Reeve Collins, co-founder of Tether and CEO of BlockV, claims that the crypto market has provided more than enough information regarding the risks associated with investing in cryptocurrencies.
Furthermore, he believes that regulators and the larger financial community have made sufficient contributions.
Collins stated:
“It is tragic when people lose their money. However, our industry has done all it can to warn people that they could lose their money. But not only has our industry done that, all the other industries – all the financial experts and all the advice out there”
He claims that warnings against cryptocurrency have been spread, notably through hashtags like “Bitcoin is a hoax” and “Blockchain does not function.”
According to the CEO of BlockV, consumers have been informed that investing in cryptocurrencies carries a risk of losing their money. He claims that the widespread “naysaying” serves as “fair caution” to anyone considering investing in cryptocurrencies about the risks and high volatility of the market.
Collins adds that investors should be aware of the risks involved before choosing “fringe coins” or applications because of the alluring high yield.
Investors also need to be aware that new projects offering these absurd rates may succeed or fail, as history has shown.
Collins remains optimistic about the cryptocurrency market generally, saying that the current issues are merely growing pains. The market will develop and provide the ecosystem with excellent financial products.
The cryptocurrency market is still suffering from a severe crypto winter that has destroyed billions of dollars’ worth of market value over the last few weeks. The majority of digital currencies are currently trading at prices that represent losses of between 80% and 90%.
Investors have experienced severe losses in some instances, with the collapse of LUNA serving as a notable example. Concerns continue as more projects are likely to fail due to a wider contagion.
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