With the bitcoin price exploding, Coinbase sends a warning message to new investors
Unless you’ve been living under a rock, you probably know that bitcoin has been in the headlines lately. A lot of it has to do with the price, which has been barreling up for quite some time now. Last week, bitcoin hit $10,000, and then, earlier this week, it exceeded $15,000.
This insane growth has even given people pause at Coinbase, a cryptocurrency exchange. “More people are engaging with our platform than ever before,” wrote CEO Brian Armstrong in a blog post today. “At the same time, it does create extreme volatility and stress on our systems.”
The blog post then went on to say that users should expect more platform downtime as Coinbase tries to build out its infrastructure to keep up with demand. It added that users should be “educated” in their investments. “Digital currencies are volatile and the prices can go up and down,” Armstrong wrote. “Due to the rapidly changing price of digital currencies, some customers may not have sell limits that are sufficient relative to the value of total digital currency they are storing on Coinbase.”
So even the people behind the platform helping to fuel this insane cryptocurrency boom are trying to interject some caution into the current frenzy. We’ll have to wait and see if this rally persists or if the bubble is about to burst.