Coinbase CEO Brian Armstrong provided words of warning to new cryptocurrency investors amid bitcoinâs latest climb to fresh all-time highs.
In a blog post on Wednesday, the CEO of the leading cryptocurrency exchange said he and his company take a âlong-term view of the marketâ while emphasizing that cryptocurrency investing was ânot without risk.â
âWhile weâre always excited to see increased interest in crypto, itâs also important to point out that this is not only a time of high volumes but also price volatility,â Armstrong wrote. âThe market can move in either direction much faster than equity markets.â
Armstrong also cautioned investors who might be focusing on short-term speculation and encouraged his customers to âseek out resourcesâ and consult financial experts in order to obtain a better understanding.
The CEO also alluded to Coinbaseâs multiple outages this year as the exchange has struggled to keep up with a flood of traders looking to capitalize on bitcoinâs high volatility. âAlthough 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,â Armstrong wrote.
See also: Coinbase Brokered MicroStrategyâs $425M Bitcoin Purchase, Exchange Says