Top CEO: Traders Tempted to Invest in Bitcoin should be Ready to Take Responsibility
According to the CEO of a leading cryptocurrency exchange, traders tempted to invest in cryptocurrencies such as bitcoin should be able to carry the burden of responsibility.
Jesse Powell, founder and CEO of Kraken, told CNBC on Tuesday,
“I think ultimately consumers need to look out for themselves, look into the fundamentals of any coin and not rely on any particular exchange to protect them from market volatility”.
Speaking at the World Government Summit in Dubai, Powell said the assessment process was “thorough” to verify that there was no scam.
“We are not making any promises about the future of any coin, things can change when you raise $ 1 billion in 10 minutes”.
On Monday, European Union regulators warned cryptocurrencies were unsuitable investments and should be viewed as “highly risky” assets.
The European Supervisory Authorities (ESA) for securities, banks and insurance companies and pensions declared that the volatility of cryptocurrencies presents “obvious signs of a price bubble”.
Elsewhere, billionaire investor Warren Buffett has recently developed the latest of the craze for bitcoin and other cryptocurrencies. Jamie Dimon, President and CEO of Morgan Chase, a Bitcoin of “fraud” already qualified.
Nick Spanos, CEO of Blockchain Technologies Corporation, responded:
“Warren Buffett is good at locating furniture and other businesses, but we are in a different business”
“I believe this is the declaration of monetary independence of the people,” he said on the same panel at the World Summit of the Government.
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