Bitcoin.com is one of the world’s largest bitcoin sites, having grown its profile thanks to the insane price surge of the cryptocurrency this year. But its cofounder and CTO, Emil Oldenburg, a Swedish native, is extremely skeptical of bitcoin’s future.
“I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk,” he says in an interview with Swedish tech site Breakit.
“I have in fact sold all my bitcoins recently and switched to bitcoin cash,” says Oldenburg, referring to the problems with bitcoin’s high transaction costs and lead times.
Oldenburg doesn’t want to disclose any revenue numbers, more than revealing “it’s an awfully lot of money,” he says to Breakit. Even on a personal level.
The reason why people haven’t understood the risks inherent in owning bitcoins, according to Oldenburg, is simply because most have so far only bought the cryptocurrency — but never sold or traded with them. “As soon as people realize that this is how it works, they will start to sell,” he tells Breakit.