Early Crypto Investor Erik Voorhees Says the Next Bitcoin Bull Market Will Start When This Happens

Erik Voorhees. Source: a video screenshot, ReasonTV / YouTube

The next bull market may be coming anytime between this year and 2026, suggested crypto veteran Erik Voorhees, but it will require some changes in the macro environment – as well as in people’s minds.

Voorhees, who is the founder and CEO of crypto exchange ShapeShift, was a guest on the Bankless podcast episode published on January 2. 

Replying to a question about when we’d get to see another bull run and all-time highs, Voorhees jokingly said that it wouldn’t be 10 years, adding that he often talks with his “crypto OG” friends over barbecues when the markets would turn around – but that they’re always wrong. 

He stated, however, that,

“If it takes 10 years for the bull market to happen, probably the whole thing failed. […] I would guess it’s sometimes in the next 6 months to 3 years.” 

Certain things need to occur in order for the bull to return, Voorhees suggested. There is also some amount of time necessary “for people’s minds to start changing and speculative cycles to return.”

The CEO stated that,

“It also has a lot to do with the macro environment. So as long as the interest rates are held high, monetary conditions are tighter, it’s gonna be a headwind. But […] that will start changing in early to mid-next year. So, I wouldn’t be surprised if bitcoin was at like 40K by the summer, that wouldn’t surprise me at all. And that’s like 2.5X from here, so that’s a great return.”

Bull and bear market lessons to keep in mind

Voorhees had some lessons and warnings to share about both the bull and the bear markets – certain common denominators seen every time during each cycle.

Not unique to crypto, he said, but “when the bullishness is happening, people’s skepticism and judgment fall way too low” and they’re willing to accept anything. That is the time when “all the stupid ideas get just as much money as the good ones, there is no discretion, and everyone is making money doing everything.”

Therefore, Voorhees warned that,

“During a bull market, remembering to stay sane means [asking] yourself if this thing is actually useful or it’s just stupid. […] Don’t follow the crowd, because they’ll go into everything.”

Meanwhile, in the bear market, people are “far too bearish, and they dismiss the whole thing.” The technology hasn’t suddenly changed between the bull and the bear markets, it will work just the same in either one – meaning that it is the users’ opinion of it that turns negative. 

The bear market advice would be to buy and build, but also to “just remember to live your lives, crypto is not everything,” he said. 

Voorhees warned people not to miss the forest for the trees, stating that what we’re seeing at this very moment is a revolution. He said,

“Just step back and be proud of what you’re part of. [During] no revolution that worked [were] all the people confident that it would work. You step forward through uncertainty the entire time, and then one day you might wake up and realize ‘oh, it works, but I missed it all because I was so worried that it wasn’t happening’. Just recognize it, you’re in the middle of the revolution right now: polar bear market – you’re in the middle of that. […] So while you’re here, don’t let it go by without that recognition.” 

So the most basic lesson in either market is to stay in the middle by checking one’s own perception of things and looking at the larger picture, instead of going to extremes.

You can watch the full interview here: 


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