ProtonMail Founder Doubts Whether His Firm Continues To Hold Bitcoin
- ProtonMail holds Bitcoin for at least five years, Proton formally started taking Bitcoin payments in 2017.
- Andy Yen has expressed a sense of doubtfulness as his firm will be holding Bitcoin as an asset.
- Yen’s skepticism toward holding Bitcoin does not imply that the company will stop accepting Bitcoin transactions.
Andy Yen, the CEO, and co-founder of ProtonMail stated in a Dec. 27 Forbes interview that he is doubtful whether his firm would keep holding Bitcoin.
ProtonMail, which also provides a number of other services, holds Bitcoin and has done so for at least five years. After a long period of sporadic integration, Proton formally started taking Bitcoin payments in 2017. The business acknowledged in 2019 that it had been keeping Bitcoin that had been sent to them by clients.
Yen said today that Proton has always kept some of its reserves in Bitcoin, but added that this is not a guarantee.
There’s an internal debate: I don’t have the answer to that yet. I’m not sure if we continue to hold Bitcoin or not hold Bitcoin.Yen stated
Yen also discussed his thoughts on Bitcoin. He expressed a sense of concern about fraud, scams, and passing fads like the current NFT bubble and 2017’s ICO craze. He further said that cyclical, short-term interest in cryptocurrency causes recurring market surges and collapses that “lay waste” the crypto industry every three to four years.
People are not going to have faith and confidence and trust in an asset class if it is frequently having 80% crash cycles. We need the crash cycles to be less and less severe over time and that’s just not happening.Yen said during the interview
To address the issue, Yen advocated for greater moderation and self-regulation within the crypto sector. He also emphasized his hostility to legislative regulation.
Yen’s reservations about Bitcoin as a holding asset do not imply that the firm would cease accepting Bitcoin transactions. Proton presently takes Bitcoin as payment for its services, and according to a Forbes story published today, the firm is in the process of integrating Lightning Network payments.
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