Andy Yen, the founder of ProtonMail, does not hide his doubts about the future of Bitcoin (BTC) and cryptocurrencies more broadly. According to him, the crypto ecosystem needs to find a way to self-regulate to limit the questionable projects that find refuge there.
ProtonMail CEO Expresses Doubts About Cryptocurrency
Andy Yenfounder and CEO of the encrypted email service ProtonMailalthough historically favorable for Bitcoin (BTC), the future of the cryptocurrency was uncertain.
In an interview with our colleagues from Forbes magazine, Andy Yen said he wasn’t sure if his company would continue to hold Bitcoin.after being asked what he thinks about the current state of the queen of cryptocurrencies:
“There is an internal debate: I still don’t have the answer to that question – I don’t know if we continue to hold bitcoins or not. »
Specifically, the CEO of ProtonMail he highlighted the prevalence of unfavorable projects in the ecosystemand especially for non-mixed signals (NFT):
“I think there is too much fraud and abuse and other injustice, which is not reliable. Especially when you look at things like NFTs and other things that happened at the end of the bubble recently, right? There is just too much cheating and too much gross content in the space. »
He also mentioned the fluctuations in the cryptocurrency market, too important, in his opinion, to convince the general public :
“People will not have faith, trust or belief in an asset class if they have frequent 80% crash cycles. Crash cycles must become less and less severe over time and they don’t come. This crash cycle is just as bad as the previous one. 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 within the cryptocurrency ecosystem makes it so fertile ground for the various scams and dubious projects that flourish therewhich, according to him, would not be tolerated within traditional finance:
“It’s made worse by the fact that crypto and Web3 are largely unregulated spaces, but there are, you know, some things going on in those spaces that would be completely illegal in traditional markets, but because it’s encrypted, you can get away with it. . »
However, he specifies that appropriate control must be carried out within the ecosystem itself in a self-managing manner and not through legislators:
“But I think the crypto community has a vested interest in taking a tougher stance on regulation. And that doesn’t mean that legislators come and set rules and laws about what you can and can’t do, because they don’t understand that space. »
However, Andy Yen is not immune to accepting cryptocurrencies (ProtonMail has accepted BTC since 2017) and does not control the idea of supporting the Lightning Network in the future for the platform’s paid formulas.
👉 In Bitcoin news – the Human Rights Foundation funds the Bitcoin (BTC) ecosystem to the tune of $325,000
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