With the crypto market experiencing one of the worst winters in recent years, many crypto companies have reacted cautiously, with the likes of Crypto.com and Gemini Trust cutting their workforce by as much as 10%. Ripple, however, has revealed that they will continue to hire, with CEO Garlinghouse urging investors to not panic as “this too shall pass”.
In a Twitter thread, Garlinghouse said that Ripple will continue to take on staff, noting:
“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’s comments on Tuesday came as Bitcoin tanked, Binance halted BTC withdrawals, and leading crypto lending company Celsius made the decision to block crypto withdrawals. With the crypto market taking a beating, and investors panicking, the Ripple CEO’s words provided a voice of hope, reminding investors that this is not the first downturn or bear market they have faced.
He added in the Twitter thread:
“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 also emphasised the fact that Ripple has an experienced executive team that has weathered many storms in the TradFi markets and the crypto sector, citing the Dot Com bubble and the 2018 digital asset winter.
Meanwhile, with Bitcoin losing around a third of its value over the last month, and many projects down in the 90% region, Bitcoin is nearing the high of $19,500 - around the top of its last bull run that it reached in December 2017. It is argued that Bitcoin isn’t likely to fall below this, given it has never fallen below previous bull run highs as of yet.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.