Welcome back several crypto firms reportedly cautioning that thousands of digital currencies and blockchains are likely to collapse in the coming years comparing the market to the early.com.
days joining me right now is the head of republican.
crypto. andrew dergy andrew thanks very much for being here what is your take on all of this commentary about the crypto market and this potential collapse yeahgreat great to be here again always love being here thank you so much for having us u the market is secularright and we're going to see down down times the market.
and we're going to see up times in the market and actually.
some of the down times in the market is where a lot of the innovation is done uh one of the biggest issues in the industry is just a lack of developer talent because the industry is so new when we're waiting for the developers to come into place so what actually happens when there is a crypto winner or a downturn is it allows these uh developers to aggregate into.
very specific verticals and very specifi.
projects that's where we produce some of the best tech we saw uh out of one of the downturns in 2014 we saw ethereum which everyone is familiar with come out of that we saw the downturn of 28 20 late uh 2017-2018 things like avalanche polygon algorithm um come out of that so i think that we're almost certainly going through one.
of those cycles now but this is when.
we see the space continue to mature well i mean look we know that coinbase is announcing that it's going to extend its hiring freeze for the foreseeable future uh and pull some accepted job offers uh the winklevoss twins cryptocurrency exchange gemini has announced that it will cut 10 of its workforce saying that the crypto.
industry is entering quote a crypto.
winter andrew uh with these job cuts in crypto is this a signal that things have gotten uh overheated and we're about to see a serious layoff pace i think this is just well in line with what we're seeing in the rest of the markets i mean tesla itself announced today that they're going to be they're going to have a hiring freeze andthey're going to cut jobs by about 10.
percent you saw this with clarina recently you saw this with exxon you saw this with 10 cent you saw this with alibaba and i i think this is just general global market sentiment not really even specifically crypto i think this is actually well in line and sees a parallel with traditional markets soactually we end up seeing this as just continuing maturity of the industry as.
it starts to fall in line with with the rest.
of the global conditioni think this relates a lot to what we're seeing uh just globally out of in the geopolitical space i think it's what we're seeing coming out of uh ukraine and russia and the long-term effects of that conflict um this is just going to continue to spill over into all all areas i think of global commerce.
oh wow andrew is this an opportunity.
to look for value here or do you think we are going to see a further sell-off in cryptocurrencies i think there's there's potentially still some more pain to come um you know if you believe that there's going to be a further downturn in global markets at all um especially over the next couple years maybe until the next election
cycle i think that uh it's highly probable that the crypto markets.
will continue to follow suit with some of the traditional markets you know for a long time we were hoping that we were going to see a decoupling of the crypto industry from the traditional markets but we've seen actually kind of the opposite as it's as it's grown it continues to fall more and more in line with the traditional markets overall.
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