Investing in cryptocurrencies is the latest trend. Everyone is getting involved and exchange platforms are making huge profits as a result. However, the CEO of one of the biggest exchange platforms in the world said something that no one expected him to. We are talking about Jesse Powell who is the founder and CEO of Kraken.
The Risks of Investing in Cryptocurrencies
First off, we need to mention that investing in cryptocurrencies is a risky business. Obviously, there are thousands of stories of people who invested in Bitcoin or any other altcoin at the right time and ended up making huge profits from that.
Therefore, it’s pretty clear why everyone wants to live the same story and to turn $1 million from $100. Although, the market is highly volatile and the market is always prone to crashes.
In fact, the market dropped twice this year and February is not even over. Nonetheless, the founder and CEO of Kraken decided to shed light on some more serious risks.
Kraken CEO Advice to Bitcoin Buyers
“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” said Jesse Powell.
The founder and CEO also attended the World Government Summit in Dubai and that’s where he announced that Kraken started a “thorough” evaluation process that makes sure all cryptocurrencies available on the exchange platform are not a scam.
Jesse Powell made this statement when questions about future cryptocurrencies: “We make no promises about the future of any coin, things can change when you raise $1 billion in 10 minutes”. Therefore, cryptocurrency investors should not rely on exchange platforms when it comes to spending money, and just choose what they think will do best.