Wednesday, September 27, 2023

Losses are tragic but investors have ‘fair warning’, Tether co-founder says

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The cryptocurrency market is still navigating a severe crypto winter that has wiped off billions of dollars in market value in the past few weeks, with most digital currencies trading at price levels in the 80%-90% loss bracket.

In some cases – and LUNA’s collapse is a standout example – investors have hit massive losses. Worries persist with more projects likely to fall away amid broader contagion.

But Tether co-founder and CEO of BlockV Reeve Collins says the crypto market has offered more than enough in terms of warnings about risks involved in crypto investing. 

He also believes there has been enough from the broader investment space, including regulators.

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 told CNBC in an interview.

According to him, people have been warned against crypto, including via tags such as “Bitcoin is a scam” and that blockchain does not work.

Investors have “fair warning” of crypto risks

The BlockV CEO says that people have indeed been warned of the potential to lose their money if they invested in crypto. 

He says all the ‘naysaying’ out there provides “fair warning” to anyone looking to put their money into crypto that the market is risky and extremely volatile.

Collins also says investors going for the “fringe coins” and applications due to the attractive high yield should know that it comes with risk.

Also, investors need to know that the new projects that offer these ludicrous yields could either work or fail – as has been witnessed over time.

But overall, Collins is bullish about the crypto industry, noting that the current problems are just growing pains. The market will mature and offer great financial products to the ecosystem.


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