One of Bitcoin’s earliest investors said that despite the recent drop, it continues to rise in Bitcoin (BTC), Ethereum (ETH) and the broader crypto market.
Bobby Lee, former CEO of cryptocurrency exchange BTCC, said in an interview with Bloomberg that if the forecasts of severe crypto winter do not come true, Bitcoin and Ethereum will easily return to their all-time highs recorded in November 2021.
The crypto veteran believes that the update that will enable Ethereum to transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) will be the catalyst that will allow his two digital assets to return to record highs.
“I am very optimistic about bitcoin and cryptocurrency. I guess I was worried about the price when I got on the show last time. There was a price correction in the short term. And compared to that time, Bitcoin and Ethereum both gained more than 20%. And I think it might be too early for a bear market call. We’ll see.
If the bear market does not happen, we can easily see Bitcoin and Ethereum return to their previous record levels with this upcoming update, especially for Ethereum. This is very important for the cryptocurrency ecosystem. Everyone predicts that this will happen. On the other hand, if there really is a bear market, I think it’s a short-term one to two-year relationship. And the bear market, if any, exists only to lay the groundwork for a big new super rally in the years to come.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.