Crypto pioneer and CEO of Shapeshift, Eric Voorheespredicted that the bull market would return within six months to three years.
put in place for summons, Voorhees Said Ryan Sean Adams and David Hoffman bankless podcast He often discusses this question with his OG crypto friends at social events. But “we are always wrong.”
“It won’t take 10 years. If it takes 10 years for a bull market to happen, then it’s probably all screwed up. I’m happy to tie it that way. Six months to three years later. Somewhere, I think.”
Voorhees goes even further, adding that bull markets are highly correlated with favorable macro conditions. Cryptocurrencies will struggle to gain a strong footing in the current quantitative tightening environment.
However, ShapeShift’s CEO has said macro conditions will improve “by early to mid-next year,” so he wouldn’t be surprised if Bitcoin hits $40,000 this summer.
Voorhees didn’t know FTX’s risky trading was going on behind the scenes
With $2.2 trillion out of the cryptocurrency market since the November 2021 high, the current bear cycle has been a painful and humbling experience for digital asset investors.
Where did I go wrong Voorhees Pointing out that “Crypt is a diverse tapestry of individual people,” the term “we” should not be used to lump collectives together.
“Many of those people are very obnoxious, many of them are absolute heroes, and many are somewhere in between.”
On October 28, 2022, Voorhees discussed SBF and crypto regulation on the Bankless Podcast. A few days later, rumors of FTX bankruptcy circulated on social media. On November 11, the exchange filed for bankruptcy.
On this, ShapeShift’s CEO said that despite the poor performance of the SBF interview and the visible discomfort, he did not think there was anything wrong with FTX.
“It was really profound in terms of the speed at which this unfolded, the story of arrogance, and Sam’s character arc and how it changed. I had no doubts.
crypto bear survival
share advice for surviving bear markets, Voorhees He said cryptocurrency investors should learn to manage themselves.
He admitted that it might be too much to expect newcomers to go into self-management from the start.
“The lesson that people must continue to learn is the dangers of custodial exchanges, custodial wallets. This is not a new lesson.
He praised MetaMask Wallet for advancing self-custody.
Summarizing the issue, Mr. Voorhees said that if few choose to self-manage and intermediaries hold most of the wealth of cryptocurrencies, “there is no escape from regulation” and “humans You can never escape the need to trust.”