Cardano (ADA) founder Charles Hoskinson said Friday that large corrections were routine parts of the crypto industry and the hysteria surrounding the latest market crash was inflated.
In a new video update, Hoskinson said that seasoned investors were unfazed by the most recent sharp market downturn as they had witnessed similar-sized corrections in the past, while newer investors were hitting the panic button.
“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…
Read Also | 3 most famous crypto-currencies in May 2022
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 something new 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.’”
Hoskinson welcomed newcomers to the latest crypto winter, saying that it could take months for the industry to find a bottom before 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 panicked with blood in the streets. It clears in weeks to months as a bottom is found. Then a long climb up a ladder.”