Charles Hoskinson, Co-Founder, and CEO of IO Global (aka “IOG,” formerly known as “IOHK”), the company in charge of Cardano’s research and development, is attempting to assuage fears of a crypto market downturn by claiming that significant corrections are normal in the industry.
Long-term crypto investors were mostly undisturbed by the latest price correction, according to a video Hoskinson posted on his YouTube channel on May 11. Hoskinson pointed out that the industry had previously experienced such substantial price corrections, implying that market volatility was normal.
Hoskinson gives A good Argument In Defence of Cardano
Newer investors or those who began investing in crypto after the start of the bull run, according to Hoskinson, are more prone to panic sell.
According to The Daily Hodl, Hoskinson stated,
I’ve been in this industry for about a decade, and I recall Bitcoin starting at $1 and rising to $30, then $4, then $250, then $80, then $1,200, then down to $250, then up to $20,000, then down to $4,000, then to $64,000.
Hoskinson noted that attitudes on crypto pricing were very similar around the world, claiming that “nothing phases us anymore” among the old guard.
Hoskinson continued, saying that newer investors were the ones catastrophizing the situation, saying that the recent price drop signaled “the end of crypto.” Hoskinson did his best to quell the concerns of these investors, giving them a “welcome” to the potential bear market, which he dubbed a crypto winter.
He warned that it could take weeks or months for the crypto markets to find a price bottom, and said that we are in the “panicked, blood in the streets phase.” Hoskinson concluded by saying that there would be a “long climb up a ladder,” in the aftermath.