ProtonMail’s Founder and CEO Is Skeptical About the Future of Bitcoin (BTC)

Andy Yen, the founder of ProtonMail, does not hide his skepticism regarding the future of Bitcoin (BTC) and cryptocurrencies more broadly. According to him, the crypto ecosystem needs to find a way to self-regulate to limit the questionable projects that find refuge there.

ProtonMail CEO expresses doubts about cryptocurrencies

Andy Yenfounder and CEO of the encrypted webmail service ProtonMailalthough historically favorable to Bitcoin (BTC), was uncertain about the future of the cryptocurrency.

In an interview with our colleagues from Forbes magazine, Andy Yen said he wasn’t sure if his firm would continue to hold Bitcoin.after being asked what he thinks about the current state of the queen of cryptocurrencies:

“There is an internal debate: I haven’t answered that question yet – I don’t know if we will continue to hold bitcoins or not. »

Specifically, the CEO of ProtonMail highlighted the prevalence of nefarious projects in the ecosystemand more specifically regarding non-fungible tokens (NFT):

“I think there’s too much fraud and abuse and other wrongdoing, untrustworthy stuff. Especially when you look at things like NFTs and other things that happened at the end of the last bubble, right? There’s just too much cheating and too many gross things in the room. »

He also mentioned the fluctuations in the cryptocurrency market, too important, in his opinion, to succeed in convincing the general public :

“People will not have faith, trust and belief in an asset class if it has frequent 80% crash cycles. Crash cycles should become less and less severe over time, and they don’t. This crash cycle is as bad as the previous. And that shows me that we haven’t really learned the lesson.”

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More regulation as a solution?

According to Andy Yen, the lack of regulation within the cryptocurrency ecosystem makes it so fertile ground for the various scams and dubious projects that flourish theresomething that, according to him, would not be tolerated in traditional finance:

“It’s compounded by the fact that crypto and Web3 are largely unregulated spaces, but there are, you know, some things that go on in those spaces that would be absolutely illegal in traditional markets, but because it’s crypto, you can get away with it.”

However, he clarifies that appropriate regulation must take place within the ecosystem itself in a self-managed manner and not through legislators:

“But I think the crypto community has a vested interest in taking a tougher stance on regulation. And by that I don’t mean legislators coming in and making rules and laws about dos and don’ts because they don’t understand room.”

However, Andy Yen is not immune to the adoption of cryptocurrencies (ProtonMail has accepted BTC since 2017) and does not rule out the idea of ​​supporting the Lightning Network in the future of the platform’s paid formulas.

👉 In the News Bitcoin – The Human Rights Foundation funds the Bitcoin (BTC) ecosystem to the tune of $325,000

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Source: Forbes

Image source: Web Summit via Flickr (CC BY 2.0)

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