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It is a fact that the cryptocurrency industry has suffered from major losses in the year 2022 and the situation is still not any good.
The crypto sector has suffered from one debacle after another in the form of Terra and FTX but still, the industry is there.
Still, millions of investors are investing in cryptocurrencies on a regular basis. This is a positive sign for the cryptocurrency industry as it provides an assurance that the crypto sector is going nowhere.
People have lost their trust
It would be misleading to say that the users have full trust in the cryptocurrency industry.
It may be possible that the majority of people have ended up losing their trust in cryptocurrencies and it is all because of the recent crashes.
The latest blow that the crypto industry was dealt, was the FTX crash that resulted in losses worth billions to its investors.
After the FTX crash, the investors lost their trust in crypto and became very sensitive to every development in the cryptoverse.
This led to mass sell-offs of Bitcoin, Ether, and every other imaginable cryptocurrency. Only a handful of cryptocurrencies have managed to recover from the losses while the rest are still at the bottom.
Gene Simmons is Positive about Crypto
Due to recent developments, people’s distrust level in cryptocurrencies has increased to another level. People are no longer taking any risks and they are selling crypto whenever they feel a slightly bearish trend.
Amidst the uncertainty in the crypto-verse, Gene Simmons, the Rock Legend from the band “Kiss”, is confident about the bright future of cryptocurrencies.
He is among those who are acting as a beacon of hope for the entire cryptocurrency industry. He is part of a group of people who are trying their best to keep the people together and not lose their trust in crypto.
Gene Simmons, an American musician born in Israel understands that the FTX exchange and the mass sell-offs are a huge concern.
However, he is of the view that the cryptocurrency industry is much bigger than such incidents. It has made it through many downfalls since it came into being in 2009 but it has proven its resilience.
Even now, the cryptocurrency industry is going to prevail and the investors will return to the asset as they did in late 2020.
Simmons is Still Holding Crypto
Just recently, Gene Simmons was interviewed at one of the events where he talked about the future of cryptocurrencies.
He talked about his views of cryptocurrencies and their potential to grow bigger and larger in the long term.
While talking about the enormity of the cryptocurrency industry, Simmons mentioned his own crypto holdings.
Simmons admitted that despite the market downtrend and crashes, he has held on to his crypto possessions. He has not parted ways with the cryptocurrencies and wants to stay that way.
He added that holding on to the cryptocurrencies in his possession is his personal preference. He does not want to give any kind of advice about cryptocurrencies because he is not a financial advisor.
He stated that he has been in possession of cryptocurrencies since he bought them for the first time. He has not parted ways with them and intends to keep holding them.
Simmons Revealed his Crypto Holdings
As the rock legend shared his thoughts about crypto and mentioned his holdings, he was asked which crypto he was holding.
Simmons confirmed that he is carrying many of them but the ones he prioritizes are Ethereum, Litecoin, and Bitcoin.
These cryptocurrencies are considered to be the most credible and highly reputed assets in the entire crypto.
A year back, Gene Simmons confirmed that he is holding on to a total of 14 different cryptocurrencies. From the looks of it, the rock legend is still loyal to cryptocurrencies.
His confidence and courage in terms of cryptocurrencies may help bring the masses back to the crypto industry.
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