‘Hold Your Crypto for Decades!’

Kris Marszalek, CEO of Crypto.com, has shared his views on the current state of the crypto market. He emphasized the importance of a long-term view for Bitcoin investors, given the large drop in the value of Bitcoin and other major cryptocurrencies such as Ethereum, XRP and Cardano. The market was hit with major losses, with Bitcoin experiencing a 3.16% decline from its 24-hour peak of $72,504 to a point of $68,379.

Kris Marszalek on the Bitcoin price drop

During a discussion on CNBC’s Squawk Box, Marszalek talked about the factors influencing recent price movements. He pointed to the introduction of the spot Bitcoin ETF as the main reason for Bitcoin’s recent surge, which reached an all-time high just days before the big drop. He noted that the bitcoin ETF posed a supply threat, which had a major impact on the price of bitcoin. The CEO used the term “constructive correction” to describe the recent decline as an attempt to reduce excessive leverage in the system.

Marszalek dismissed the idea that the decline was caused by the bitcoin ETF or by retail investors. However, he indicated that the options market played a major role in the current price decline. He also pointed out the low volatility of the bitcoin price. According to Marszalek, this stability indicates a mature market, where price changes are likely to occur less quickly.

Marszalek sees cryptos as long-term investments

The impact of bitcoin’s decline goes beyond this coin; it also affects the entire crypto market, including coins like ripple (xrp). Bitcoin’s value fell, and with it, many other cryptocurrencies, including ripple, also fell significantly. However, Marszalek advises investors to be patient and consider that such investments should have a long-term perspective. He recommends not trading such assets in the short term, but rather holding them for decades.