The instant convertor’s CEO told Bloomberg that current volatility is an essential part of crypto’s metamorphosis.
“There have to be bubbles in crypto because crypto is taking over the world, and it’s not just going to advance 5% per month without end,” he told the network. He then added:
“If it did that, people would start buying it up and frontrunning it and turning it into a bubble.”
As Cointelegraph reported, a slow bull market which began early April gathered speed this month, with BTC/USD advancing over $8,000 to cap monthly gains of over 60%.
Voorhees did not identify a specific reason for the newfound market optimism, arguing the rise was due to mass individual trader activity.
“There’s no way to go from a zero-dollar asset into one that is worth trillions without massive speculation and massive volatility and cyclical bubbles,” he continued.
ShapeShift suffered at the hands of increasing regulatory scrutiny over the past year, Cointelegraph reporting on a sharp rise in law enforcement requests to the company.
The 2018 cryptocurrency bear market also took its toll on performance, ShapeShift making roughly one third of its staff redundant in January.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.