Ava Labs President John Woo says there is new optimism and energy in the crypto ecosystem as the market witnesses price increases.
President of Avalanche (AVAX) Development Company To tell A new Bloomberg interview says that the banking crisis, with banks like Silicon Valley Bank (SVB) collapsing, has revitalized market participants in the crypto space.
“The excitement within the crypto ecosystem has been reactivated. Most of this price increase happened shortly after the SVB and people are unaware of it.
It was a reminder of why crypto natives entered the field. It’s the mistrust they have of large institutions.
That is why Bitcoin has become so popular since 2008. And thanks to those memories, I think the cryptocurrency native community has been rejuvenated. ”
As to whether there are new participants in the ecosystem, Wu said the rise in cryptocurrency prices is largely driven by the cryptocurrency community. According to the president of Ava Labs, new entrants have yet to set foot in the cryptocurrency market.
“The OTC[over-the-counter]market and entry into the cryptocurrency ecosystem like fiat currency via Coinbase have not really recovered yet. They are still hesitant.”
According to the president of Ava Labs, the cryptocurrency industry needs institutional investors to keep prices rising.
“I said earlier that the rise is being driven by native crypto people.
And, in my opinion, institutional investors need to get into the space at least for this asset class to continue to rise in price.
And real institutional investors need real utility and real use cases to get into this space. ”
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Generated image: In the middle of the journey
