Despite the current cryptocurrency crash some executives think that this is a good thing despite the fact that the industry is losing money
Cryptocurrencies have taken a beating so far this year, but despite the fact that the industry is losing money and status, some cryptocurrency executives believe this is a positive thing.
Cryptocurrency Executive: CEO Of Web3 Foundation, Ripple CEO
Bertrand Perez, CEO of the Web3 Foundation, told CNBC earlier today that the current market downturn will drive low-quality enterprises out of the market. Meanwhile, instead of focusing on making quick cash, industry participants will be more focused on creativity.
In response to the latest price drop, Ripple CEO Brad Garlinghouse asked investors to zoom out. Despite the current market turmoil, the executive remains confident in the long term.
After peaking at almost $3 trillion in early November 2021, the cryptocurrency market is presently valued at $1.18 trillion.
Bitcoin, the most popular cryptocurrency, has recently dropped to as low as $28,336.
After more than a year of extreme excitement that led to the creation of non-fungible tokens and meme currencies, Polygon co-founder Mihailo Bjelic believes that the market requires a healthy correction to return to a more logical state.
Will Same Happen After Crypto Winter?
Notably, at the outset of the previous bear market, the leading crypto sector expressed the same attitude. Many crypto projects, according to Ethereum co-founder Vitalik Buterin, have failed to deliver on their promises.
That year, the market faced a full-fledged crypto winter, and many analysts anticipate the same thing will happen again this year.
Guggenheim CIO Scott Minerd recently projected that the Bitcoin price might fall to $8,000.
According to Anthony Scaramouch of SkyBridge, the leading cryptocurrency’s price might drop to $18,000.
