MetaMask Co-founder Calls Cryptocurrencies Gambling

MetaMask co-founder Aaron Davis has told media outlet Vice that investing in the cryptocurrency industry amounts to gambling. MetaMask is a secure solution that allows consumers to store their cryptocurrency DeFi assets safely. However, one of its key persons is not entirely certain whether buying crypto right now is a smart call.

MetaMask Calls Cryptocurrency Investment Gambling

He cautioned about the regulatory and market uncertainty surrounding the industry and called crypto “unsafe” and “unregulated.” He also mentioned the most recent TerraUSD crash and subsequent market slump, which has cost investors billions of US dollars and sent Voyager and Celsius Network, two cryptocurrency lenders, into insolvency and bankruptcy.

“It feels too little too late, but putting your money in cryptocurrencies is gambling,” Davis said in a candid interview with the media. Davis cautioned that while a cryptocurrency supporter, he insisted that the current state of affairs was not “the future of finances” and that he would never advocate for people to move their life savings over to the cryptocurrency sector.

He described such behavior as dangerous. Davis’ admittance of doubt about the current state of affairs of cryptocurrency is a sobering account coming from the pecking order and the people who have been in the industry the longest. Critics have called the validity of cryptocurrencies for a long while now, with many calling it a Ponzi scheme.

Many unregulated casinos have been using cryptocurrency to enable their users to move money quickly and without being subject to financial checks or oversight by central banks which have mostly prohibited transactions to such gambling websites in the first place.

Davis’ comments about bankrupted companies come at a time when Celsius Network is being sued by a former employee who called the company a Ponzi scheme. Meanwhile, MetaMask’s other co-founder, David Finlay, took a more balanced stance on cryptocurrencies and said that while there were bad actors, there was a lot of good to get out.

Better Days May Be Yet to Come

“We can’t stop people from making Ponzis on blockchains,” Finlay acquiesced. He similarly set a benchmark for gauging the success of cryptocurrencies. ”We will know that maybe we or somebody else did something right when we have addressed climate change or there’s better social equality,” the executive said.