Crypto OGs love a crypto winter, says Coinbase’s COO
The cryptocurrency market has been underperforming in recent weeks, but a Coinbase exec believes the biggest players in the game love this period.
Emilie Choi, president and chief operating officer at Coinbase, believes that the leading players in the cryptocurrency space love the crypto winter. The crypto winter refers to a period where the prices of most cryptocurrencies are down by more than 20% for an extended period of time.
According to Choi, the crypto winter clears out the fake investors from the market, and this is why the OG's love it. She mentioned this during a recent interview with Bloomberg, stating that;
"The OGs in the space absolutely love the winters. Like, Brian Armstrong loves a winter. And the reason that they love the winters is, frankly, the fakers get out of the space, the builders keep building. They can focus without all the crazy hype around the fakers."
She advised investors that they shouldn't expect to make huge profits from cryptocurrency investment within a short period. Instead, they should be patient and ensure they invest in excellent projects. Choi added that;
"Everybody who kind of disproportionately benefits from crypto tends to just ride it out on the long term and be holders throughout the ups and downs," she said. "It's definitely not for the faint of heart. It's just one of those things where you have to truly believe in the idea that long term, and if you stick through it, 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 reached a new all-time high above $69k in November. However, it is down by more than 30% since then and is currently struggling below the $50k level.
Ether, Binance Coin, Solana, XRP, Cardano and other leading cryptocurrencies are also experiencing tough losses at the moment.