Eric Vorhees, CEO, and Co-founder of ShapeShift Exchange, recently held an interview with the Daily Hodl team, sharing his opinion on the crypto markets, focusing on the current situation of Bitcoin and what he thinks the future may hold for the most important cryptocurrency in the crypto-verse.
Don’t Worry, Be Happy
Despite a large number of panic sellers who have recently sold their digital assets, Vorhees has a more relaxed view of the ecosystem. From his perspective, the fall in prices of cryptocurrencies merely is part of a cycle that is natural in this type of market.
He also commented that it is difficult to determine the length of the actual bearish sentiment before a new rise; however, he is sure that volatility is necessary for the ecosystem and those who are genuinely interested in crypto must adapt to these turbulences:
Nine months isn’t a long bear market. After the 2013 bubble, there were three years before we hit new highs! These markets move in hype cycles, and as long as people pay attention to the technology and utility, rather than the price, they can get through bear markets, be they long or short.
There will be many more bear and bull markets as crypto pulls in the world’s financial system and reforms it. One cannot change the world in a smooth, predictable curve.
Eric Vorhees: Helping To Build a Crypto Society One Business At a Time
Regarding the development of businesses focused on cryptocurrencies and blockchain technologies, Vorhees is sure that regardless of their nature, they are of great help to boost the growth of the ecosystem. ShapeShift, his own company, shares that vision, helping the ecosystem by promoting and facilitating a transition to a society that relies on cryptocurrencies as a substitute for traditional fiat money:
I believe that any successful crypto projects help crypto itself grow toward wider adoption, resiliency and impact, and my ultimate goal is really to help the world transition from a fiat-based financial system to a crypto-based financial system, one which is open and borderless.
Vorhees is Not Particularly a Fan of the SEC
When it comes to regulations, Vorhees shares the vision of many anarchists. For the man behind ShapeShift, SEC acts are unnecessary and governments simply need to apply existing laws adapting them to modern times:
We don’t need regulation to prevent hacks and scams. Those things are already illegal. Hacking is theft. Scams are fraud. Both illegal in every country on Earth. No SEC necessary …
Governments should not have the ability or right to censor and control language, nor declare what language is or how people use it. Similarly, they should not have the ability or right to censor and control money, nor declare what money is or how people use it.
That’s a philosophical or moral argument. There is also an economic one: markets function better when they are left alone (largely due to informational complexity), and money is the most important good in a marketplace, therefore the most economically destructive when put in the hands of a coercive monopoly.