ShapeShift CEO, Erik Voorhees, whose is a prominent voice in crypto space, has said that “crypto is taking over the world” in an appearance on Bloomberg’s “Bloomberg Markets: What’d You Miss?” segment.
When asked what was behind this rally, Voorhees said,
I’ve think we’ve seen 4 or 5 of these bubbles at this point and so a lot of it is just cyclical. People that the bottom is in, they feel like the bear market is over and then they feel comfortable moving back into crypto. That’s the biggest reason this is happening but often it’s the influence of many individuals making their own decisions.
Soon after, the ShapeShift CEO was asked if there was something “more structural” in the cryptocurrency market that encourages bubbles and related activity, and Voorhees responded,
That’s a great question. There have to be bubbles in crypto because crypto is taking over the world and it’s not just going to advance 5% a month without end. If it did that, people would start buying it up and front-running it and turning into a bubble. So there’s no way to go from a zero dollar asset into one that is worth trillions without massive speculation and massive volatility in cyclical bubbles.
The crossing of the $8000 mark in such a short span of time – Bitcoin climbed $2000 in just 5 days – has investors wondering about how high the market is going from here. Mike Novogratz of Galaxy Digital has said that he expects Bitcoin will hit $20,000 in 18 months. While it looks like on track to reach the highs of late 2017, there is no telling with absolute certainty how things will pan out, but investors certainly have a lot to look forward to.
