Charles Hoskinson, Co-Founder and CEO of IO Global (aka "IOG", formerly known as "IOHK"), the company in charge of Cardano's research and development, is doing his best to allay fears of a crypto market crash, claiming that large corrections are common in the industry.
In a video posted to his YouTube channel on May 11, Hoskinson stated that long-term cryptocurrency investors were unfazed by the recent price correction. Hoskinson noted that the industry had previously experienced similarly severe price corrections, implying that market volatility was normal.
Hoskinson argued that newer investors or those who began investing in crypto after the bull run began were the most likely to panic sell.
According to The Daily Hodl, Hoskinson stated,
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.
Hoskinson claimed that sentiments toward crypto prices were eerily similar around the world, claiming that "nothing phases us anymore" among the old guard.
Hoskinson went on to say that newer investors were exaggerating the situation, claiming that the recent price drop signaled "the end of crypto." Hoskinson did his best to assuage these investors' fears, wishing them a "welcome" to the potential bear market, which he dubbed "crypto winter."
He warned that the crypto markets could take weeks or months to find a price bottom, and that we are in the "panicked, blood in the streets phase." Hoskinson concluded by predicting a "long climb up a ladder" in the aftermath.
DISCLAIMER
The author's or anyone else's views or opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading in crypto assets carries a financial risk.
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