Jesse Powell, the CEO and founder of the popular Kraken cryptocurrency exchange, just reiterated you’re the only person you can really trust in the still fledgling digital assets space. As such, it’s up to you and you alone to ensure your financial security amid bouts of market volatility.
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Powell: “Look Out”
When you need something done you’ve got to do it yourself, as the old saying goes.
This dictum is particularly true when it comes to securing your investments in the cryptoverse, as Kraken CEO Jesse Powell just hammered home in a new comments from Dubai’s ongoing World Government Summit.
“I think ultimately consumers need to look out for themselves,” Powell remarked. “Look into the fundamentals of any coin and not rely on any particular exchange to protect them from market volatility.”
It’s a wise, if commonly taken for granted, point. Many cryptocurrency traders park their funds on exchanges indefinitely, waiting to jump into hot, up-swinging coins.
The exchange exec also noted Kraken goes to extreme auditing lengths to approve every cryptocurrency project it lists as being “almost certainly not a scam.” But Powell said projects can go haywire if fast money goes to team members’ heads, so there are no guarantees:
“We make no promises about the future of any coin. Things can change when you raise $1 billion USD in 10 minutes.”
$1 Trillion Market Cap Nigh?
In his latest comments, Powell also suggested it was only a matter of time until the market capitalization of the entire cryptoeconomy breached the unprecedented $1 trillion dollar mark in 2018.
If actualized, that milestone would represent a more than 100 percent gain from the cryptoeconomy’s current $417 billion market cap at press time.
Powell argued that the recent bearish downturn was only acute, and that hypergrowth would continue to explode in the cryptocurrency ecosystem as more and more newcomers arrive.
“You’ve got a lot more kids graduating from crypto programs at universities now,” he said. “I think we’re just going to see it continue exponentially from here.”
What’s your take? Do you trust your exchange of choice, or are you more of a hardware wallet hodler? Sound off in the comments below.
Images via YouTube, Steemit