This week’s Asia Blockchain Summit in Taipei highlighted how Bitcoin volatility is back, reviving the excitement around crypto trading.
“Bitcoin is fun, but it’s a hell of a lot more fun at 100 times leverage,” said Arthur Hayes, the founder, and chief executive officer of the exchange BitMEX. “That’s what people want to see in crypto, they want that high volatility,” he said. “At the end of the day, we’re all in the entertainment business of traders.”
“We’re surfing a wave here that are very linked to the price of Bitcoin and probably has taken a couple of months to filter through,” said attendee Vincent Alibert of ZVChain, a business-to-business blockchain project, in an interview. “We don’t see any more of these revolutionary ICO pitches,” he said, referring to initial coin offerings, which have generally lost favor after many tokens lost more than 90% of their value.
One of Bitcoin’s most prominent detractors, New York University Professor Nouriel Roubini, declared “there’s massive, massive amounts of price manipulation” in cryptocurrencies. He cited a lack of security and scalability, along with the concentration of crypto ownership among his concerns with the industry.
BitMEX’s Hayes countered that “people love to speculate, we’re trying to give them an opportunity to do it in a safe manner.”
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