The recent market turmoil has brought the crypto market into real perspective and has taken out many who were in it to make quick bucks. This is according to Ripple’s head of XRP markets, Miguel Vias. The volatility experienced has even made people begin to doubt the viability of distributed ledger technology as a value transfer medium.
“Just a few quick thoughts on the state of the broader space. Clearly the last few months of have been a bit of a rollercoaster, and there have been many challenging headlines. As a result, some have continued to doubt the viability of crypto and DLT technology generally.”
Using his Twitter page, Miguel further observed that the great rise in crypto prices had attracted a lot of people, many of them who didn’t understand or even care about the technology but were in it to make some quick money.
“The rally shone an incredibly bright light and attracted millions of new folks, many simply in it for a quick buck. Feels like many of those are gone for the moment, maybe waiting for a chance to just break even.”
In this group that just came for the promise of riches, there were those that became converted and became real believers in the tech behind cryptos. In general, the crypto industry was headed in the right direction despite the recent turmoil in prices and with the funds being directed into the industry and the talent working on the technology, the industry was quite exciting.
“Long winded way of saying it’s hard not to be incredibly optimistic about the industry. It’s well funded, has a brilliant core, continues to attract quality talent, and the tech is still pure magic.”
He recognized the fact there are major challenges that were facing the industry, describing the road ahead as “almost guaranteed to be brutally difficult.” However, the real believers would continue to push on and make incremental progress.
Miguel Vias joined Ripple in November 2016 from the CME Group where he was global head of precious metals and metal options at the largest precious metals desk in the world. He brought with him expertise building liquidity for financial products to strengthen XRP markets and set the stage for large-scale institutional adoption.