Kyrrex Group CEO Kevin Plumpton on Monday shared that in the cryptocurrency space, it is vital for investors to stick to a plan and avoid letting their feelings rule supreme when making decisions.
He started off by questioning whether risk is an “enemy to avoid” or a “necessary tool” to use for one’s benefit.
In many areas of business, taking risks tends to be both attractive due to the opportunities it may present, as well as damaging if one fails to do the right research and due diligence.
Mr Plumpton remarked that in the world of cryptocurrencies, things can change quickly due to rapid fluctuations in prices.
However, Dr Plumpton added that an investor has to be “smart about risks”. “Just like you wouldn’t jump into a game without knowing the rules, you shouldn’t jump into cryptocurrency without a plan. This plan is like a guide that helps you make good choices even when things are uncertain,” he explained.
When it comes to handling cryptocurrencies, there are different ways and strategies of doing so. While some prefer to hold onto them for a long time with the hope that they will grow in value, others like to trade them quickly with the aim of making fast profits.
“But trading quickly can be dangerous, like trying a daring move in a game. To do it right, you need a good plan to stay safe,” Dr Plumpton remarked.
“It’s easy to get excited or scared when prices move up or down. But just like in a game, it’s important to stick to your plan and not let your feelings take over,” he said.
Dr Plumpton highlighted that when an investor takes a risk, it is vital for them to “stay focused and not make quick choices”.
“It’s a bit like taming a wildfire – you need to control it, not let it control you,” he concluded.
Dr Plumpton has served as CEO at Malta-based crypto company Kyrrex Group for more than a year, having previously served as Director and Chairman of its Risk and Compliance Committee.
Aside from that, he is a warranted Advocate specialising in finance, business, property, commercial, international law, corporate governance, risk and compliance legislation, and is a self-employed Lawyer, together with Corporate Advisory and Legal Counsel for Saint James Hospital Group. He holds a Doctor of Law and a Bachelor’s degree in Psychology, both from University of Malta.
Kyrrex Group CEO Kevin Plumpton / LinkedIn
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