From the future of Bitcoin’s trademark volatility to the use of XRP in cross-border transactions, here’s a look at some of the stories breaking in the world of crypto.
ShapeShift CEO Erik Voorhees says Bitcoin’s biggest years are still to come.
In a new interview with Nuggets News, Voorhees says he thinks Bitcoin will reach beyond a $1-trillion market cap and eventually replace fiat currencies around the world.
“If you have the thesis that Bitcoin is going to take over the world, which I do, and you just take that as true for a second. There’s only so many of them. So as it takes over the world, the price of the coins has to rise.
It would be impossible for that price to go in a smooth upward trend. Because if that was happening, let’s say every month it went up by 10%, something relatively smooth for Bitcoin, it doesn’t take too many months of that before people are like, ‘Wow, every month this thing goes up 10%. That’s the best investment in the universe. I’m going to buy that.’ What you get is people frontloading that growth and you turn a straight-line growth into a parabolic bubble. It’s kind of inevitable.
And then at some point, the bubble is way overdone. It’s hard to say at what point that is. But at some point, it pops and it collapses back and goes through a correction phase. But that’s really the only way that this can work. It can’t go up in a straight line. It’s not going to stay flat because it’s growing. And it’s not going to go down because it’s changing the world and it’s going to replace fiat all over the world.”
Voorhees says he believes Bitcoin’s best attributes are its ability to move value without intermediaries and the fact that its supply can’t be manipulated.