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November 20, 2019

Cryptocurrencies are still a new and extremely volatile asset class

Cryptocurrencies etherCryptocurrencies are still an emerging asset class and may lose a lot of their value. This was stated by the creator the Ether, Vitalik Buterin. Cryptocurrencies have rebounded slightly from their sales in recent weeks, when they lost at least 100 billion USD in market value within one day. Last week, the bitcoin again reached 10,000 USD after days earlier slid to 5947.40 USD.

“Cryptocurrencies are still a new and extremely volatile asset class and can go to almost zero at any time”, said Vitalik Buterin, adding that investors should not invest in money that they can not afford to lose . In his words, if you “wonder where to keep your savings, traditional assets are still your surest choice”.

In December, the founder of the Ether compared the massive investment in the cryptocurrency market with the record amount paid for the most expensive painting in the world – Leonardo da Vinci’s “Savior of the World”. Then, he pointed out that it was “a reflection of the world as a whole”.

On the social network, Vitalik Buterin commented over the weekend on the increasing number of online frauds with cryptocurrencies. He is one of many popular personalities whose name is used in similar schemes in which consumers on behalf of famous people want cryptocurrencies, promising the victims in return to get bigger sums.

Among the other known names used by fraudsters are those of Tesla’s Executive Director Elon Musk and the Chairman of the US Commodity Futures Commodity Commission, Christopher Giancarlo.

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