BTCC CEO Bobby Lee
speaking at an event in San Francisco in 2015. Steve
Jennings/Getty Images for TechCrunch LONDON — The founder and CEO of one of China’s biggest bitcoin
companies says he would not invest in so-called “altcoins,” which
are new cryptocurrencies created by companies through “initial
coin offerings” (ICOs).
BTCC CEO and founder Bobby Lee told Business Insider:
“Unfortunately I’m very conservative, I’m very old school. I
don’t touch altcoins, I don’t touch ICOs.
“It’s just too risky. It just doesn’t make sense to invest in
those guys. Maybe I’ll change my mind next month, next year, I
saw a huge boom in companies raising money by issuing their own
digital currencies, which are structured similarly to
bitcoin, in return for funds to build their business. Over $4
billion was raised through these so-called ICOs last year and
there are now over 1,400 “altcoins” in circulation, according to CoinMarketCap.com.
But doubts have been raised about the viability of many of the
projects raising money and the lack of investor protection or
regulatory overnight. Tezos has proved a cautionary tale for many watching the sector. Read more from businessinsider.com…
thumbnail courtesy of businessinsider.com