Bitcoin Shouldn’t be Advertised as a Financial Investment Product with No Protection: Klarna CEO

In the current bull market, there are as many detractors as there are supporters. The latest one is Klarna AB chief executive officer, Sebastian Siemiatkowski, who took a stab at those publicly encouraging people to buy Bitcoin, which according to him, is a major risk for consumers.

“Whatever you think about Bitcoins, what cannot continue is advertising this as a financial investment product with no protection,” said Siemiatkowski on a virtual panel hosted by German news outlets Thursday.

Klarna Bank AB is a Swedish e-commerce payment provider. The company offers credit to shoppers, allowing them to pay after receiving the goods.

Siemiatkowski said that if he encouraged the public on Twitter to invest in a specific stock, “I would be put in jail for breaching laws around how you promote investments.”

On Thursday, Tesla CEO Elon Musk came back on Twitter, just two days after announcing hiatus from the social media platform, to put out several tweets about meme cryptocurrency DOGE, whose prices exploded, yet again.

“Dogecoin is the people’s crypto,” tweeted Musk along with “No highs, no lows, only Doge” and many others that pushed the price of DOGE to $0.0568. DOGE 2.23% Dogecoin / USD DOGEUSD $ 0.20
$0.002.23% Volume 953.38 m Change $0.00 Open $0.20 Circulating 132.3 b Market Cap 27.12 b 5 d DOGE Pumps on Elon Musk’s Enquiry to Binance, CZ Strikes Back 1 w Brave’s Self-custody Built-in Crypto Wallet to Give 42 Million Users Access to DApps for EMV-compatible Chains 2 w “We're Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million

Just last week, Musk changed his bio to only “bitcoin,” which sent its prices soaring, only to remove it this week. But in a session at Clubhouse, he shared that he supports BTC, which he believes is on the verge of mass acceptance.

He also said that he should have bought BTC eight years ago and that he is now “late to the party.”

“That has to stop, that is a major risk right now blowing up for consumers all over the world,” the Klarna CEO said. “Politicians have to act on that now.”

Klarna itself is set to face increasing regulation as the UK’s Financial Conduct Authority (FCA) said on Tuesday that it would start regulating the interest-free buy-now-pay-later sector.