Crypto OG Erik Voorhees predicts bull market return by 2026

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Crypto pioneer and CEO of ShapeShift, Erik Voorhees, predicted that the bull market will return within six months to three years.

After being set up for a call, an amused Voorhees told Ryan Sean Adams and David Hoffman of the Bankless Podcast that he often discusses this issue with his crypto OG friends at social events. But “we are always wrong”.

“It won’t be ten years. If it takes ten years for the bull market to happen, everything has probably failed. I’m happy to delineate it that way. I guess it’s within the next six months to three years.

Diving deeper, Voorhees added that the bull market is strongly correlated with a favorable macroeconomic environment. Under the current quantitative easing circumstances, the crypto will find it difficult to take a bullish position.

However, the ShapeShift CEO said macro conditions will improve by “early to mid-next year,” and he wouldn’t be surprised if Bitcoin hits $40,000 this summer.

Voorhees had no idea about questionable FTX dealings behind the scenes

With $2.2 trillion having left the cryptocurrency markets since the peak in November 2021, the current bear cycle has been a painful and humiliating experience for digital asset investors.

On the question of where we went wrong, Voorhees pointed out that “crypto is a diverse tapestry of individuals,” and the term “we” should not be used to lump the collective together.

“A lot of these people are pretty disreputable, a lot of them are absolute heroes, and a lot of people are in between.”

On October 28, 2022, Voorhees discussed crypto regulation with SBF on the podcast Bankless. FTX insolvency rumors were circulating on social media a few days later. On November 11, the stock exchange filed for bankruptcy.

Commenting on this, the CEO of ShapeShift said that despite SBF’s poor maintenance performance and visible discomfort, he had no idea anything was wrong with FTX.

“In terms of the speed at which it happened, and the history of hubris, and that character arc of Sam and how that changed was really deep. I certainly had no suspicion that anything untoward was going on with this exchange.

Crypto bear survival

Sharing advice on surviving bear markets, Voorhees mentioned that crypto investors should learn self-custody.

He conceded that it might be a stretch to expect newcomers to take notice from the start. But anyone who’s been around for a while should take the issue seriously.

“The lesson that people always need to learn is the dangers of custody swaps, custody wallets. This is not a new lesson. This is the one we must continue to teach.

With that, he praised MetaMask Wallet for its work in advancing self-custody.

Summarizing the problem, Voorhees said that if few people opt for self-custody and intermediaries hold the majority of crypto wealth, “we will never escape regulation” and “never escape the need for trust humans”.

Posted in: Bitcoin, Bear Market

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