Andy Yen, the chief executive officer of Proton, has voiced worry about the status of crypto.
Andy Yen, CEO and co-founder of Proton, said in a Dec. 27 Forbes interview that he is doubtful if his firm would continue to store Bitcoin.
The corporation has owned Bitcoin for at least five years. In 2017, after years of limited integration, Proton started openly accepting Bitcoin payments. The corporation admitted in 2019 that it has been storing Bitcoin received from consumers.
Today, Yen said that Proton has “always retained part of [its] reserves in Bitcoin” but implied that this is not a given.
Yen also expressed his feelings towards Bitcoin. He was concerned about fraud, frauds, and fleeting fads such as the current NFT bubble and the “ICO frenzy” of 2017. Additionally, he stated that cyclical, fleeting interest in cryptocurrencies causes recurring price surges and collapses that “devastate” the cryptocurrency sector every three to four years.
To combat this issue, Yen advocated for more moderation and self-regulation within the cryptocurrency industry. He also voiced hostility to legislative regulation.
The firm will not cease accepting Bitcoin transactions despite Yen’s reservations about Bitcoin as an investment asset. Currently, Proton takes Bitcoin as payment for its services, and today’s Forbes article indicates that the firm is in the midst of integrating Lightning Network payments.
As a result of Proton’s continued engagement with cryptocurrencies, speculations began circulating in 2018 that the business will release its token through an initial coin offering (ICO). At the time, the corporation disputed these reports categorically.
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