Ripple president Monica Long shared her views on the current state of the cryptocurrency industry in a recent statement. Likening the fluctuating interest in the sector to changing seasons, Long called periods of intense activity “crypto summer” and quieter times “crypto winter.”
Long stated that the industry was booming in the crypto summer and everyone wanted to be a part of the industry. However, Long observed a shift in focus during the recent crypto winter. Developers who previously offered Web3-centric projects in 2022 have now turned to artificial intelligence (AI) as their main selling point. Despite this change, Long hinted that they may return to their original focus soon.
Long advised against blindly following trends, especially during the crypto winter. Instead, he encouraged individuals to move forward and not be deterred by the current regulatory environment or uncertainties regarding the U.S. stance on crypto and blockchain technology.
Long stated that he is aware of the questions hovering over the industry, such as whether cryptocurrency ETFs will be approved and where the world stands on crypto blockchain technology. According to Long, recent headlines regarding Binance and FTX have also created a dark cloud over the industry.
Despite these difficulties, Long argued that taking risks can lead to great rewards.
*This is not investment advice.
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