July 23, 2024
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Blockchain News

Crypto Veteran Erik Voorhees Makes Prediction for Next Bull Market, Highlights Major Lesson From 2022

While reflecting on 2022, crypto veteran Erik Voorhees predicts when Bitcoin (BTC) will go on its next bull run.

In a new interview with the Bankless podcast, Voorhees claims that a crypto bull market will not take another decade.

According to the CEO of ShapeShift, Bitcoin could increase by nearly 140% from its current value as early as this summer. At the time of writing, Bitcoin is worth $16,703.

“It will not be ten years. If the bull market takes ten years to occur, the entire thing has most likely failed. So I’m fine with bounding it that way. I’d guess it’ll be within the next six months to three years. I believe that is the average time it takes for people’s minds to change and speculative cycles to return.”

According to Voorhees, macroeconomic conditions must improve and the Federal Reserve must shift to a less hawkish stance before a price surge can occur, which he believes will begin in the coming months.

“It also has a lot to do with the macroenvironment. It will be a headwind as long as interest rates remain high and monetary conditions remain tight. That will begin to change in early to mid [2023]. So I wouldn’t be surprised if Bitcoin reaches $40,000 by the end of the summer. That would not surprise me in the least. And that’s about 2.5 times from here. So it’s a fantastic return.”

According to Voorhees, one of the major lessons from 2022, which saw numerous large collapses of centralised entities and the loss of users’ funds, is the importance of digital asset self-custody.

“The dangers of custodial exchanges and custodial wallets are a lesson that people continue to need to learn. This is not a new concept. That is the one we must continue to teach. And I don’t expect brand new crypto users to switch to self-custody right away. But anyone who works in the industry for a while and learns some of this stuff needs to know how to use basic self-custody.

MetaMask has actually done the most to assist people in gaining self-custody of anyone, and they do so without even mentioning it. They simply created a fantastic product that attracted millions of users to self-hosted wallets. That’s incredible.

But that is the most important lesson, because if the majority of crypto funds and crypto wealth are held by intermediaries, we will never escape the regulation that this stuff is supposed to avoid, and we will never escape the need to trust humans.”