Yesterday was one of the worst days in the history of crypto; prices crashed harder, crypto companies cut jobs, the Fed hinted at hiking rates, Binance halted BTC withdrawals, and Celsius suspended multiple services. These events on the same day left many investors in psychological turmoil.
Ripple CEO Urges Crypto Investors to Stay Strong
While the crypto community panicked, proponents and industry experts such as Brad Garlinghouse, CEO of Ripple, thought it wise to give hope to holders, especially new investors.
Garlinghouse admitted it’s never easy going through a crypto winter, but he encouraged investors to stay strong because the current downturn shall pass, too, just like the previous bear seasons.
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
Ripple Has Weathered Many Bear Markets
Garlinghouse also shared how Ripple managed to survive previous bear markets and how it 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 2018 digital asset winter.
He further noted that Ripple focuses on building long-term utility products that solve existing problems.
The Ripple boss also talked about communication and transparency. He noted that the company operates with transparency and communicates with investors and stakeholders through different means, including its quarterly market reports.
Ripple Has Been Preparing for the Winter
While more crypto companies are cutting their headcounts to reduce their total expenditures to survive the market downturn, Garlinghouse said Ripple would hire new talent just like Binance because the firm has been preparing for the crypto winter.
He noted that the current bearish trend is ”not a small market gyration.” He further revealed that Ripple had built its war chest with a significant cash balance to keep onboarding the best talent.
Garlinghouse believes the worst is not over, and the market will likely crash further in the short term. However, he is very confident that the crypto industry will succeed in the future to become an intrinsic part of the global financial systems. “Slow and steady wins the race,” he said.