The CEO of instant cryptocurrency exchange platform ShapeShift told Bloomberg TV on May 15 that bubbles are an essential part of the industry’s growth.
Speaking in an interview, Erik Voorhees argued that the volatility seen in bitcoin (BTC) and altcoin markets over the years is a necessary phenomenon for a nascent asset.
“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.”
Voorhees, whose firm offers trading wholly within the cryptocurrency realm and does not involve fiat currency conversion for users, was speaking as bitcoin set its highest price in over a year
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