The cryptocurrency market continues to shed blood. Meanwhile, comments are coming from many experts. The last of these was Galaxy Digital CEO Mike Novogratz and Ripple CEO Brad Garlinghouse. Here is what prominent figures in the crypto space have said…
Ripple CEO: This market crash will pass too
Ripple executive called on new crypto investors. He urged investors to stay strong amid the ongoing storm in the cryptocurrency market. Following the recent cryptocurrency market crash, Brad Garlinghouse, CEO of blockchain company Ripple, urged new crypto investors to be patient and added that the downturn will pass in earnest.
According to the Ripple executive, crypto prices are confident that they will rebound as they have seen several dips over the years. Interestingly, he argues that despite the decline that has shaken the cryptocurrency market since its inception, the asset class has emerged stronger than ever. Garlinghouse added the following statements:
Days like today are never what you expect to see. Especially in an industry as incredibly talented as crypto. If you’re new to the industry and haven’t seen a setback like this, know that this too will pass (advice from someone who’s been down several times over the years).
Garlinghouse talked about how Ripple survived bear markets
Garlinghouse then gave some clues that Ripple used to weather the storm during bear markets. He suggested that new crypto investors should embrace a point or two to continue growing. He stated that Ripple is focused on the long term and only hires experienced employees who have gone through a few bear markets. He noted the importance of “having an experienced executive team that has experienced the dot-com bubble, the 2008 financial crisis, the 2018 crypto winter, and more.” The Ripple executive added that the blockchain company is always transparent to its users and always attentive to various market events.
Ripple CEO said that his project is focused on the long-term and their products are not speculative and deliver real-life results. “We need to focus on the long term – Ripple is building institutional products that provide long-term benefits, NOT speculatives. These are products that solve problems today,” he added. He also said that crypto will be successful in the future and used the following statements:
The market will likely shrink in the near term, but I and the staff have every confidence that crypto will succeed in the future as an integral part of our global financial systems. Slowly and steadily he will win the race.
Mike Novogratz: Crypto market near bottom
On the other hand, according to a Bloomberg report, Galaxy Digital founder and CEO Mike Novogratz said that cryptocurrencies, bottom US stocks He claimed that it was closer than the stock market. It follows the investment manager’s prediction that the equities and crypto markets will have a tough road ahead. But he is confident that crypto adoption and use in the real world will continue to grow in the future. As
Kriptokoin.com , the most valuable cryptocurrency, Bitcoin, fell by 17 percent at a price of $22.603. Ethereum is down as much as 21 percent to a price of $1,165. Since hitting all-time highs in early November, they’ve since dropped 67 and 74 percent, respectively. Speaking at the Morgan Stanley Financials Conference, Novogratz predicted that the price of Ethereum would stay around $1,000. Still, it is currently trading at $1,200. According to the CEO, we are much closer to the bottom in the crypto market than in the stock market.
He added that he believes there will be another 15 to 20 percent collapse in stocks. Novogratz previously said that he does not expect a V-shaped recovery in the cryptocurrency and stock markets. Instead, he predicts there will be a mix of market bottoms, ups and downs, and sideways movements until a new narrative emerges about the macroeconomic situation and interest rates.
