HomeCryptoCrypto Veteran Erik Voorhees Predicts Next Bull Market, Highlighting Important Lesson From 2022
Crypto Veteran Erik Voorhees Predicts Next Bull Market, Highlighting Important Lesson From 2022
January 2, 2023
Cryptocurrency veteran Erik Voorhees is predicting when Bitcoin (BTC) will start its next bull run as he reflects on 2022.
In a new interview with the Bankless podcast, Voorhees says it won’t take another decade for a cryptocurrency bull market.
ShapeShift CEO says Bitcoin could soar nearly 140% from its current value as early as this summer. At the time of writing, Bitcoin is changing hands at $16,703.
“It won’t be 10 years. If it takes 10 years for the bull market to occur, the whole thing has probably failed. So I’m happy to limit it that way. I guess it’s in the next six months or three years. I think it’s generally how long it takes for people’s minds to start changing and speculation cycles to return.
Voorhees says macroeconomic conditions need to improve and the Federal Reserve likely needs to move into a less aggressive stance for a price hike to occur, which he says could start in the coming months.
“It also has a lot to do with the macro environment. As long as interest rates are kept high and monetary conditions tighter, there will be a headwind. It will start to change between the beginning and the middle . So I wouldn’t be surprised if Bitcoin hits around $40,000 by the summer. It wouldn’t surprise me at all. And it’s like 2.5 times from here. So it’s a great comeback.”
Voorhees also says that one of the big lessons of 2022, which has seen several large collapses of centralized entities and the loss of user funds, is the importance of self-custody of digital assets.
“This lesson that people continue to have to learn is the dangers of custody swaps and custody portfolios. This is not a new lesson. This is what we need to continue teaching. And I don’t expect people brand new to cryptocurrencies to jump right into self-custody. But certainly, anyone who has been in the business for a while and learns about some of this stuff needs to understand how to use basic self-custody.
MetaMask has actually done more to help people self-custody than anyone and they do it without talking about self-custody. They just made a great product and brought millions of users to self-hosted wallets. Is fantastic.
But that lesson is indeed the right one, because if the majority of crypto funds and crypto wealth reside with intermediaries: A) we will never escape the regulation this stuff is meant to escape and B) we will never escape the need to trust the humans. “
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