Anthony Noto owns Bitcoin and Ethereum but warned about the uncertainty in the cryptocurrency market.
Anthony Noto – Chief Executives Officer at SoFi Technologies Inc. – revealed he owns Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies. Nonetheless, he warned that investing in digital assets could be a double-edged sword as one could lose all their money or earn significant profits.
Don’t Bet Everything on Crypto
During his recent interview with CNBC, Noto disclosed he and his family hold different cryptocurrencies, including Bitcoin and Ethereum. However, it is a “very small part of what we own,” he added:
“We’re invested in cryptocurrency — we own Bitcoin, we own Ethereum, we own some of the more obscure and different cryptocurrencies, but it’s a very small part of what we own.”
The exec cautioned that the digital asset industry is still in its early days. As such, it is “unproven and highly volatile.” With that being said, crypto must be a small part of one’s portfolio, he recommended.
On the other hand, the asset class is “an incredible technology” and provides an opportunity to invest in something that could bring considerable gains.
Noto also predicted that companies that do not delve into the digital asset universe would fall behind and become less competitive. Customers have been showing great interest in bitcoin, and the altcoins and businesses must respond to that demand, he advised:
“If you don’t innovate, and you don’t use cryptocurrency as a technology platform, you’ll get left behind. Your business will be smaller. You’ll be less competitive. You will have less innovation and less of a value proposition for consumers.”
It is worth noting that SoFi Technologies holds the naming rights of SoFi Stadium – the home ground of the NFL giants The Los Angeles Chargers and The Los Angeles Rams. A few days ago, the sports arena hosted the Super Bowl match where numerous crypto companies advertised their services.
Coinbase, one of those trading venues, encountered such high traffic because of its marketing efforts that it experienced an outage. Shortly after, the team fixed the issues.
Other Prominent BTC HODLers
While the club of people joining the bitcoin ecosystem is constantly enlarging, it is worth mentioning some of the most famous among them.
The legendary skateboarder Tony Hawk is also part of that league. He revealed he purchased bitcoin first in 2012 and has remained a HODLer ever since.
The Puerto Rican billionaire businessman – Orlando Bravo – is a keen proponent of the digital asset industry, too. He described it as a “great, frictionless,” and “decentralized” system that is “here to stay.” As such, he invested part of his wealth into bitcoin.
Featured Image Courtesy of Fortune