Erik Voorhees, who is the CEO of the popular cryptocurrency trading platform ShapeShift, is in today’s crypto news for endorsing Bitcoin and saying that its bear market is crucial for building market foundation and infrastructure.
As Voorhees stated:
“Bear markets are for builders. The calm, the quiet, the disillusionment.
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While the fickle and fair-weather peer around with nervous insecurity, the builders become the market’s foundation, preparing the mortar and stone of tomorrow’s towers.”
Just like many analysts, Voorhees thinks that Bitcoin’s five major corrections which occurred over the past eight years – in 2010, 2012, 2014, 2016 and 2018 – were all important in terms of building up the price of the largest cryptocurrency by market cap.
That said, the 67% drop of Bitcoin this year is actually the smallest correction in terms of percentage loss since 2010. It’s a fact that the cryptocurrency market saw a big surge due to the unprecedented levels of speculation and interest – particularly by media which fueled the hype around the emerging asset class.
This year, Bitcoin is not so potentially disruptive – but can be with the efforts of new players such as Bakkt, Coinbase, BitGo, Starbucks, Microsoft, Goldman Sachs, Morgan Stanley and CitiGroup, which are all expected to enter the crypto market.
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