Blockchain.com CEO on Crypto Winter: We’re Now Entering ‘Despair’
— Rescind accepted job offers, Noting, Added smith, Becoming profitable, Reports surfaced, Start, Debate, Cycle — 1 min read
Cryptocurrencies are now in bear market territory for the first time in three years. BitMEX and Gemini have vowed to cut staff since April. Bitcoin surged from $9,000 to nearly $62,000 between the second half of 2020 and November 2021, triggering explosive growth across the crypto sector.Blockchain.com CEO Peter Smith said a lot of crypto companies grew too quickly, without focusing on becoming profitable. Smith: “We’re going to see a fundamental rotation from growth to free cash flow’s. ‘I’m a free market capitalist, and I enjoy the cleansing power of the market,” he said. The previous bear market lasted significantly longer than nine months, and the depths of crypto winter Source