Brad Garlinghouse, the CEO of Ripple, the US-based cross-border payment firm, has recently showcased his optimism in the crypto industry, especially to the newcomers who have little or no clue about how things have been in the fast-growing ecosystem.
It’s no longer news that the crypto industry is currently in the bear market and the prices of cryptocurrencies have been dipping since the beginning of the year. But the recent trend has been more devastating for virtually all digital currencies in the market, including Bitcoin (BTC), Ethereum (ETH), and the Ripple’s digital token XRP.
Brad Garlinghouse: This Too Shall Pass
In a series of tweets on the 14th of June, Brad Garlinghouse stated that he’s advising the newcomers because he has been able to see a few downturns over the years and the current negative trend is not the first in the crypto industry.
Brad Garlinghouse tweeted, “Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years).”
Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years).
— Brad Garlinghouse (@bgarlinghouse) June 13, 2022
In the same thread of tweets, Garlinghouse gave four different reasons why Ripple has been able to flourish over the years despite bear markets. He wrote:
- Having an experienced exec team that has been through the dot com bubble, 2008 financial crisis, 2018 crypto winter and more.
- Focusing on the long term – Ripple has been building enterprise products with long-term utility NOT speculation. These are products that solve problems today, not ones in search of a problem. FYI – Q2 ODL volume (well over $1B) already surpassed its target 3 weeks before EOQ.
- 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.
- Paying attention – what’s happening now is not a small market gyration. We’ve been preparing for this w/ a significant cash balance, and thus can afford to keep hiring the best talent w/ the goal of 50% outside the US.
Ripple CEO concluded by stating that he’s confident like many others that crypto will succeed eventually as an integral part of the global financial systems.
“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 added.