Coinbase CEO Brian Armstrong gave words of warning to new cryptocurrency buyers amid Bitcoin’s recent spike to an all-time high.
In a blog post on Wednesday, the CEO of the cryptocurrency trading company said that he and his company had adopted a long-term view of the market while stressing that investing in cryptocurrencies is “not very safe.”
“While we are always excited to see an increase in interest in cryptocurrencies, it is also important to note that this is not only a good time for high volumes but also price volatility,” Armstrong wrote. “The market can move back and forth much faster than the stock market.”
Armstrong warned investors who might focus on short-term speculation and encouraged his clients to “seek resources” and consult with financial experts for a good understanding.
The CEO also hinted at multiple imbalances at Coinbase this year as the exchange struggled to keep up with a flood of traders looking to profit from Bitcoin’s high volatility.
Armstrong wrote: “Although we sometimes miss it, we will always do our best to fill our gaps and publish any information our clients need to manage their accounts and make bright business decisions reliably.”