The cryptocurrency market has underperformed in recent weeks, but a Coinbase manager believes that the biggest players in the game love this time.
Emilie Choi, president and chief operating officer at Coinbase, believes that the leading players in the cryptocurrency space are loving the crypto winter. The crypto winter refers to a period in which the prices of most cryptocurrencies have fallen by more than 20% over a longer period of time.
According to Choi, the crypto winter is clearing the wrong investors from the market, and that’s why the OGs love it. She mentioned this in a recent interview with Bloomberg and explained the following:
“The OGs in the crypto sector absolutely love winter. Brian Armstrong loves winter. And the reason they love winter is, frankly, that the counterfeiters leave the room, and the builders continue to build. You can concentrate without all the crazy fuss about the counterfeiters.”
She advised investors that they should not expect to make huge profits from investing in cryptocurrencies within a short period of time. Instead, you should be patient and make sure that you invest in excellent projects.
“Anyone who Benefits disproportionately from crypto tends to sit it out in the long run and be a holder during the ups and downs”, said Choi. “It’s definitely not for the faint of heart. It’s just one of those things where you really have to believe in the idea in the long run, and if you persevere, it’s great. If you’re a short-term investor, it’s probably not a great thing.”
Bitcoin and the other major cryptocurrencies have suffered huge losses in recent weeks. BTC hit a new all-time high of over $69,000 in November. However, since then it has dropped by more than 30% and is currently struggling below the $ 50,000 mark.
Ether, Binance Coin, Solana, XRP, Cardano and other leading cryptocurrencies are also currently suffering heavy losses.