The founder and CEO of ProtonMail is skeptical about the future of Bitcoin (BTC).
ProtonMail founder Andy Yen has made no secret of his skepticism about the future of Bitcoin (BTC) and cryptocurrencies more broadly. According to him, the crypto ecosystem should find a way to self-regulate to limit the dubious projects that find shelter there.
ProtonMail CEO expresses doubts about cryptocurrencies
Andy Yenfounder and CEO of the encrypted webmail service ProtonMailwhile historically favorable to Bitcoin (BTC), was uncertain about the cryptocurrency’s future.
In an interview with our colleagues from Forbes magazine, Andy Yen said he is not sure if his company will continue to hold Bitcoin.After asking the queen of cryptocurrencies what she thinks about the current state:
“There is an internal debate: I don’t have an answer to this question yet – I don’t know if we continue to hold bitcoins or not. »
Specifically, the CEO of ProtonMail highlighted the prevalence of dirty projects in the ecosystemand more applicable to non-fungible tokens (NFTs):
“I think there’s too much fraud and abuse and other wrongdoing and untrustworthy things. Especially when you look at NFTs and other things that happened at the end of the last bubble, right? There are too many cheaters and too many rude things in space. »
He also mentioned the fluctuations in the cryptocurrency market. in his opinion, it is very important to convince the general public :
“If an asset class has frequent 80% crash cycles, people will not have faith, trust and confidence in it. Crash periods should and do not become less severe over time. This crash cycle is as bad as ever. 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 in the cryptocurrency ecosystem does this a fertile ground for various scams and dubious projects that flourish thereIn his view, something intolerable within traditional finance:
“It’s made more difficult by the fact that cryptocurrency and Web3 are largely unregulated spaces, but you know there are some things happening in these spaces that would be completely illegal in traditional markets, but because it’s crypto, you can get away with it. . »
However, he clarifies appropriate regulation should be implemented in a self-governing manner within the ecosystem itself and not through legislators:
“But I think the crypto community is interested in taking a tougher stance on regulation. And by that I don’t mean legislators come in and make rules and laws about what you can and can’t do because they don’t understand this space. »
However, Andy Yen is not immune to accepting cryptocurrencies (ProtonMail accepts BTC since 2017) and does not exclude the idea of supporting the Lightning Network for paid forms of the platform in the future.
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