In a new video update, Cardano (ADA) founder Charles Hoskinson said that the turmoil around the latest crypto market crash is overreacted, and that substantial correction are simply part of the game.
While newer investors seem to be struck with panic and are consequently making losses, Hoskinson sees seasoned investors seem unmoved by recent affairs having experienced similar events in the past. He 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…
And no matter where I go and what I do, it always amazes me that there’s this constant rhyming of the attitude. So the old guard, nothing phases us anymore. We’ve seen everything twice, just to make sure we didn’t miss anything.
The new people, the minute that something occurs, like for example the collapse of a stablecoin or the collapse of Bitconnect, or these types of things, then they say ‘oh my God, this is the end of crypto. Everything is over, we’re all going to die, the markets are over, the dream is gone.’”
Welcoming the crypto newcomers to the latest ‘winter’, Hoskinson notes it might still be a couple of weeks or months before markets bottom and start climbing up.
“If this is your first crypto winter, then welcome. Been through many since 2011 and they always hit like a cold ice bath. We are in the panicked, blood in the streets phase. It clears in weeks to months as a bottom is found. Then a long climb up a ladder.”
If this is your first cryptowinter, then welcome. Been through many since 2011 and they always hit like a cold ice bath. We are in the panicked blood in the street phase. It clears in weeks to months as a bottom is found. Then a long climb up the ladder https://t.co/R1QMF0NgRI
— Charles Hoskinson (@IOHK_Charles) May 12, 2022
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Source: Igaming
