According to CEO Brad Garlinghouse, Ripple will be able to continue hiring despite the huge market drop
one in recent twitter threadRipple CEO Brad Garlinghouse weighed in on the recent cryptocurrency crash, arguing that the market could “shrink” in the near term.
However, the executive remains sharp in the long run. He believes that cryptocurrencies will eventually become “an integral part” of the financial system.
Garlinghouse says that Ripple, one of the oldest crypto companies, managed to weather past bear market downturns by focusing on working long term and with transparency, with experienced executives.
While many crypto companies have stopped hiring or began to reduce their workforce, Ripple says it will continue to increase the workforce even during bear markets, even after achieving “significant” cash balances. will be able to.
Waiting for the Fed’s decision
earlier today, Bitcoin There was a close below the $20,000 level before seeing a slight relief rally. Some are predicting that this will be the first bear market for the cryptocurrency to fall below the peaks it recorded during the last bull cycle.
The US Federal Reserve is now set to implement a 75 basis increase this Wednesday, The Wall Street Journal reports. This will be the biggest rate hike since 1994 as the central bank becomes increasingly quick to fight out-of-control inflation.
While bitcoin has thrived in a low-interest-rate environment for most of its existence, there are growing fears of the Fed crushing the cryptocurrency ecosystem altogether by ending the era of “free money.” Rates are now expected to reach 4% by the middle of 2023. The last time they were so high was in 2007, until bitcoin launched.