Consensus 2017: Smith, Voorhees Talk Today’s Bitcoin Market Craze

When ShapeShift CEO Erik Voorhees and Blockchain CEO Peter Smith took the stage this morning at CoinDesk’s Consensus 2017 conference, the title of their panel was already out of date.

“Bitcoin Beyond $20 Billion: Digital Currency’s Future,” it read – but with bitcoin trading at close to $2300, the market cap of the currency is already $37 billion and climbing, according to the CoinDesk Bitcoin Price Index (BPI).

During their appearance on the Consensus 2017 main stage today, both Smith and Voorhees shared their thoughts on why bitcoin is performing so well as an asset right now – and what we can expect from the future. The two perhaps have a unique vantage point to view the market: Voorhees runs a digital currency exchange while Smith leads one of the industry’s longest-running wallet offerings.

For his part, Voorhees made the argument that market participants ought to brace themselves, and grow accustomed to a cycle of highs and lows.

“People should expect bubbles with cryptocurrencies. They have been with us since the beginning of time and in crypto they are especially pronounced,” he said.

But how high will it go? According to Smith, bitcoin has only two options: soar to great heights, or crash and burn.

He told the audience:


Read more ... source: CoinDesk

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