The founder of Cardano (ADA)Charles Hoskinson, says major corrections are routine parts of the crypto industry and inflating hysteria surrounding the recent market crash.
In a new video update, Hoskinson says experienced investors seem unfazed by the recent sharp market downturn, having experienced similarly large corrections in the past, while newer investors are hitting the panic button.
“I’ve been in this field for almost a decade now and I remember Bitcoinbefore it was a $1, and then went up to $30, then fell to $4, then to $250, then to $80, then to $1,200, then fell back to $250, then to $20,000, then to 4,000 $, then to $64,000…
And no matter where I go or what I do, it never ceases to amaze me that this attitude keeps rhyming. So the old guard, nothing gets us in phase anymore. We watched everything twice just to make sure we didn’t miss anything.
The new people say the moment something happens, like the collapse of a stablecoin or the Bitconnect collapse or things like, “Oh my god, this is the end of crypto”. It’s all over, we’re all going to die, the markets are over, the dream is over.’”
Hoskinson goes on to “welcome” newcomers to the recent crypto winter, saying that it could take weeks to months for the industry to bottom before climbing steadily higher.
“If this is your first crypto winter, then welcome. Have been through many since 2011 and they always hit like a cold ice bath. We are in the panic phase, blood on the streets. It will clear up in weeks to months when a bottom is found. Then a long climb up a ladder.”
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Source: Crypto News Deutsch