In an interview with Forbes contributor Steven Ehrlich on May 31, Avalanche co-founder Emin Gün Sirer discussed how bear market conditions have impacted cryptocurrencies like Avalanche (AVAX). The crypto industry is currently experiencing a slump, with many digital assets losing 40% to more than 80% of their value versus the US dollar. Gün Sirer stated that “I’m constructing, and everyone I know is building.”
Despite the present bearish crypto market, Gün Sirer is optimistic about AVAX’s future and believes it is the best sort of blockchain technology accessible today. The Avalanche co-founder remarked:
“Avalanche is the most revolutionary blockchain platform gadget to date. From a technical standpoint, it represents the best technology we have for developing scalable and adaptable blockchains. “
According to Gün Sirer, Ava Labs is a private corporation and it is “thriving.” The business employs around 180 employees. He expects that number to increase to 250 by the end of this year. He elaborated:
“We have multiple revenue sources, and we’re well capitalised for the next, I don’t know how many years. So we’re in a very good situation as a company, growing fast.”
Gün Sirer also shared his opinion on AVAX’s declining value. He explained:
“In this space, there are a whole bunch of things happening,” Gün Sirer responded. So the macro conditions are what they are, right? We printed a lot of money across the globe, and now everybody wants to contract the money supply. All asset prices—not just crypto but also equities—have gone down. That’s sort of where we are. “
The Avalanche co-founder also spoke about the Federal Reserve’s tactics, saying that if certain macro variables fuel a worse recession, central banks may “back off of the aggressive policies.” He underlined that the economy might change at any time, and that the fiat value of crypto isn’t something he’s “very interested in.” AVAX, on the other hand, has suffered a setback since the Terra LUNA and UST fiascos, as investors’ faith in decentralised finance (defi) has been shattered.
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