Binance CEO Changpeng Zhao (CZ) and Ripple CEO Brad Garlinghouse advise investors as the cryptocurrency market continues to decline. CEOs promised a stronger comeback and interpreted current levels as opportunities.
Binance CEO: This is how an industry evolves
The cryptocurrency market experienced a similar drop in December 2018 when Bitcoin hit $3,000. In this period, when the market value of 1 trillion dollars had not been exceeded yet, harsher fluctuations were inevitable. Now, while Bitcoin has lost about 70% of its value since the November peak, some are interpreting this as an opportunity. CZ interpreted the bear market as a litmus paper. Seeing these periods as experience, CZ says this is how industries evolve in a tweet during the day:
While many projects and stock markets will struggle in bear markets, many will bounce back stronger than before. Those who honestly fail will embark on new projects and bring critical learnings from this experience. This is how an industry develops.
Binance CEO said that the bear market is not the first, but this period interprets it as a preparatory phase:
Although we have gained experience from previous cycles, we are not immune to this cycle. We will do a deep analysis to better prepare for the next bull market.
Ripple CEO: We will continue to recruit
Brad Garlinghouse, CEO of Ripple, shared how his company and project are surviving in bear markets. On June 14, Garlinghouse urges investors to be patient and strong while talking about the challenging conditions of the market. The message from the CEO of Ripple was:
In an industry as talented as crypto, it’s not something you would ever expect to see, especially these days. 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).
In the continuation of the tweet, Garlinghouse explains how Ripple can survive in these conditions.
It’s never easy, but as we will do here and continue to grow, there are a few key reasons why Ripple has surpassed its cyclical bear markets. First; Having an experienced executive team that has experienced the dot com bubble, the 2008 financial crisis, the 2018 crypto winter and more.
The future of the company and XRP, the distance covered, what gives Ripple confidence for the long term according to Garlinghouse:
Focus on the long term: Ripple provides long-term benefits, NOT speculation is building corporate products. These are products that solve problems today, not problem seekers. FYI: Q2 ODL volume (over $1B) has already exceeded its target 3 weeks before EOQ. At the end of his tweets
, Ripple CEO said that the market will be volatile for a while:
Attention – what is happening right now is no small market turnaround. We’re preparing for this with a substantial cash balance, so we can continue to recruit the best talent outside the US with the 50% target. The market will likely shrink in the near term. But I and others have every confidence that crypto will succeed as an integral part of our global financial systems in the future. Slow and calm wins the race.
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