Ripple CEO Brad Garlinghouse Advises New Crypto Investors, Says the Recent Market Downturn “Shall Pass”
The Ripple exec has reached out to new crypto investors, urging them to stay strong amid the ongoing storm in the cryptocurrency market.
Following the recent cryptocurrency market collapse, Brad Garlinghouse, the CEO of blockchain company Ripple, has urged new crypto investors to exercise patience, adding that the downturn will pass in earnest.
According to the Ripple exec, he is confident that crypto prices will rebound because he has seen several downturns over the years.
Interestingly, despite the downturn that has rocked the cryptocurrency market since its inception, the asset class has come out stronger than ever.
“Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years),” Garlinghouse added.
Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years).
— Brad Garlinghouse (@bgarlinghouse) June 13, 2022
Garlinghouse Gives Hint on How Ripple Has Survived Bear Markets
Garlinghouse later gave some tips Ripple has used to weather the storm during bear markets, suggesting that new crypto investors should adopt one or two of the points to keep growing.
He noted that Ripple is focused on the long-term and has recruited only experienced employees, who have been through several bear markets.
“having an experienced exec team that has been through the dot-com bubble, 2008 financial crisis, 2018 crypto winter, and more.”
The Ripple exec added that the blockchain company has also been transparent at all times with its users, and has always been attentive to various market events.
“As a holder of XRP, we believe communication & transparency (including our Quarterly Markets Reports) are keys to being a responsible stakeholder.”
Ripple CEO said that his project is focused on the long term and their products are not speculative and deliver results in real life.
“Focusing on the long term – Ripple has been building enterprise products with long-term utility NOT speculation. These are products that solve problems today.”
He further said that crypto will succeed in the future:
“The market is likely going to shrink in the near term, but I and many others have every ounce of confidence that crypto will succeed in the future as an integral part of our global financial systems. Slow and steady wins the race,” Garlinghouse added.
Recent Crypto Market Crash
The latest crash in the cryptocurrency market has been a devastating blow to both retail and institutional investors. Cryptocurrency investors have seen the value of their digital currency holdings evaporate into thin air since the beginning of the year.
For the first time since February 2021, the market value dipped below $1 trillion, further causing panic across various parts of the world.
The value of cryptocurrencies started shrinking less than seven months after most coins hit their respective all-time highs (ATH). While veteran cryptocurrency traders who joined the space years back are no stranger to bear markets, new crypto investors seem to be largely affected because they have not experienced any bear market.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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