Chia President and COO Gene Hoffman
Gene Hoffman, president COO of Chia, told Insider the company welcomes government regulation. Hoffman said volatility was ‘required’ before mass adoption of crypto and the technology that underpins it. Chia coin minting uses less energy, but has been criticized for creating electronic waste. See more stories on Insider’s business page.
This year’s extreme volatility in the cryptocurrency market has troubled regulators and given big investors pause for thought. But it doesn’t faze Gene Hoffman, president and COO of Chia, the new $500 million “green” token.
“During adoption phase, volatility is almost required,” he told Insider in an interview. “It’s kind of like saying that we’re gonna adopt the internet in the late 90s without having volatility in internet stocks. Was not going to happen that way.”
In the heady days of the late 1990s, traders chased anything remotely connected to the internet. Amazon was one of the market darlings at the time and could often rise or fall anywhere up to 60% in a month in the run-up to the bust in early 2000.
Cryptocurrencies have swung