Ripple’s top executive reckons that there are going to be fewer crypto billionaires soon as bear market continues
Ripple chief technology officer David Schwartz has sort of explained to influencer David Gokhshtein where crypto millionaires will be coming from in the coming months.
This conversation took place while Bitcoin dropped below the $16,000 level for the first time in two years.
“Millionaires will be made in the coming months”
Ripple’s David Schwartz has responded to a tweet by former U.S. congressional candidate-turned crypto podcaster David Gokhshtein about millionaires that “will be made in the next coming months.”
The blockchain giant CTO stated with black irony that these millionaires “will be made out of billionaires.”
They’ll be made out of billionaires.
— David “JoelKatz” Schwartz (@JoelKatz) November 20, 2022
This scenario seems to be realistic now as Bitcoin has broken down below the $16,000 level for the first time since early 2020, as the FTX collapse and the scandal that followed it stroke a tough blow against the cryptocurrency market.
Here’s what pushed Bitcoin to $15,800, per Santiment
Prominent data aggregator Santiment has spread the word about the likely reason of Bitcoin breaking another important level, going down the price ladder. For the first time in two years, it has broken below $16,000, reaching $15,800.
According to a recent tweet by the analytics company, this was provoked by the crowd FUD (fear, uncertainty, doubt) reaching high peaks driven by the deteriorating lack of trust in centralized crypto exchanges, which was initially caused by the collapse and bankruptcy of FTX and its co-founder Sam Bankman-Fried, a former crypto billionaire.
🧘 #Bitcoin dropped below $15.8k for the first time in 2 years, and address activity spiked to its highest level in over 6 months. #FUD due to lack of trust in exchanges historically benefits the patient, as we see $BTC continue moving into self custody. https://t.co/lz5FOkIkRX pic.twitter.com/6PKUA29nDE
— Santiment (@santimentfeed) November 21, 2022
Still, as the aforementioned crisis keeps unfolding, the activity of Bitcoin addresses has soared as manifold investors have been hastily withdrawing their Bitcoin and other crypto from exchanges.
The activity of wallets has reached a half-year high as they are moving BTC to cold wallets for self-custody.