Binance CEO Changpeng Zhao (CZ) and Ripple CEO Brad Garlinghouse are advising investors as the cryptocurrency market continues to decline. CEOs promised a stronger return and interpreted current levels as opportunities.
Binance CEO: Here’s how an industry evolves
The cryptocurrency market experienced a similar decline in December 2018, when Bitcoin hit $ 3,000. During this period, when the market value of $ 1 trillion had not been exceeded, tougher fluctuations were inevitable. Now, while Bitcoin has lost around 70% of its value since its peak in November, some interpret it as an opportunity. CZ interpreted the bear market as a litmus test. Looking at these periods as an experience, CZ says in a tweet during the day that industries have developed like this:
While many projects and equity markets will struggle in a bear market, many will recover stronger than before. Those who fail honestly will embark on new projects and bring critical teachings from this experience. This is how an industry develops.
Although the Binance CEO says the bear market is not the first, he interprets this period as a preparatory phase:
Although we have gained experience from previous cycles, we are not immune from this cycle. We will do a thorough analysis to better prepare for the next bull market.
Ripple CEO: We will continue to hire
Then, Ripple CEO Brad Garlinghouse shared how his company and project survived in bear markets. Additionally, on June 14th, Garlinghouse invites investors to be patient and strong as they talk about difficult market conditions. Ripple’s CEO’s message was as follows:
In a talented industry like cryptocurrency, that’s not quite what you’d expect to see, especially these days. However, if you have just entered the industry and have not seen such a setback, know that this too will pass.
In the continuation of the tweet, Garlinghouse explained how Ripple will survive under these circumstances:
It is never easy. But as we do here and continue to grow, there are a few key reasons why Ripple has outpaced the cyclical bear markets. First; Having an experienced executive team that experienced the dot com bubble, the financial crisis of 2008, the cryptocurrency winter of 2018, and more.
The future of XRP and the distance traveled, according to Garlinghouse, are the factors that give Ripple confidence in the long term:
Ripple is building business products that will yield long-term benefits, NOT speculation. These are products that solve problems today, not problem seekers. FYI: Second quarter ODL volume (over $ 1 billion) already exceeded its target 3 weeks before EOQ.
Meanwhile, when Ripple’s CEO finished his tweets, he said the market will be volatile for a while longer:
Warning: what is happening right now is not a small market reversal. We are preparing for this with a substantial cash balance, so that we can continue to recruit top talent from outside the US with the 50% target. Meanwhile, the market is likely to shrink in the short term. But I and others have full confidence that cryptocurrencies will be successful as an integral part of our global financial systems going forward. Slow and calm wins the race.
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