In a blog post on Wednesday, the CEO of the leading cryptocurrency exchange said he and his company take a "long-term view of the market" while emphasizing that cryptocurrency investing was "not without risk."
"While we’re always excited to see increased interest in crypto, it’s also important to point out that this is not only a time of high volumes but also price volatility," Armstrong wrote. "The market can move in either direction much faster than equity markets."
Armstrong also cautioned investors who might be focusing on short-term speculation and encouraged his customers to "seek out resources" and consult financial experts in order to obtain a better understanding.
The CEO also alluded to Coinbase's multiple outages this year as the exchange has struggled to keep up with a flood of traders looking to capitalize on bitcoin's high volatility.
"Although we may occasionally fall short, we will always do our best to address our shortcomings and transparently communicate any information that our customers need to confidently manage their accounts and make informed trading decisions," Armstrong wrote.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.