Coinbase chief executive Brian Armstrong welcomed the heightened interest in Bitcoin but reminded investors of the associated risks. In his words, the cryptocurrency market “can move in any direction”.
A message from Coinbase about crypto market rallies: While we’re always excited to see increased interest in crypto, we recommend taking a long-term view of the market. https://t.co/W53bQC1wHm
— Coinbase (@coinbase) December 17, 2020
Armstrong published an appeal to investors against the backdrop of the surge in the price of the leading cryptocurrency. At the time of writing the asset was trading at $22 735.
“It is important to note that this is not only a time of high volumes, but also of price volatility,” the Coinbase CEO wrote.
He cautioned traders against short-term speculation and urged clients to consult with experts to better understand the risks. Armstrong also acknowledged that outages on the platform could occur due to heightened demand, pledging to devote efforts to address them.
Earlier, Coinbase said that the analytics software provider MicroStrategy used the broker service of the crypto exchange to buy Bitcoin for $425 000.
Earlier, Guggenheim Partners forecast a rise in the price of the leading cryptocurrency to $400 000, based on its scarcity and its value relative to gold.
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