Crypto veteran Erik Voorhees is predicting when Bitcoin (BTC) will go on its next bull run while reflecting on 2022.
In a new interview with the Bankless podcast, Voorhees says that it will not take another decade for a crypto bull market.
The ShapeShift CEO says that Bitcoin could soar by nearly 140% from its current value as soon as this summer. At 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 says that macroeconomic conditions need to improve and the Federal Reserve likely has to pivot to a less hawkish stance for a price surge to happen, which he says could start in the coming 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 says one of the big lessons from 2022, which saw numerous large collapses of centralized entities and the loss of users’ funds, is the importance of the self-custody of digital assets.
“This lesson that people keep needing to learn is the dangers of custodial exchanges and custodial wallets. This is not a new lesson. That’s the one that we need to keep teaching. And I don’t expect that brand new people to crypto are going to hop right over to self-custody. But certainly, anyone who’s in the industry for a little while and learns about some of this stuff needs to understand how to use basic self-custody.
MetaMask has actually done the most to help people into self-custody of anyone and they do it without talking about self-custody. They just made a great product and got millions of users into self-hosted wallets. That’s fantastic.
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.”
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