Crypto is Taking Over the World, Bubbles are Normal; Shapeshift CEO Says to Blomberg

Crypto is Taking Over the World, Bubbles are Normal; Shapeshift CEO Says to Blomberg

Crypto is making its way into the world of finance, slowly taking over an important part of the global markets. The recent Bitcoin (BTC) Bullrun seems to have attracted a substantial amount of fresh investors and this new wave of enthusiasm is very beneficial for the expansion of the ecosystem. This impression was shared by Erik Voorhees, CEO of Shapeshift in an interview for Bloomberg.

The well-known businessman and bitcoin bull said that not only financial experts believe that the bearish season passed; from his point of view, common traders also share this opinion and are venturing into the world of crypto, albeit more cautiously:

Weve seen four or five of these bubbles at this point, so a lot of this is just cyclical. People wait until they feel the bottom is in and when they feel like the bear market Is over then they feel comfortable moving back into crypto. That?s probably the biggest reason why this is happening but often these things are just a confluence of many individuals making their own decisions

Voorhees explained that bubbles are part of the typical behavior of an asset such as Bitcoin which is growing and settling in the industry. The experienced businessman explained that he is sure that cryptocurrencies are taking over the world. An opinion that has been shared by other investors such as Tim Draper and Mike Novogratz

Crypto is a Volatile and Heterogeneous Ecosystem

There have to be bubbles in crypto because crypto is taking over the world and its not just going to advance 5% a month without end” Said Mr Voorhees while calmly explaining why bubbles tend to be cyclical in crypto “Theres no way to go from a zero dollar asset onto one that is worth trillions without mass speculation and massive volatility we see in cyclical bubbles

This graph shows the stages of a bubble. It seems very similar to the performance of the crypto markets

Voorhees also commented that there are already practical cases for Bitcoin in various parts of the world but that most of those who use it do so for speculative purposes. Finally, he explained that there are still very few assets that can really affect the ecosystem since the gap in the global marketcap is still too high:

In crypto you have to understand that even though there are thousand of these assets, its a very long tail and only the (first) ten or 20 have any importance at all and then theres a lot that dont really matter much, and they dont really move the market

The post Crypto is Taking Over the World, Bubbles are Normal; Shapeshift CEO Says to Blomberg appeared first on Ethereum World News.

16.05.2019 / 01:20 22
ShapeShift Aided 60 Law Enforcement Inquiries in 2018, Erik Voorhees Reveals ShapeShift Aided 60 Law Enforcement
It seems like ShapeShift has done exactly as its name suggests, changing form almost beyond recognition. Founder, CEO, and no fan of the SEC, Erik
Shapeshift Admits ‘Imposition of KYC’d Accounts’ Hurt Company Financially Shapeshift Admits ‘Imposition of KYC’d
The instant digital asset exchange platform ShapeShift has laid off one-third of its team because of the “dramatic and severe” crypto recession as
Cryptocurrency Bear Market Pressures Shapeshift into Layoffs Cryptocurrency Bear Market Pressures
The ongoing cryptocurrency bear market appears to have claimed yet another victim. The latest digital currency-related firm to announce a restructure
Bitcoin Price Set for Breathtaking Moonshot on the Back of Rising U.S. Debt, Says ShapeShift CEO Erik Voorhees Bitcoin Price Set for Breathtaking
Erik Voorhees believes the price of Bitcoin will increase on the back of skyrocketing U.S. debt. The Chief Executive Officer of ShapeShift a
Shapeshift’s CEO about Vitalik Buterin: “Ethereum Is Better Because He’s Involved.” Shapeshift’s CEO about Vitalik Buterin:
Erik Vorhees In a short conversation with Ran Neuner host of CNBC’s Crypto Trader, Eric Vorhees, CEO of ShapeShift shared his views on the future of
ShapeShift CEO: Bitcoin Bear Market Isn’t Over Yet, But Accumulate Now ShapeShift CEO: Bitcoin Bear Market
Investors recently breatheda sigh of relief, as Bitcoin staved off a move under the ever so important $5,800 support level. And while some presume
Comments (0)
Add a comment
Comment on