Charles Hoskinson, who is Co-Founder and CEO of IO Global (aka “IOG”, formerly known as “IOHK”), the company responsible for Cardano’s research and development, is doing his best to quell concerns over a crypto market recession, saying that large corrections are routine for the industry.
In a video released on his YouTube channel on May 11, Hoskinson told viewers that long-time crypto investors were relatively unfazed by the recent price correction. Hoskinson noted that the industry had been through similarly severe price corrections in the past, insinuating that market volatility was par for the course.
Hoskinson argued that newer investors or those who started investing in crypto since the start of the bull run were the ones most likely to panic sell.
As reported by The Daily Hodl, Hoskinson said,
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 towards crypto prices were remarkably similar around the world, arguing that to the old guard, “nothing phases us anymore.”
Hoskinson continued, saying that newer investors were the ones catastrophizing the situation, saying that the recent price drop signaled “the end of crypto.” Hoskinson did his best to quell the concerns of these investors, giving them a “welcome” to the potential bear market, which he dubbed a crypto winter.
He warned that it could take weeks or months for the crypto markets to find a price bottom, and said that we are in the “panicked, blood in the streets phase.” Hoskinson concluded by saying that there would be a “long climb up a ladder,” in the aftermath.
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