Bitcoin continues to move sideways just above $10,000, as traders try to predict which way it will break next.
But the CEO of crypto exchange startup ShapeShift isn’t sweating the day-to-day price action.
Erik Voorhees says he thinks BTC is on track to return to its all-time highs this year. He tells Ethereum World News that everyone should own BTC. But he believes crypto traders need to develop a long-term mindset and realize they could lose it all.
“I think we’ll be over $20k by year end, and 2020 will be the next bubble cycle (regardless of halving). However, I make lots of price predictions because it’s fun, and I’m usually wrong.
Crypto is a long-term project, and always extremely speculative. Everyone should own some, and they should assume it’ll go to zero. When they’re comfortable with that, then they’re ready.”
When it comes to the future of altcoins, Voorhees says Bitcoin maximalists are forgetting the principles of decentralization and should root for more than a simple winner-take-all outcome in the crypto market.
“I find it really sad and ironic that Bitcoin Maximalists, who are allegedly in favor of decentralization, advocate for a world with only one monolithic blockchain…
I remain extremely bullish on Bitcoin and it’s obviously the most important blockchain by far, but a world in which the only crypto is Bitcoin is a poorer world. I’d rather avoid endorsing other specific projects, but there are at least 5-10 other than Bitcoin which are worth attention.”
As for Facebook’s digital asset Libra, Voorhees says he thinks the social media giant’s initial plan is overly ambitious and expects it will eventually be watered down.
“Everyone knew they were working on something, but when the details finally emerged it was clear they were creating a supra-national currency, rather than just a 1:1 USD pegged asset. This was brave of them, and got them tons of antagonism from the governments…
I’m skeptical that Facebook will be able to launch Libra in its current form, and fear they will capitulate, water it down, and release a 1:1 USD pegged asset with little innovation behind it. But we will see.”
You can check out the full interview with Voorhees here.