Erik Voorhees on BloombergTV: "Crypto is taking over the world"

14 May, 2019
by David Borman
Erik Voorhees on BloombergTV: Crypto is taking over the world

Today saw ShapeShift CEO Erik Voorhees go on Bloomberg TV to discuss where Bitcoin is going now that it looks like the bear market is back. While some of the nuances of market cycles are explored, Voorhees makes no subtlety about one viewpoint: "Crypto is taking over the world."

The whole interview is worth a watch, but the quote itself came about when Voorhees was asked if he felt that there was anything about crypto that specifically encouraged bubbles and speculative activity. To this Voorhees states:

"There have to be bubbles in crypto, because crypto is taking over the world, and it's not going to just advance 5% a month without end. If it did that, people would start buying it up and front-running it and turning it into a bubble. So there's no way to go from a $0 asset to one that is worth trillions without massive speculation and massive volatility in cyclical bubbles."

Voorhees is then asked if there are any real practical uses for Bitcoin or other cryptos out there in the world today. To this end he points to Venezuelans using BTC to escape rampant inflation and people in the Phillipines using it to send money across borders faster and more cheaply. He concedes that currently much of its use is still speculative, but this is what we would expect to see at this stage in its adoption.

The interview then shifts to discussing, which Voorhees founded, and how it has changed from anonymous accounts to a Know-Your-Customer (KYC) model. The CEO admits the change has been hard and unfortunate, but that there wasn't much choice concerning regulations.

The talk is wrapped up by Voorhees being asked if he is concerned about things like the recently announced FDIC backed accounts from SFOX, or if in general the institutional presence poses a threat to the rebellious nature of cryptocurrency. To this he replies:

"I want crypto to be a big tent. I want the whole world to be using it, and most of the world doesn't think like I do. So I'm glad to see people of diverse opinions starting to use this stuff. I'm glad that people are building out in different directions, and I think that ultimately it makes it stronger and more resilient."

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