Yesterday was one of the worst days in crypto history; prices have fallen further, crypto companies have cut jobs, the Fed has hinted at a rate hike, Binance has suspended BTC withdrawals, and Celsius has suspended several services. These events on the same day caused a psychological shock for many investors.
Ripple CEO urges crypto investors to stay strong
While the crypto community panicked, supporters and industry experts like Brad Garlinghouse, CEO of Ripple, felt it was wise to give hope to holders, especially new investors.
Garlinghouse acknowledged that the crypto winter is never easy but urged investors to stay strong because the current downturn too will pass like previous bear seasons.
Days like today are never what you hope to see, especially. in an industry with as much incredible talent as crypto. If you’re new to the industry and haven’t seen a downturn like this, know this too will pass (advice from someone who’s experienced several downturns over the years).
— Brad Garlinghouse (@bgarlinghouse) June 13, 2022
Ripple Has Survived Many Bear Markets
Garlinghouse also shared how Ripple managed to survive previous bear markets and how he will use the same technique to weather the current storm.
First, he noted 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 digital asset winter of 2018.
He also noted that Ripple focuses on creating long-term useful products that solve existing problems.
The Ripple boss also talked about communication and transparency. He noted that the company operates transparently and communicates with investors and stakeholders through various means, including quarterly market reports.
Ripple is preparing for winter
While more crypto companies are cutting headcount to cut their overall costs in order to weather the market downturn, Garlinghouse said that Ripple will hire new talent, as will Binance, because the firm was gearing up for the crypto winter.
He noted that the current bearish trend is “not a small market swing.” He also revealed that Ripple has built its war chest with a significant cash balance in order to keep hiring top talent.
Garlinghouse believes that the worst is not over yet, and in the short term the market is likely to continue to fall. However, he is very confident that in the future the crypto industry will be able to become an integral part of the global financial systems. “Slow and steady wins the race,” he said.
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Credit : cryptopotato.com