Former Bitcoin exchange CEO say he no longer believes in cryptocurrencies

Mark Karpeles, former CEO of bitcoin exchange Mt. Gox, expressed pessimism about the future of cryptocurrencies, according to Fortune.

Mr. Karpeles led Mt. Gox from 2011 to 2014, when thousands of bitcoins belonging to customers went mission. He was arrested by Japanese police in 2015 and spent time in jail. Now, Mr. Karpeles says blockchain technology may have staying power, but he doubts if bitcoin will remain relevant.

"The technology is definitely here to stay, but bitcoin may have trouble evolving and keeping up," Mr. Karpeles wrote on Reddit, according to Fortune. "I could be wrong about this. I've been wrong about a lot of things."

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