Cardano (ADA) founder Charles Hoskinson says large corrections are routine parts of the crypto industry and that the hysteria surrounding the latest market crash is inflated.
In a new video update, Hoskinson says that seasoned investors seem unfazed by the most recent sharp market downturn as they have witnessed similar-sized corrections in the past, while newer investors are hitting the panic button.
“I’ve been in this space for almost a decade now, and I remember Bitcoin before it was a $1, and then going up to $30, then down to $4, then to $250, then to $80, then to $1,200, then down to $250 again, then up to $20,000, then down to $4,000, then to $64,000…
And no matter where I go and what I do, it always amazes me that there’s this constant rhyming of the attitude. So the old guard, nothing phases us anymore. We’ve seen everything twice, just to make sure we didn’t miss anything.
The new people, the minute that something occurs, like for example the collapse of a stablecoin or the collapse of Bitconnect, or these types of things, then they say ‘oh my God, this is the end of crypto. Everything is over, we’re all going to die, the markets are over, the dream is gone.’”
Hoskinson goes on to “welcome” newcomers to the latest crypto winter, saying that it could take weeks to months for the industry to find a bottom before steadily climbing up.
“If this is your first crypto winter, then welcome. Been through many since 2011 and they always hit like a cold ice bath. We are in the panicked, blood in the streets phase. It clears in weeks to months as a bottom is found. Then a long climb up a ladder.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Explode/Natalia