Coinbase CEO Pens Words of Caution to Crypto Newcomers

Coinbase CEO Brian Armstrong provided words of warning to new entrants of cryptocurrency amid bitcoin’s latest climb to fresh all-time highs.

In a Medium 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.

The CEO also alluded to Coinbase’s multiple outages during times of extreme price movements and activity in bitcoin‘s price 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.”