[ad_1]
Emilie Choi, President and COO of Coinbase.
Coinbase / YouTube
OGs love a crypto winter because true fans like them can dispense with the excessive hype, a senior Coinbase executive said. “Anyone who disproportionately profits from crypto tends to profit in the long run,” said Emilie Choi. Bitcoin is down 30% from its peak of almost $ 69,000 about a month ago, but is up 67% since the start of the year. Sign up here for our daily newsletter, 10 things before the opening bell.
True believers in crypto are celebrating a “crypto winter” because it filters out skeptics, according to Emilie Choi, a senior executive at Coinbase.
This is a time when digital assets linger at unusually low prices, after a recent bullish rally.
“OGs in space absolutely love winters. For example, Brian Armstrong loves a winter,” Choi told Bloomberg in an interview Wednesday, referring to the boss of crypto exchange Coinbase, where she is the director of the operation.
“And the reason they love winters is frankly that counterfeiters come out of space, builders keep building. They can focus without all the crazy hype around counterfeiters,” she said. added.
Crypto investors shouldn’t expect quick wins, but should be patient, according to Choi.
“Anyone who disproportionately profits from crypto tends to profit in the long run and own the ups and downs,” she said. “It is certainly not for the faint of heart.”
“It’s just one of those things where you have to really believe in the long term idea, and if you stick with it, that’s great,” she added.
“If you are a short term investor, this is probably not a good thing.”
The leading cryptocurrency bitcoin hit an all-time high of nearly $ 69,000 in November, as its price has doubled in the months since July. It is now down almost 30% from that record and is trading around $ 48,520. But the token is still up 67% for the year so far.
Meanwhile, the second-place Ether has fallen about 20% over the past three months to $ 4,064. For 2021, however, the coin has increased by around 455%.
More recently, crypto prices fell in the days leading up to the Federal Reserve’s monetary policy decision on Wednesday, as investors grappled with the prospect of faster cuts in stimulus and faster hikes in prices. interest rate. Many see bitcoin as a hedge against inflation, which the Fed is trying to tackle.
Kraken CEO Jesse Powell recently said that a crypto winter is now “possible”, but it will be a buying opportunity.
In the Bloomberg interview, Choi also explained why Coinbase’s platform is showing astronomically high cryptocurrency prices on Tuesday. Popular data provider CoinMarketCap started posting inaccurate prices, leading many users to momentarily believe that they had made huge gains.
“We depend on another CoinMarketCap provider for the data. So there was a problem,” Choi said. “It didn’t actually cause anything, other than the superficial thing you saw with the prize.”
The crypto executive said such an incident is “indicative of an emerging industry”, and Coinbase is still “building an infrastructure to make sure this stuff moves in the right way.”
Read more: The co-founder of a virtual real estate company that seeks to be the ‘Zillow for the Metaverse’ shares 3 AR metaverse he is excited about – and explains why some digital properties will be valuable even if 99% of projects are likely to fail
|
Sources 2/ https://markets.businessinsider.com/news/currencies/crypto-winter-outlook-fakers-clear-out-builders-coinbase-emilie-choi-2021-12 The mention sources can contact us to remove/changing this article |
[ad_2]