Latest News

Crypto firms urged to avoid making destabilizing dot-com era errors

0

June 21, 2022 (Investorideas.com Newswire) Some major crypto firms need to stop making obvious, avoidable mistakes that destabilize the industry, cause financial chaos for investors and job losses for workers, says the CEO of one of the world’s largest advisory, asset management and fintech organizations.

The comments from deVere Group’s Nigel Green, a game-changing digital asset advocate who launched pioneering cryptocurrency exchange deVere Crypto in early 2018, come as some of the biggest players in the market continue to struggle in a volatile environment.

Bitcoin, the world’s largest cryptocurrency, which has shed 57% so far this year, fell below $20,000 over the weekend for the first time since December 2020.

He says: “I’m not in the habit of throwing shade at other companies, but in recent times we’ve seen many of the biggest players make huge, unnecessary mistakes.

“They went for enormously expensive TV ads, jumped on highest-tier sponsorships, rolled-out lending models offering astronomical interest rates on crypto deposits, and launched unprecedented hiring sprees.

“Now, what do we have? Firms laying-off swathes of staff, freezing client withdrawals and cutting back on investment.”

He continues: “Unfortunately, these brands have made some classic, obvious and avoidable dot-com era errors.

“These mistakes destabilize the industry due to the contagion effect, exacerbate financial chaos for investors and the pain of job losses for so many who were hoping to have a rewarding career in the future of finance.

“Such crypto firms would be better off – for the sake of their clients and the wider industry – growing through investing in top talent, innovation and development, and lobbying for sensible regulation with financial watchdogs.”

Despite the crypto price drops, like many long-term crypto investors the deVere CEO is still accumulating Bitcoin.

“I’m using the volatility as a buying opportunity; I’m topping up my investment portfolio at a lower price point.

“The reason why I’m still buying Bitcoin is that I’m confident that digital, global, borderless, decentralized, tamper-proof, unconfiscatable money is, inevitably, the future.”

He adds: “I’m still accumulating Bitcoin as its unique fundamentals haven’t changed.

“Bitcoin continues to produce block by block, the ecosystem and infrastructure continue to develop, major corporations and institutions continue to adopt it, and miners continue to increase their operations.”

Nigel Green says that he believes the crypto sector will bounce back stronger. “I’m sure lessons will be learned and the industry – the future of finance – will become more robust as a result.”

t: +44 207 1220 925
e: george@priorconsultancy.co.uk
Twitter: @PriorConsults

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

More Info:

This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Buy a crypto guest post on Investorideas.com

Breaking AI Stock News: GBT’s (OTCPK: $GTCH) Long Range Radio Continuation Patent Application Approved for Fast Track Processing

Previous article

Decentralized Exchange Capricorn Launches Bonus Week Campaign, Offering 150% Mining Revenues for Participants

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News