One River Management CEO and CIO Eric Peters says he’s “extremely bullish” on the crypto markets and is expecting a powerful rebound for the nascent asset class.
In a new interview on the Bankless podcast, the head of the $2.5 billion crypto hedge fund recently acquired by Coinbase says tighter macro conditions triggered a rough bear market, but that the worst of it is likely behind us.
Peters is now forecasting a strong bullish rebound at some point driven by institutional adoption along with new use cases for crypto and blockchain technology.
“We’re now at a place where cadence-wise maybe some good things could happen. I’m extremely bullish for the medium-to-long term…
I think that this next phase, I don’t know when it will begin, and maybe it already has started by the way, but I think this next phase will be very powerful because it actually will finally have real institutional adoption, not just in the investments but also the technologies, and I think that’s a big deal.”
Peters says he is already seeing signs that crypto markets are moving in a new direction as the Federal Reserve appears to be slowing down its rate hike cycle.
“You’re already starting to see the foot that’s been on cryptos neck just kind of eased off as we’re getting toward the latter part of this tightening cycle. I think this will be a transition year. There are a whole range of wildcards. There always are. Ukraine hasn’t been settled. China reopening hasn’t been settled. We haven’t yet seen what investors do when they start getting nervous about stocks.
We’re at that stage in terms of the cadence where not only have we got through all the kind of crypto-specific problems, but we’re through the really dramatic rate hike part of the cycle. And I think things are more favorable. I don’t know that that necessarily means that we’re right back to a big bull market. I am kind of open minded to anything. We could be in a sustained bull market now.”
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/SpicyTruffel/Pavel Chagochkin