Voyager CEO Enlightens Bitcoin Investors By Saying Ongoing Bear Market is a Good Thing for Crypto’s Future
Despite the ongoing price correction of cryptocurrencies, many industry leaders are still bullish on crypto’s future. The CEO of Voyager – a company providing crypto investors with crypto trading solutions – Stephen Ehrlich is among the big names who believe that the crypto market will continue to grow.
The historic bull run of cryptocurrencies brought new investors into the market, which also led to further growth of cryptocurrencies, making it a multi-billion dollar industry. However, the fame of crypto came at a price. The prices of bitcoin hit nearly $20,000 in 2017, and then slowly wind down.
Bitcoin Has Previously Survived Major Corrections
According to Ehrlich, this is not the first time Bitcoin is facing a correction; it has gone through such periods four times (2010, 2012, 2014, and 2016) in the past. The last major correction where the price of bitcoin went from a high of $1,000 to a low of $250, many people lost hope in it, not realizing that it would bounce back and gain more popularity and strength.
To drive home his point, Ehrlich explained:
“The impact of all great technological change is often overestimated in the short run and underestimated in the long term. This theory is called Amara’s Law and can be used to explain the rise of the world’s most successful technology businesses like Amazon and Apple… In 2001, Amazon’s stock was valued at just $6. In the days following September 11th, it would be hard to imagine that less than 20 years later that same stock would hit $2,000 a share.”
ICOs And Crypto Startups to Experience More Problems
According to Ehrlich, the problems that cryptocurrency startups and ICO projects face are not over yet. He thinks that more companies will continue to be tested during this period, and only the legitimate businesses will emerge stronger. He noted that:
“As the crypto winter continues, more companies will be tested, and only those with valuable products, adequate funding, and long-term business strategies will survive…As more legitimate businesses emerge and prove their worth, more investors will feel confident entering the crypto market.”
As of now, it’s very hard to predict the future of bitcoin or any other coin for that matter, but this doesn’t stop industry experts from expressing their bullish stance on the market, stating that it will recover.