Ripple CEO Brad Garlinghouse said Ripple will continue hiring people despite the red market as a result of the company’s experienced management
Garlinghouse Optimistic Crypto Will Succeed
Ripple CEO Brad Garlinghouse recently commented on the current cryptocurrency crisis on Twitter, predicting that the market will “shrink” in the near future.
Despite the comments, the executive remains optimistic in the long run. He believes cryptocurrencies will become “an intrinsic part” of the financial system in the future.
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.Brad Garlinghouse, CEO of Ripple.
How Ripple Continues Hiring Despite Red Market
Ripple, one of the oldest crypto firms, has weathered prior bear market downturns, according to Garlinghouse, by having experienced management, focusing on the long term, and operating transparently.
Ripple CEO Brad Garlinghouse also said;
“Operating with transparency – as a holder of XRP, we believe communication & transparency (including our Quarterly Markets Reports) are key to being a responsible stakeholder. We’ve been asking for regulatory clarity for years, and been upfront about what is/isn’t working.“
While many crypto companies have halted hiring or begun to reduce their workforce, Ripple claims that after obtaining a “substantial” cash reserve, it would be able to expand its workforce even during the down market.
U.S. Federal Reserve to implement biggest rate increase since 1994
Bitcoin came perilously close to falling below $20,000 earlier today before seeing a tiny rescue rally. Some believe that this will be the first bear market in which the cryptocurrency falls below the preceding bull cycle’s peak.
The Federal Reserve of the United States is set to adopt a 75 basis point rate hike on Wednesday, according to The Wall Street Journal. This would be the largest rate hike since 1994, as the central bank becomes more hawkish in its fight against out-of-control inflation.
While Bitcoin has largely prospered in a low-interest-rate environment for the majority of its life, there are rising concerns that the Federal Reserve may smash the cryptocurrency ecosystem by ending the age of “free money.” By the middle of 2023, rates are predicted to reach 4%. When they were this high in 2007, Bitcoin had not yet been released.