Erik Voorhees tips $40K BTC by June, but little consensus among pundits
There is little agreement among Bitcoin’s commentators over the last few weeks, with crypto execs, research analysts and billionaire investors offering wildly different takes on what's in store for Bitcoin for the year ahead.
One crypto exchange founder expects Bitcoin (BTC) to spike to $40,000 by the summer, while a Bitcoin billionaire has renewed his bullish $250,000 BTC price prediction for the year.
Erik Voorhees, founder and CEO of cryptocurrency exchange ShapeShift, was optimistic about a potential recovery of Bitcoin’s price during an interview with Bankless on Jan. 2, stating he “wouldn’t be surprised” if Bitcoin (BTC) hit “like $40K” by the “summer.”
Voorhees noted that if his prediction were to come true that would be “2.5X” from its current price of $16,666, which he said is a “great return.”
The crypto executive couldn’t pinpoint the timing of the next bull run, only saying it would come sometime within the next “six months to three years.”
He shut down the idea that it could take as much as “10 years,” however, arguing that if that happened it would mean the whole “thing [...] probably failed.”
Looking ahead, Voorhees said that the macro environment, interest rates and the tightening of monetary conditions are big factors in how the crypto market will play out this year.
He also acknowledged that the reputation of crypto from outsiders is “just trash” but those commentators will also be the ones to be “blindsided” when the next rally happens.
Voorhees said that whether we are in a bull or bear market, we are “in the middle of a revolution right now.”
Meanwhile, Bitcoin billionaire investor Tim Draper has continued to knuckle down on his $250,000 Bitcoin prediction via his most recent Twitter post on Jan. 1,
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