Shapeshift’s Erik Voorhees Urges Investors to Accumulate Crypto During Bear Market
Based on the performance of Bitcoin and the rest of the market, many investors are under the impression that this bear market is on its last leg. However, there are others that are much more negative about the situation, believing that the worst parts of the market’s demise are still coming.
Bulls and bears are in every market, and cryptocurrency is no different. Erik Voorhees has certainly showed himself to be part of the bear category as the leader of the instant crypto-to-crypto Shapeshift exchange. He had an interview with Ran Neuner of CNBC Africa’s Crypto Trader recently, discussing his belief in how he thinks the market will go.
The interview began with an examination of a previous interview with Voorhees, during which time he remained in favor of his bearish stance, when he believed that the 2018 bear market would proceed. To expand on this idea, and support his ongoing belief, Voorhees said,
“I don’t expect it (bear market) to end soon, although I do think that the rate of collapse has slowed considerably. Generally, in these bubbles, after you go through several months of a downtrend you hang out in a range for a while… But I think we are done with a majority of the collapse.”
Even though much of this collapse seems to have already passed, Voorhees predicted that the Bitcoin price will keep diving, reaching a 30% additional loss in the next 3 to 18 months. Still, he said it probably will not go further than that. Still, anyone that makes a purchase of Bitcoin will end up being part of the coin being propelled further, and the best price to come in at will most likely be $6,700 in a few years.
Even though there has been a little fluctuation on Voorhees’ bear versus bull stance, the most accurate way to describe him would be as an altcoin bear, according to NewsBTC.com. When Neuner asked about his position on altcoins and the “one true chain (Bitcoin), Vorhees talked about the experience he’s had in other predominantly bear markets and said that he doesn’t see altcoins as a good investment or even a good way to hold value.
As Voorhees discussed his prediction and faith that blockchain technology endeavors will start to creep up around the entire world, he explained,
“Digital assets could fill many different use cases, and cryptocurrency was an early one (use case) that was successful, but it was not at all the only one. And so, you’re going to get a lot of blockchains, and a lot of digital assets for a bunch of different use cases… This idea that Bitcoin, with its specific properties, is going to be optimal for every single use case, is really naive. And I think that this (mindset) cuts against the very nature of decentralization that we were trying to build in the first place.”
When it comes down to the intention of the market, Voorhees believes the argument about the most prominent and successful chain is inconsequential. Instead, the entire industry is meant to rip apart the legacy systems that have stifled, muted, and centralized the economy in every part of the world, replacing it with blockchain technology for improved integrity of the market.