Ripple will be able to continue hiring despite severe market downturn, according to CEO Brad Garlinghouse
In a recent Twitter thread, Ripple CEO Brad Garlinghouse weighed in on the recent crypto crash, arguing that the market is likely to “shrink” soon.
It’s never easy, but there are a few key reasons why Ripple has weathered the cyclical bear markets, as we will do here and continue growing. 1/ having an experienced exec team that has been through the dot com bubble, 2008 financial crisis, 2018 crypto winter and more.
— Brad Garlinghouse (@bgarlinghouse) June 13, 2022
Ripple CEO explains how his company survives through bear markets
However, the operator remains optimistic in the long term. He believes cryptocurrencies will eventually become “an integral part” of the financial system. Garlinghouse says that Ripple, one of the oldest crypto companies, has managed to weather previous market downturns by having experienced executives focused on the long term and operating with transparency.
While many crypto companies have paused hiring or started downsizing their staff, Ripple says they will be able to increase headcount even during a bear market after securing a “significant” cash balance.
Earlier today, Bitcoin narrowly dropped below $20,000 before witnessing a slight rally. Some predict this will be the first bear market as the cryptocurrency falls below the previous bull cycle’s peak.
The US Federal Reserve (FED) is now poised to make a 75 basis increase on Wednesday of this week. It would be the biggest rate hike since 1994 as the central bank became increasingly belligerent in its battle with out-of-control inflation. While Bitcoin has mostly thrived in a low-interest-rate environment for most of its existence, there are growing concerns that the Fed will destroy the crypto ecosystem by putting an end to the era of “free money.” Rates are now expected to hit 4% by mid-2023. The last time they hit this high was in 2007; Bitcoin had yet to hit the market.
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