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BTC $42758.53 (-2.9%)
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BCH $538.91 (-2.6%)
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BNB $365.90 (-2.0%)
ADA $2.10 (-2.6%)
DOGE $0.20 (-2.5%)

Coinbase CEO Gives Investors Caution Amid BTC Surge

Coinbase CEO Gives Investors Caution Amid BTC Surge
  • Bitcoin set a new record of $24,000 last week.
  • The price of Bitcoin bounced back from $19,000 last week to above $24,220 This week.
  • Brian Armstrong, CEO of Coinbase, issued a severe warning to investors.

Bitcoin set a new record after the volatile cryptocurrency snapped back clearly over the weekend.

Bitcoin broke above $24,000, only to retreat to roughly $23,000 on Thursday and Friday. It bounced back to above $24,000 on Sunday. With this, it set a new record high of $24,220.

Due to the spike, Bitcoin added more than $100 billion to the world’s digital token value.

With it, Coinbase CEO Brian Armstrong has issued a warning to investors. He reminded them of the “risk” of Bitcoin and cryptocurrencies.

“We cannot emphasize enough how important it is to understand that investing in crypto is not without risk,” Armstrong stated in a blog post.

He pointed out the resurgent asset’s unbelievable volatility. Also, he underscored that it’s a feature that may shock investors. “The market can move in either direction much faster than equity markets,” he wrote.

Armstrong’s post’s sentiment resembles what most financial advisers would recommend to clients when it comes to risky investments: Don’t put up anything if you’re not willing to lose.

The company filed the IPO paperwork and confirmed the recent rumors about going public. Coinbase makes most of its money on its fees when people buy and sell Bitcoin on its platforms.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.