The cryptocurrency market is at a point in time where most of the cryptocurrencies are set to move to the price of zero. However, those who are confident and have seen several downturns firmly believe that the bear market is also known as the buyer’s market.
Brad Garlinghouse, CEO at Ripple: 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).
It’s never easy, but there are a few key reasons why Ripple has weathered the cyclical bear markets, as we will do here and continue growing. 1/ having an experienced exec team that has been through the dot com bubble, 2008 financial crisis, 2018 crypto winter and more.
Focusing on the long term – Ripple has been building enterprise products with long-term utility NOT speculation. These are products that solve problems today, not ones in search of a problem. FYI – Q2 ODL volume (well over $1B) already surpassed its target 3 weeks before EOQ.
Operating with transparency – as a holder of XRP, we believe communication & transparency (including our Quarterly Markets Reports) are key to being a responsible stakeholder. We’ve been asking for regulatory clarity for years and have been upfront about what is/isn’t working.
Paying attention – what’s happening now is not a small market gyration. We’ve been preparing for this w/ a significant cash balance, and thus can afford to keep hiring the best talent w/ the goal of 50% outside the US.
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.
Community Reaction: If I were wealthy, I wouldn’t worry, but I’m average and I cashed out to buy prepper essentials, ie. Generator, solar system, Mylar bags, dehydrator, and a freeze dryer. My garden is flourishing.
Thanks to all the team at Ripple. This is my first big downturn in my first ever investment and because of you and many others in this space I’m good with it learning from it and looking forward to the future. With my bags untouched it’s a great place to be.
Let’s be honest it only been “slow and steady” because your tech works and you’ve suffered unwarranted constant attacks because your technology is superior and has been so over a decade.