Blockchain.com's Smith Sees Long-term Consequences of Market Turmoil
The consequences of the crypto market's recent turmoil will still be felt for a while as the market is still in its nascent period of building, Blockchain.com CEO Peter Smith said in an interview with CNBC.
He said that in the "next few weeks" some trading firms and funds that haven't been managing their risks appropriately will likely be "shut down." Smith said:
"It is going to take a few weeks, if not months, to see the ripple effect of a really brutal two or three weeks for crypto."
As the crypto market lost over $200 billion over the past few weeks, the Blockchain.com CEO says it'll yet take a long time of adoption and growth before the market will be ready to stand such volatilities without enormous losses. He also added newbies should learn how to manage their crypto portfolios as the market is still in "the nascent period of building this whole finance system out."
Smith's statement comes after cryptocurrency exchange Coinbase announced personnel changes due to "current market conditions." Coinbase's President and Chief Operating Officer, Emilie Choi, said that the company now wants to reprioritize its "highest-priority business goals" and has already started to put some of its plans for market scenarios "into practice."
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