Voorhees: “I Won’t Be Surprised If It’s $40,000 by Summer”

Erik Voorhees, founder and CEO of cryptocurrency exchange ShapeShift, takes an optimistic approach during an interview with Bankless. Voorhees voiced his opinions on the potential recovery in Bitcoin price. Stating that the next bull run will not wait 10 years to start, Voorhees stated that he would not be “surprised” if Bitcoin reaches “$40,000” by the summer of 2023. Voorhees says that if his prediction comes true, it means an increase of about 140% from the current price and it is a great gain, and he expects the bull run to take place in “6 months to 3 years”. Voorhees, who thinks that the industry is “in the middle of a revolution right now”, regardless of bull or bear market, made the following statements in the continuation of his speech:

“If it takes 10 years for a bull market to happen, everything probably has failed. So I’m happy to limit it that way. I’d estimate somewhere between the next six months and three years. I think it usually takes that long for people’s minds to start changing and speculative cycles to return.”

Voorhees stressed that macroeconomic conditions must improve and the US Federal Reserve (FED) likely to return to a less hawkish stance for the price hike to take place, which he said could begin in the coming months.

“This has a lot to do with the macro environment as well. As long as interest rates are kept high and monetary conditions are tighter, this will be a headwind. This will start to change from early to mid 2023. So I wouldn’t be surprised if Bitcoin hits $40,000 by summer. “

On the other hand, pointing out that one of the biggest lessons to be learned from 2022 is the importance of investors keeping their digital assets on their own, the CEO underlined that confidence in centralized exchanges has been seriously shaken this year.

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