Andy Yen, Proton CEO, Doubts His Company Will Hold Bitcoin

B. Ali
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Andy Yen, the CEO of Proton, has openly discussed his quandary over what would happen to cryptocurrencies. Andy discussed his conflicted feelings about bitcoin in an interview with Forbes. He expressed uncertainty about whether his company will keep holding bitcoin.

The company has owned Bitcoin for at least five years and offers many services, such as the ProtonMail email program that sends and receives emails in a secure way.

Proton started taking Bitcoin payments in 2017 after years of intermittent integration. In 2019, the business admitted that it had been storing bitcoin that customers had sent to them.

Andy Yen Showed Skeptical Sentiment On cryptocurrency

ProtonMail co-founder and CEO Andy Yen seem confused about Bitcoin and cryptocurrencies. He has acknowledged being unclear about their cryptocurrency and bitcoin holdings. Because of its pessimistic views, the IT enthusiast questions if Proton should continue holding bitcoin. His skeptical opinion is primarily prompted by the increased volatility of cryptocurrency markets, as well as the threats of fraud and con artists.

Since 2017, the technical service company ProtonMail has kept bitcoin for the previous five years. The firm is still willing to accept BTC as payment. ProtonMail has reportedly been storing part of its reserves in bitcoin. But going forward, this is not a promise.

Additionally, Andy provided explanations for the company’s impending liquidation of its Bitcoin holdings. He claimed in the interview that because of their highly unregulated character, cryptocurrency marketplaces and NFTs have been linked to fraud and fraudsters.

Scammers and fraudsters may take advantage of institutional and individual investors while avoiding punishment, stealing billions of dollars from uninformed, crypto-savvy investors.

Andy Yen Pushes for Stricter Rules

Andy Yen, the CEO of Proton, highlighted his serious worries, which need to lead to more controls in the cryptocurrency industry. He underscored his rising hostility toward “legislative regulation” in the sense of making cryptocurrencies secure, much like traditional financial markets like equities.

ProtonMail is yet to decide if or when to sell its bitcoin holdings from its reserves. Despite this, Andy’s opinion won’t change the company’s current premium client payment option for Bitcoin.

 

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.