While the crypto market has seen significant fluctuations lately, some voices are being heard to announce the start of a new bull cycle. According to Eric Peters, CEO of One River Asset Management, the crypto winter is already behind us and a particularly powerful bull cycle is shaping up for the months and years to come.
One River CEO Predicts a Bright Future for Cryptocurrencies
Despite some short-term setbacks, Eric Peters remains a long-term optimist on cryptocurrencies. He predicts that institutions will take a deep dive in the bull cycle.
I think the next phase will be very powerful because there will finally be real institutional adoption
According to Eric Peters, the market has probably already entered such a period. In a recent episode of the Bankless podcast, Mr. Peters predicted that the crypto winter was over. He didn’t hesitate to compare last year’s fall to the collapse of Wall Street in 1929.
I’m glad we got through that bear market, and it was really kind of a 1929 stock market crash environment
Mr. Peters saw some upside in the devastating cryptocurrency market crash of 2022, as it provided a good number of novices with some important trading lessons.
He advises potential investors not to jump on the train if they are not prepared to weather the volatility and various market cycles. He concludes that those who welcome economic disruption stand to gain in the long run. Also, they will have a better understanding of the economy as a whole.
Eric Peters joins Coinbase to expand his business
Coinbase expanded beyond retail by purchasing One River Digital Asset Management. The latter therefore becomes Coinbase Asset Management.
This acquisition marks an important milestone for Coinbase. In fact, the company is looking to bring more institutional capital into the crypto universe. Coinbase Asset Management will operate as an independent unit and will be led by CEO and Chief Investment Officer Eric Peters.
The lack of clear regulation is one of the factors preventing institutions from fully embracing the cryptocurrency ecosystem, according to Eric Peters.
Institutional capital is expected to flow into the sector if the United States, Europe or Canada impose appropriate regulations, he said., while financial institutions could integrate blockchain technology into their operations.
Mr. Peters hinted that the bull cycle may have begun, pointing to the sharp rise in market cryptocurrencies at the start of the year.
Indeed, the value of bitcoin has increased by more than 30% between the end of 2022, when it was worth $16,500, and today, where it is trading at around $22,000. It even hit $25,000 in February. This is a level not seen since June 2022.
The investment opportunities offered by cryptocurrencies are undeniable. However, Coinbase’s refusal to reimburse its customers’ losses proves that these still present significant risks for institutions and individuals alike.
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