ShapeShift & # 39; s Voorhees: Bitcoin does not become a trillion-dollar capital without more bubbles

3 min read

The CEO of instant cryptocurrency exchange platform ShapeShift told Bloomberg TV on May 15 that bubbles are an essential part of the industry's growth.

Erik Voorhees, speaking in an interview, argued that the volatility in bitcoin (BTC) and altcoin markets over the years has been a necessary phenomenon for a new company.

"There must be bubbles in crypto because crypto is taking over the world, and it's not just going to advance 5% a month," he told the network. He then added:

"If it did, people would start buying it up and put an end to it and turn it into a bubble."

Voorhees, whose company trades entirely within the cryptocurrency area and requires no fiat currency conversion for users, while bitcoin set its highest price in more than a year.

As Cointelegraph reported, a slow bull market started to kick in at the start of April this month, with BTC / USD boosting more than $ 8,000 to maximize monthly earnings of more than 60%.

Voorhees did not identify a specific reason for the renewed market optimism, because the increase was due to the massive individual activity of traders.

"There is no way to change from a zero dollar asset to one worth billions without massive speculation and huge volatility and cyclic bubbles," he continued.

ShapeShift suffered from the increasing control by regulators over the past year, with Cointelegraph reporting on a sharp increase in law enforcement requests to the company.

The cryptocurrency bear market in 2018 has also taken its toll on performance. ShapeShift made about a third of its staff redundant in January.

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Written by

Don Bradman

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