Ripple CEO Explains How The Company Is Thriving Through A Bear MarketJune 14, 2022 10:08 pm
Ripple CEO Brad Garlinghouse just shared his thoughts on his views on where the crypto market is currently heading and how the company will continue to thrive during the bear markets.
During the current market conditions, many other crypto firms like BlockFi and Coinbase are announcing massive layoffs citing reasons such as ‘economic uncertainty’.
At the same time, Ripple is managing to continue to hire new employees and continue to grow at record speed internationally while dealing with an SEC lawsuit.
As a result, Ripple’s performance has certainly been out of the ordinary when compared to the rest of the crypto industry which may be why the company gets a lot of attention.
Ripple CEO Explains How His Company Survives Through Bear Markets
— 🇳🇱 MACKATTACK XRP 🇳🇱 (@MackAttackXRP) June 14, 2022
Garlinghouse says that Ripple, one of the oldest crypto companies, managed to weather previous bear market downturns by having experienced executives, focusing on the long term and operating with transparency.
While many crypto companies have paused hiring or started shrinking their staff, Ripple says that it will be able to grow the number of employees even during the bear market after securing a “significant” cash balance.
Earlier today, Bitcoin came perilously close to dropping below the $20,000 level before seeing a mild relief rally. Some are predicting that this will be the first bear market when the cryptocurrency drops below the peak recorded during the previous bull cycle.
As reported by The Wall Street Journal, the U.S. Federal Reserve is now ready to implement a 75 basis hike this Wednesday. This would be the biggest rate increase since 1994 as the central bank is becoming increasingly hawkish to battle out-of-control inflation.
Ripple is also considered one of the oldest cryptocurrency projects out there as it was launched back in 2012.
As a result, the company has already been through multiple crypto economic cycles and has survived all of them easily.
If history indicates anything, this shows that Ripple will come out stronger than before and even take advantage of the economic turmoil by acquiring assets at bargain prices.
As Ripple’s organic growth continues through the increasing demand of its long term utility products, the company seems to be already prepared for the crypto winter.
"I hope we have the opportunity to take advantage of the downturn in various ways. It’s going to be easier to hire people.” Ripple CEO Brad Garlinghouse https://t.co/uCF4YK5qYP
— Shit Management Says (@ShitMgmtSays) May 28, 2022
While more crypto companies are cutting their headcounts to reduce their total expenditures to survive the market downturn, Garlinghouse said Ripple would hire new talent just like Binance because the firm has been preparing for the crypto winter.
He noted that the current bearish trend is ”not a small market gyration.” He further revealed that Ripple had built its war chest with a significant cash balance to keep onboarding the best talent.
Garlinghouse believes the worst is not over, and the market will likely crash further in the short term. However, he is very confident that the crypto industry will succeed in the future to become an intrinsic part of the global financial systems. “Slow and steady wins the race,” he said.
Economic conditions like bear markets and inflation will likely shrink the industry and weed out unsustainable projects which leaves room for growth for the ones that truly have value.
— AZCoin News (@azcoinnews) June 14, 2022
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