The leader of a $2.5 billion Coinbase-acquired crypto fund predicts the next bull market will be “very potent”
Eric Peters, CEO and CIO of One River Management, is “very positive” on the cryptocurrency markets and anticipates a strong return for the emerging asset class.
In a recent interview on the Bankless podcast, the CEO of the $2.5 billion crypto hedge fund recently bought by Coinbase said that tighter macro circumstances caused a brutal bear market but that the worst of it is likely over.
Peters currently anticipates a significant positive comeback in the future, driven by institutional adoption and innovative use cases for cryptocurrencies and blockchain technology.
“This next phase, I don’t know when it will begin, and it may have already begun by the way, but I believe it will be extremely strong because institutional adoption will finally occur, not just in the investments but also in the technology, and I think that’s a major thing.”
Although the Federal Reserve looks to be delaying its rate-hike cycle, Peters says he already sees indications that the cryptocurrency markets are shifting.
“As we near the end of this tightening cycle, you can already see that the foot on crypto’s neck has begun to loosen off. I believe this year will be one of transformation. There is a variety of wildcards. There are always. Ukraine has not yet been resolved. The reopening of China has not been decided. We have not yet seen what investors do when anxious about the stock market.
In terms of cadence, we’re at a point where not only have we resolved all crypto-specific issues, but we’ve also completed the theatrical rate rise portion of the cycle. And I believe things are improving. I do not think this indicates a return to a significant bull market. I am generally receptive to anything. Now we may be seeing a prolonged bull market.”