• Wed. Jun 19th, 2024

Crypto is not a get-rich-quick scheme, says Finblox’s CEO

The CEO of Finblox believes that cryptocurrency is not a get-rich-quick asset class and provides value to investors in the long run.

The co-founder and CEO of Finblox, Peter Hoang, told Business Insider in a recent interview that people shouldn’t consider cryptocurrency to be a get-rich-quick asset class.

Finblox is a Singaporean-based cryptocurrency lending platform that seeks to make it easier for people to gain access to financial services. Hoang said;

“This has been perpetuated on Crypto Twitter, Reddit, and some popular crypto influencers. The golden rules of investing, ‘the higher the risk, the higher the return’ and ‘time in the market is more important than timing the market’ hold for crypto, too, and people should not misconstrue this asset class as a get-rich-quick scheme.”

Hoang added that trust in cryptocurrencies could be achieved via clarity from companies. The Finblox boss said;

“Reports, disclosures, educational articles, and communication can go a long way. However, the community does not have the power to control individual users’ risk tolerances or decisions — that responsibility always rests with the user.”

Southeast Asia has become one of the fastest-growing regions in terms of cryptocurrency adoption in the world. Hoang pointed out that the accessibility to crypto and the promise of potential returns are two major factors driving adoption in Southeast Asia. He said;

“No one can accurately predict when and where the next black-swan event could happen, but we can learn from past mistakes. We’ve lived through various crises caused by the systemic failures and overreaching financial institutions — yet we are still here.”

Finblox is not in the category of lending giants like Celsius (despite their recent struggles). However, Hoang said Finblox staff have the freedom to be innovative. He said;

“They have a lot of freedom to innovate and present their own ideas and strategies, and the founders would step in to contribute and sometimes challenge the logic of the thoughts constructively.”

The cryptocurrency market is in a bearish trend, with the total market cap down by more than 60% from last year’s all-time high.

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