Crypto CEOs Are Still Six-Figures Bullish on Bitcoin's Price

Industry insiders say the medium-term outlook for the crypto market is positive, even if sentiment is not.

AccessTimeIconJul 28, 2021 at 12:46 p.m. UTC
Updated May 9, 2023 at 3:22 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto investors have just endured one of the toughest quarters on record. Despite a recent rebound, fears of overregulation, a clampdown on mining in China and environmental concerns have all contributed to negative sentiment in the sector.

Most CoinDesk 20 assets, which constitute about 99% of the crypto market by verifiable volume, finished the second quarter with negative returns. The CoinDesk Bitcoin Price Index (XBX) fell 40.4%, its third worst quarter in terms of performance since its inception. Conversely, the CoinDesk Ether Price Index (ETX) ended the quarter up 18.7%. While bitcoin has recovered some of its losses, trading at around $40,500 at press time, the level of optimism is far from what it was at the start of the second quarter.

  • Gemini Cuts 10% of Staff, Blaming ‘Turbulent’ Crypto Market
    Gemini Cuts 10% of Staff, Blaming ‘Turbulent’ Crypto Market
  • Blockchain in Asia: China Bets on Blockchain
    Blockchain in Asia: China Bets on Blockchain
  • How to Value Bitcoin: Days Destroyed
    How to Value Bitcoin: Days Destroyed
  • Everything You Ever Wanted to Know About the DeFi ‘Flash Loan’ Attack
    Everything You Ever Wanted to Know About the DeFi ‘Flash Loan’ Attack
  • There may be reasons, however, to expect more positive news ahead. CoinDesk spoke to several industry figures and asked them what they thought about the outlook for crypto markets given some of these recent headwinds.

    Here is what they said:

    Ryan Moore, CEO of bitcoin mobile app Mode

    What we’re starting to see is the inevitable, and necessary, meeting of global regulators with industry players. This will only continue as investor interest builds, which is happening fast. The incumbents need to show that they're being responsible and prioritizing consumer protections, and so do we.Yes, there have been price fluctuations, but without doubt, I'm still bullish on bitcoin. Bitcoin has proved its position as a store of value, and this will only be entrenched by Millennial and Gen Z investors. It’s scarcity, durability and security means that, by both fiat and cryptocurrency standards, it has long-term utility and value. A few years ago Bitcoin was compared to the internet in the early ‘90s. This comparison still stands; the internet became ubiquitous and Bitcoin will too.Engaging with regulation doesn’t preclude innovation or disruption. In fact, this will enable the industry to grow. An increase in security and transparency goes hand in hand with an increase in investor confidence – both institutional and retail. We’re seeing investors seek out this assurance more and more. Ultimately, the added scrutiny we’ve seen in recent months is good for crypto.

    Richard Byworth, CEO of crypto financial services company EQONEX

    We remain bullish for the remainder of the year. The mining crackdown in China has impacted the price heavily as miners migrate and hash power has dropped, but longer term, this is bullish and will make Bitcoin more resilient. We are still forecasting BTC to be around $175,000 at the peak of the current cycle into 2022.The regulatory scrutiny of the industry at present will also lead to longer-term frameworks being put in place and regulatory-focused players like ourselves providing on ramps for institutions. Our road map for the rest of the year is focused on derivative product rollout, a core requirement for the majority of institutions that will lead to reduced volatility and even further adoption.

    Steve Ehrlich, CEO of digital-asset broker Voyager Digital

    After a period of trading in range, I believe that bitcoin and crypto will increase substantially by year end. My price prediction is that bitcoin will approach $100,000 by Dec. 31, 2021. The continued adoption of cryptocurrency will continue to accelerate through the year.

    Peter Wall, CEO of bitcoin mining firm Argo Blockchain

    I don't get worried about short-term fluctuations in the bitcoin price. As a company, we’re thinking longer term – in quarters and years, not days and weeks. If you look back and consider the trends we’ve seen over the last six to 12 months, and especially over the last five to 10 years, the digital-asset ecosystem is clearly moving in one direction. We believe it's still early days, and the digital-asset ecosystem will continue to disrupt traditional players and is the future of money and finance. The narrative over the last six to 12 months has been of large-scale institutions adopting positions in cryptocurrencies, and while we have seen companies such as MicroStrategy, PayPal and Tesla do so, there will be many more to come.I think it is easy to forget that large institutions are like aircraft carriers, and to change their direction takes a huge amount of effort, and most importantly, a significant amount of time. We believe that these adjustments are underway, and the industry will feel the full effect of these changes in the coming months and years.

    Frank Schuil, CEO of crypto exchange Safello

    China’s clampdown on mining has been priced in and the road ahead is bright. It opens up the market for other geographies to flourish. Miners will move to regulatory environments that are more favorable to crypto with less competition from a historically dominant China. On the regulatory side itself, things look better than ever, at least in Europe. The ability for crypto companies to passport their registrations once MiCA is introduced will accelerate competitiveness and adoption. [Editor’s note: MiCA is the European Commission’s proposed regulation on markets in crypto assets.]

    UPDATE (Aug. 2, 14:09 UTC): Updates description of Mode.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.