By George Ward
Erik Voorhees, ShapeShift CEO and a renowned crypto pioneer, has predicted that the crypto bull market would commence in the next six months to three years. Recently, Voorhees was part of the Bankless Podcast hosted by David Hoffman and Ryan Sean Adams.
Voorhees noted that he and his crypto friends always discuss the bull market at social events. He argued that the bull run would not take years. According to him, it should start in a much lesser time.
Voorhees continued by saying that the bull market strongly correlates with favorable macroeconomic conditions. Under the current conditions of quantitative tightening, the market will have difficulty gaining positive traction.
On the other hand, the crypto pioneer predicted that macroeconomic conditions will stabilize by “early to the middle next year.” Furthermore, he stated that it would not surprise him if BTC reached $40,000 in the summer.
Notably, over $2.2 trillion has left the crypto market since November 2021. Moreover, this harsh condition has affected several crypto investors. One of the Podcast hosts asked Voorhees what went wrong with the crypto sector.
He replied, saying that the crypto sector has different kinds of people. “Many of these folks are rather unsavory, while others are great heroes, and there are many people in the middle,” he added.
Voorhees Champions The Need For Self-Custody
Talking about the FTX saga, the CEO stated that he had no clue that there was a problem with FTX, despite Bankman-Fried’s visible discomfort during the interview. During an earlier episode of the Bankless Podcast, Voorhees and Sam Bankman-Fried had a heated debate about cryptocurrency regulation.
A few days after the debate, rumors of FTX’s bankruptcy flooded the crypto community. Consequently, the crypto exchange filed for Chapter 11 bankruptcy on November 11th.
Voorhees noted that the whole event happened quickly and was hard to comprehend. “I did not suspect that anything shady was happening at the exchange,” he stated.
Meanwhile, the crypto enthusiast also shared tips on how to survive the bear market. Voorhees advised crypto investors to embrace self-custody.
Also, he acknowledged that it would be challenging to make newbies embrace self-custody at the onset. However, he stated that those who have been long in the crypto game should take self-custody seriously.
“People must learn the dangers associated with custodial wallets and exchanges. This is not something new. Still, we have to keep teaching people about it,” he added.
While ending his call on the Podcast, Voorhees applauded MetaMask Wallet for promoting the idea of self-custody. According to the crypto enthusiast, the crypto sector can escape regulation and the need to trust third parties.
However, more persons would have to adopt self-custody so that intermediaries only hold a small fraction of crypto wealth.