Charles Hoskinson, Cardano (ADA) founder, claims that significant corrections are a typical feature of the cryptocurrency sector and the frenzy around the most recent market meltdown is exacerbated.
In a new video update, Hoskinson states that seasoned investors are unconcerned by the recent rapid market decline since they have observed similar-sized corrections previously, but novice investors are panicking.
The crypto meltdown is expected to be overblown. Image: Forbes
I’ve been in this industry for a decade, and I remember bitcoin was worth $1, up to $30, down to $4, then $250, then $80, then $1,200, then down to $250 again, then up to $20,000, then down to $4,000, then to $64,000.
And regardless of where I go or what I do, it never ceases to surprise me that attitudes always rhyme. We, the elderly, are no longer affected by anything. We have viewed everything twice to ensure we have not missed anything.
The newcomers, the moment anything happens, such as the collapse of a stablecoin and Bitconnect, or similar events, exclaim, “Oh my God, this is the end of crypto!” “It’s all over; we’re all going to die, the markets have collapsed, and the dream is gone.”
Hoskinson goes on to “welcome” newbies to the newest crypto winter, stating that it might take weeks to months for the sector to reach a bottom before rising gradually.