Cryptocurrency veteran Erik Voorhees predicts when Bitcoin (BTC) will enter its next bull run as it looks back to 2022.
The ShapeShift CEO said bitcoin could surge nearly 140% from its current value as early as this summer. At the time of writing, Bitcoin is changing hands at $16,703.
“It won’t be 10 years. If it takes 10 years for the bull market to happen, probably the whole thing failed. So I’m happy bounding it in that way. I would guess it’s sometime in the next six months to three years. I think that’s generally how long it takes people’s minds to start changing and speculative cycles to return.” Voorhees said macroeconomic conditions need to improve and the Fed may have to shift to a less hawkish stance for the price surge to happen, which he said could start in the next few months.
“It also has a lot to do with the macro environment. As long as interest rates are held high and monetary conditions are tighter, it’s going to be a headwind. That’ll start changing in early to mid [2023]. So I wouldn’t be surprised if Bitcoin was at like $40,000 by the summer. That wouldn’t surprise me at all. And that’s like 2.5x from here. So it’s a great return.”
Voorhees also stated that 2022 has witnessed the massive collapse of countless centralized entities and the loss of user funds, and one of the major lessons is the importance of self-custody of digital assets.
“The lesson people have been learning is the dangers of custodial exchanges and custodial wallets. It’s not a new lesson. It’s something we need to continue to teach. And I don’t expect brand new crypto people to jump right into self-regulation. But for sure, anyone who's been in the industry for a while and understands some of this stuff needs to understand how to use basic self-regulation.
MetaMask actually does the most to help people practice self-custody over anyone, and they do it without talking about self-custody. They just built a great product and got millions of users using self-hosted wallets. This is wonderful.
But that lesson is really the one, because if the majority of crypto funds and crypto wealth reside with intermediaries: A) we will never escape the regulation that this stuff is meant to escape and B) we will never escape the need to trust humans.”
