Erik Voorhees, the CEO of ShapeShift and a well-known influencer, spoke about the cryptocurrency price bubble and the bear market, in an interview for WhatBitcoinDid.
Voorhees stated that this was the fourth time he experienced the cryptocurrency bear market, adding that he has been in the space âpretty muchâ since the beginning. He further added that the bear market âgets biggerâ and âmore intenseâ compared to the previous one as the numbers and the impact are bigger.
â[â¦] the first bubble I was in, early mid 2011, was bigger in terms of percentage gain but the industry was small back then, the people talked in terms of hundreds of thousands of dollars not multi-billion dollars. This is a big industry at this point and when this whole industry rises by a 100x in 2017 and then collapses back down by 90x, it has a big effectâ
Voorhees went on to state that he was the âleast worriedâ about recovering from the 2017 bubble because the industry has made âso much progress,â which has resulted in the evolution of better technology. He said:
â[â¦] I donât know if markets will get crazy again in a month or in two years but they will get crazy again and so we sit here and we build and we get ready for that [â¦] I mean, you have to understand the perspective I come from like back in 2011, we imagined some day maybe in our fantasies that this industry would be what it is todayâ
He then went on to state that likelihood of Bitcoin becoming successful was âso tinyâ during its initial days, in comparison to recent times.
â[â¦] we are not mainstream yet but we are we are getting there and most people in the world those people in at least in the Western world in modern society are familiar with Bitcoin theyâve heard of it itâs not the strange alien thing anymore.â