapsed dramatically, crypto companies cut job openings, the Federal Reserve hinted at a rate hike, Binance halted bitcoin withdrawals, and Celsius suspended multiple services on its loan and borrowing platform.
All these events occurred in a short time, which affected many investors and made them suffer from psychological disorder and anxiety.
Ripple CEO urges crypto investors to stay strong:
While the cryptocurrency community panicked, supporters and industry experts such as Brad Garlinghouse, CEO of Ripple, thought it was wise to give hope to coin holders, especially new investors.
Read:Central bankers from “Davos”: Digital currencies are not in our plans at the moment
Garlinghouse admitted that it is never easy for the crypto winter to pass, but he encouraged investors to stay strong because the current downturn will also pass, just like previous down seasons.
Ripple has survived several crypto winters:
Garlinghouse shared how Ripple has survived past bear markets and how it will use the same technology to weather the current storm.
First, he noted that the company has a seasoned executive team that has experienced bear markets in the traditional and crypto sectors, including the dotcom bubble and crypto winter 2018.
He further noted that Ripple is focused on building long-term products that solve current problems.
The head of Ripple also spoke about communication and transparency.
Read:The CEO of “Celsius” reveals a huge financial hole in the company’s balance sheet…Details here
He pointed out that the company operates transparently and communicates with investors and stakeholders through various means, including quarterly market reports.
While more crypto companies are cutting staff numbers to reduce their overall expenses to survive the market downturn, Garlinghouse said Ripple will hire new talent because the company was already preparing for the crypto winter.
Read:Will the price of Ethereum drop after the momentum around the next upgrade wanes?
He pointed out that the current downtrend is not a small turn in the market.
He also revealed that Ripple has built its war fund with a large cash balance to keep the best talent in the industry.
Garlinghouse believes the worst is not over, and the market is likely to crash further in the short term.
However, he is very confident that the cryptocurrency industry will succeed in the future to become an intrinsic part of the global financial systems, stating:
Slow and steady wins the race.
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