Coinbase CEO Brian Armstrong is excited about the meteoric rise of bitcoin. Except that part when the price of digital currencies reaches so high that it creates extreme volatility and puts stress on the bitcoin broker’s system, which is what happened Thursday.
And so Armstrong posted a hey-let’s-all-just-relax-a-moment message on Medium reminding people that investing is risky and that trading volumes are so high that Coinbase’s services might not be able to keep up.
“Despite the sizable and ongoing increases in our technical infrastructure and engineering staff, we wanted to remind customers that access to Coinbase services may become degraded or unavailable during times of significant volatility or volume”, Armstrong wrote.
Users of the popular cryptocurrency exchange Coinbase have complained about slow performance and problems logging into their Coinbase.com accounts as the price of the digital currency has skyrocketed. The cryptocurrency’s value went past $19,000 on Thursday morning, just hours after it topped $15,000. The value has since settled to $15,698 as of Friday afternoon. The value of a single bitcoin was $5,868 one month ago Friday.