The cryptomarket does not seem to show signs of recovery after the exponential escalation experienced during 2017. The year 2018 marked a quite sharp correction, with a fall in prices of more than 90% for some altcoins.
2019 has been relatively stable (with a slightly bearish trend), something that has led many to speculate about a possible “rebound effect” that could catapult the Bitcoin (and the rest of the altcoins) to new highs. However, other experts consider that this rebound is still relatively far away.
One of those who thinks so is Eric Larchevêque, the CEO of Ledger – the firm that manufactures one of the most popular hardware wallets in the world. In an interview for CCN, Mr. Larchevêque noted that the crypto bear market could be extended for a period of “12-24 more months.
“We think we could have 12-24 more months of a bear market. Or some kind of nuclear winter in crypto. So we are just adapting the growth of the company to make sure we can withstand two years of bear market.”
Larchevêque explained that he does not share the views of many personalities within the scene, such as Max Keiser and Jimmy Song, who defend the idea that protests against the current political and financial system could help promote the use of cryptocurrencies as more reliable alternatives to the fiat system.
Ledger’s CEO explains that this is just manipulated media coverage and that in reality the protests are not related to crypto.
“I think that this call to take the money out of the banks and the protester with the ‘Buy Bitcoin’ sign is something that’s been exaggerated a lot by the media.
The yellow vests do not really know about Bitcoin, and they do not really think that cryptocurrency will solve their problems … I am not sure that these protests have changed anything regarding the popularity of cryptocurrencies.”
However, despite the short-term pessimism, Larchevêque was clear in explaining that he is optimistic in the medium and long term, something that many hodlers will surely appreciate:
“We are convinced that we are in a cycle, which means that sometime it will be a bullish market again. But at the same time, we feel that it may take some time.”