Ethereum blockchain co-founder Vitalik Buterin has issued a strong warning to people who are just raring to invest all their money into virtual currencies.
In a post on Twitter, Buterin had this to say:
“Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time,” he tweeted this weekend. “Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.”
Buterin isn’t pulling punches with regards to the volatility. One Ether “coin” was worth around $13 a year ago but at the moment costs $950. In the last few months, it has reached $1,400 but at some point, has also dropped to $580.
Bitcoin, on the other hand, has gone through several crashes over the same time frame, although it is at the moment once again gaining steam at $11,500.
While it may seem odd to see a major cryptocurrency personality taking a note of caution more readily linked with Wall Street giants and financial regulators, rather than making outrageous claims about possible growth in the future, Buterin is a relatively cautious figure on the crypto realm.
Buterin has already warned current investors and would-be investors about bubbles and volatility in the cryptocurrency world on several occasions. In December, he bashed some players for being infatuated with exhibiting their cryptocurrency-claimed wealth, saying that they should instead be thinking about how to use the technology for “achieving something meaningful for society.”
- California Introduces Bill That Seeks to Recognize Blockchain Transactions 23 February 2018
- Robinhood Crypto Trading is Finally Launched 23 February 2018
- Turkey Considering the Creation of a National “Bitcoin” 23 February 2018
- Australia’s Consumer Watchdog Receives Over 1,200 Complaints About Cryptocurrency 23 February 2018
- Bitcoin Falls Below $10,000, Other Cryptocurrencies in Red As Well 23 February 2018
Bitcoin5 days ago
Anonymous Investor Purchases $344 Million Worth of Bitcoins
Business5 days ago
CFTC Announces Bounty for Those Exposing Pump and Dump Schemes
Bitcoin3 days ago
Glitch in Japanese Exchange Allows Users to Buy Bitcoins For Free
Bitcoin3 days ago
Bitcoin Keeps Roll Going, Reaches Three-Week High