Some major crypto firms need to stop making obvious, avoidable mistakes that destabilise the industry, cause financial chaos for investors and job losses for workers, says the CEO of one of the worldโs largest advisory, asset management and fintech organisations.
The comments from deVere Groupโs Nigel Green, a game-changing digital asset advocate who launched pioneering cryptocurrency exchange deVere Crypto in early 2018, come as some of the biggest players in the market continue to struggle in a volatile environment.
Bitcoin, the worldโs largest cryptocurrency, which has shed 57% so far this year, fell below $20,000 over the weekend for the first time since December 2020.
He says: โIโm not in the habit of throwing shade at other companies, but in recent times weโve seen many of the biggest players make huge, unnecessary mistakes.
โThey went for enormously expensive TV ads, jumped on highest-tier sponsorships, rolled-out lending models offering astronomical interest rates on crypto deposits, and launched unprecedented hiring sprees.
โNow, what do we have? Firms laying-off swathes of staff, freezing client withdrawals and cutting back on investment.โ
He continues: โUnfortunately, these brands have made some classic, obvious and avoidable dot-com era errors.
โThese mistakes destabilise the industry due to the contagion effect, exacerbate financial chaos for investors and the pain of job losses for so many who were hoping to have a rewarding career in the future of finance.
โSuch crypto firms would be better off โ for the sake of their clients and the wider industry โ growing through investing in top talent, innovation and development, and lobbying for sensible regulation with financial watchdogs.โ
Despite the crypto price drops, like many long-term crypto investors the deVere CEO is still accumulatingย Bitcoin.
โIโm using the volatility as a buying opportunity; Iโm topping up my investment portfolio at a lower price point.
โThe reason why Iโm still buyingย Bitcoinย is that Iโm confident that digital, global, borderless, decentralised, tamper-proof, unconfiscatable money is, inevitably, the future.โ
He adds: โIโm still accumulatingย Bitcoinย as its unique fundamentals havenโt changed.
โBitcoinย continues to produce block by block, the ecosystem and infrastructure continue to develop, major corporations and institutions continue to adopt it, and miners continue to increase their operations.โ
Nigel Green says that he believes the crypto sector will bounce back stronger. โIโm sure lessons will be learned and the industry โ the future of finance โ will become more robust as a result.โ
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