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Coinbase CEO Pens Words of Caution to Crypto Newcomers
Brian Armstrong provided words of warning to new cryptocurrency investors amid bitcoin's latest climb to fresh all-time highs.
Updated Sep 14, 2021, 10:44 a.m. Published Dec 17, 2020, 1:50 a.m.
Coinbase CEO Brian Armstrong provided words of warning to new cryptocurrency buyers amid bitcoin's latest climb to fresh all-time highs.
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In a blog post on Wednesday, the CEO of the leading cryptocurrency exchange said he and his company take a "long-term view of the market" while emphasizing that cryptocurrency investing was "not without risk."
"While we’re always excited to see increased interest in crypto, it’s also important to point out that this is not only a time of high volumes but also price volatility," Armstrong wrote. "The market can move in either direction much faster than equity markets."
Armstrong also cautioned investors who might be focusing on short-term speculation and encouraged his customers to "seek out resources" and consult financial experts in order to obtain a better understanding.
See also: Coinbase Brokered MicroStrategy’s $425M Bitcoin Purchase, Exchange Says
The CEO also alluded to Coinbase's multiple outages this year as the exchange has struggled to keep up with a flood of traders looking to capitalize on bitcoin's high volatility.
"Although we may occasionally fall short, we will always do our best to address our shortcomings and transparently communicate any information that our customers need to confidently manage their accounts and make informed trading decisions," Armstrong wrote.
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Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
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