Bitcoin.com co-founder sold all BTC due to its riskiness

Bitcoin.com co-founder and CTO Emil Oldenburg switched to Bitcoin Cash and sold all of his BTC explaining it by the high risk of investment in Bitcoin
19 December 2017   464

Emil Oldenburg, co-founder and Chief technology officer of Bitcoin.com, which is one of the world’s largest Bitcoin websites, has expressed his extremely sceptical concers about Bitcoin cryptocurrency and its future in an interview with Swedish tech website Breakit.

I would say an investment in Bitcoin is right now the riskiest investment you can make. There’s an extremely high risk.
 

Emil Oldenburg
Co-founder and CTO, Bitcoin.com

Mr. Oldenburg claimed that he had recently sold all the Bitcoins and switched to Bitcoin Cash due to the riskiness of Bitcoin investing, issues with Bitcoin high transaction costs, lead times, and lack of Bitcoin market liquidity

At the moment of press, these are main market parameters of Bitcoin:

  • Average price: $18 276,50
  • Marketcap: $306 156 962 100
  • 24h volume: $16 323 600 000

It is worth reminding that Cboe and CME exchanges have recently launched Bitcoin futures trading.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   74

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.