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 must find a way to self-regulate in order to limit the dubious projects that find refuge there.
ProtonMail CEO Expresses Doubts About Cryptocurrencies
Andy Yenthe founder 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 was not sure if his company would continue to hold Bitcoin.after being asked what he thinks of the current state of the queen of cryptocurrencies:
“There is an internal debate: I don’t have the answer to that question yet – I don’t know if we continue to hold bitcoins or not. »
Specifically, the CEO of ProtonMail highlighted the pervasiveness of nefarious projects in the ecosystemand more particularly concerning non-fungible tokens (NFT):
“I think there’s just 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 recent bubble, right? There’s just too much cheat and too much gross stuff in space. »
He also mentioned the fluctuations in the cryptocurrency market, too important, in his view, to succeed in convincing the general public :
“People aren’t going to have faith, trust and faith in an asset class if it has frequent 80% crash cycles. Crash cycles need to get less and less severe over time and they don’t. This crash cycle is just as bad as the previous one. And that shows me that we haven’t really learned our lesson. »
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More regulation as a solution?
According to Andy Yen, the lack of regulation within the cryptocurrency ecosystem makes it fertile ground for the various scams and dubious projects that flourish theresomething that would not be tolerated, according to him, within traditional finance:
“It’s compounded by the fact that crypto and Web3 are largely unregulated spaces, but there are, you know, some things going on in those spaces that would be absolutely illegal in traditional markets, but because it’s is crypto, you can get away with it. »
However, he specifies 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 that legislators come and set rules and laws about what you can and can’t do, because they don’t understand that space. »
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 for the paid formulas of the platform.
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