Eric Voorhees Believes This Temporary Dip for Bitcoin Is Just “The Euphoria Stage of the Bears”
Bitcoin has been slowly losing value in the recent month, considering the changes made by the Bitcoin Cash fork and the SEC recent rulings on ICOs.
Though the coin has been able to remain around the $4,300 mark for a while, the recent pressure on the market took it down to the $3,800 range. At first, this change seemed unsubstantiated and lacked details regarding why the market has suffered so much.
Altcoins went through a major sell-off, coinciding with the market cap of Bitcoin dwindling down to $62 million. The market is still in recovery mode, but there are many tokens that have already reached their better days again. Crypto critics haven’t taken long to post all over Twitter and Reddit, claiming how right they’ve been to assume the worst.
The collapse is simply the euphoria stage of the bears.
— Erik Voorhees (@ErikVoorhees) November 25, 2018
Eric Voorhees, longtime CEO of Shapeshift, didn’t seem prepared to take these negative statements laying down. In his opinion, this is just a momentary situation that the crypto critics are capitalizing on. He tweeted, “The collapse is simply the euphoria stage of the bears.”
Though the statement was taken as a bearish comment for the investors that have only been in the market for a short time, he is actually using the opportunity to reference a chart. The chart, “Psychology of a Market Cycle,” is something that investors of all kinds reference for this situation.
Just like the way that Bitcoin bulls were celebrating their profits in December, when Bitcoin and other tokens reached their peak, the market bears are having their own victory. However, that perspective of the bears suggests that there’s a solution for the market that is entirely within reach.
Every market sometimes has a difficulty in predicting the length of a phase, whether it is positive or negative. That said, it is just like the pattern with Bitcoin, in that no one really knows the that it will bottom out at, or the date it will happen.
Allegedly, the bottom is $3,000, based on the information provided by some of the experts in the industry like Michael Moro, Mati Greenspan, Anthony Pompliano, and others. However, the coincidence here is that Voorhees’ decision to comment comes just after speaking on the long-term potential for Bitcoin.
During a discussion with TV producer Naomi Brockwell, Voorhees started off by noting that the dominating force behind crypto is inevitable. However, to be successful, startups and innovators in the space need to put in the work to push it along.
At a personal level, Eric Voorhees noted that his entire career has been an effort to promote projects that help with the adoption of cryptocurrency in other industries as well. As Voorhees said,
“It has certainly come a helluva long way [since I started]. Every financial institution in the world is watching it. Every government is somewhat bothered and/or a little nervous about it. Tens of millions of people have used it and most people in the developed world have heard of this at this point. So yeah, it has made a huge progress, but there still is ways to go.”
The association that Eric Voorhees took with fiat current and crypto assets comes not long after Tim Draper commented that he doesn’t see a use case in the next few years or decades for traditional currency.
As the discussion drew to a close, the CEO said that the inclusion of decentralized exchanges and crypto assets provided an “immensely powerful” contribution to the financial sector.
Ultimately, Bitcoin and other tokens are easily a “huge benefit to humanity,” along with the blockchain technology that comes with it. Still, it will take the support of startups and investors to keep this progression afloat.