13 May 2022 06:58, UTC
Reading time: ~2 m
Cardano (ADA) founder Charles Hoskinson noted that major corrections are a common part of the crypto industry and the hysteria around the latest market crash is in vain.
In a new video, Hoskinson said that experienced investors are not embarrassed by the recent sharp market downturn, since in the past they have witnessed falls of a similar scale, and only new investors succumb to panic.
I’ve been working in this field for almost a decade, and I remember when bitcoin was worth $1, then it went up to $30, then it went down to $4, then to $250, then to $80, to $1200 and went down again to $250, then it went up to $20,000, it went down to $4,000, again a jerk to $64,000…
Nothing stops us, the old guard, anymore. We’ve seen it all twice…
New people, when something happens, like the crash of a stablecoin or Bitconnect, or things like that, say, “Oh my God, this is the end of cryptocurrency.” It’s over, we’re all going to die, the markets are gone, the dream is gone.
Hoskinson tried to prepare newcomers for the crypto winter, adding that the industry could take weeks or months to find a bottom before starting to steadily climb up.
If this is your first crypto winter, then welcome. I’ve been through many of them since 2011 and they always act like a cold ice bath. But within a few weeks or months, things change when the bottom is. Then a long climb up the stairs.
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