Head of $2,500,000,000 Coinbase-Acquired Crypto Fund Says Next Bull Market Will Be ‘Very Powerful’
One River Management CEO and CIO Eric Peters says he is “extremely bullish” on the crypto markets and expects a strong recovery for the nascent asset class.
In a new interview on the Bankless podcast, the head of the $2.5 billion crypto hedge fund recently acquired by Coinbase says that tighter macro conditions triggered a rough bear market, but that the worst is likely behind us.
Peters now predicts a strong bullish rally at a time driven by institutional adoption along with new uses for crypto and blockchain technology.
“We are now in a place where, in terms of cadence, perhaps some good things can happen. I am extremely bullish on the medium to long term…
I think that this next phase, I don’t know when it will start and maybe it has already started by the way, but I think this next phase will be very powerful because it will actually finally get real institutional adoption, not only in the investments but also the technologies, and I think that’s a big deal.”
Peters says he’s already seeing signs of crypto markets moving in a new direction as the Federal Reserve looks to slow its rate hike cycle.
“You are already starting to see the foot that has been on crypto’s neck, simply eased as we approach the final part of this tightening cycle. I think this will be a transitional year. There are a number of wildcards. It always exists. Ukraine is not decided. China’s reopening has not been decided. We have yet to see what investors do when they start to get nervous about stocks.
We’re at the stage in terms of the cadence where we’ve not only gotten through all kinds of crypto-specific issues, but we’re through the really dramatic rate increase in the cycle. And I think things are more favorable. I don’t know that that necessarily means we’re right back into a big bull market. I have an open mind to anything. We could be in a sustained bull market now.”
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