Kraken CEO warned Bitcoin Investors and told be Aware while Investing

Jesse Powell, founder, and CEO of Kraken says that Traders are so excited o invest in Cryptocurrency but afterward they need to carry the burden of responsibility.

Powell told:

“I think ultimately consumers need to look out for themselves, look into the fundamentals of any coin and not rely on any particular exchange to protect them from market volatility”.

While talking at the World Government Summit in Dubai, Powell said Kraken conducted a “thorough” evaluation process to assure that every digital coin available on its San Francisco-based exchange was “almost certainly not a scam.”

He told:

“We make no promises about the future of any coin, things can change when you raise $1 billion in 10 minutes.”

Announcement of Monetary Independence

Recently, EU regulators warned people and said that Cryptocurrencies are highly risky to invest.

The European Supervisory Authorities (ESAs) for securities, banking and insurance and pensions told in a joint statement that they were worried about the increasing number of people buying cryptocurrencies such as bitcoin without even knowing the risks associated with it.

The regulators told:

“The ESAs warns consumers that VCs (virtual currencies) are highly risky and unregulated products and are unsuitable as investment, savings or retirement planning products.”

Anyhow, billionaire investor Warren Buffett also warned that the recent craze over bitcoin and other cryptocurrencies would come to a bad end. J.P. Morgan Chase Chairman and CEO Jamie Dimon previously called bitcoin as “fraud.”