Stephen Ehrlich says the sell-off in crypto is a knee-jerk reaction
- Per Ehrlich, the current sell-off in the crypto market is a short-term move.
- Ehrlich claims the slump has offered investors a chance to invest in leading cryptos.
- The Voyager Digital CEO believes more people will embrace crypto over the festive season.
Voyager Digital founder and CEO Stephen Ehrlich believes the crypto market’s slump is a knee-jerk reaction to what is going on in the market. He shared his sentiments on the market’s performance during an interview on November 6, noting that the current sell-off is a short-term move. He added that the Voyager platform investors have seen investors continue buying crypto despite the bear market.
In the interview, Ehrlich said Voyager Digital investors bought dips in digital assets like Cardano (ADA/USD), Decentraland (MANA/USD), the Voyager platform token, Solana (SOL/USD), Avalanche (AVAX/USD), as well as leading cryptos like Bitcoin (BTC/USD) and Ethereum (ETH/USD). Explaining why investors were injecting money into such coins despite yesterday’s crash, Ehrlich said they are solid platforms in the long term.
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Encouraging people to buy crypto, he said the current slump offers an opportunity to invest in leading coins. Ehrlich added that the crypto space has a lot of leverage, especially among institutional investors. However, retail investors are increasingly buying BTC and other cryptos without leverage.
According to him, these investments will see the crypto market rebound just like it did six weeks ago after a crash triggered by China’s crypto ban. However, he believes the crypto space might take a little bit more time to stage a comeback.
Crypto adoption is increasing
Despite being around for well over a decade, Ehrlich said the crypto market is still volatile and is trying to establish itself. Like other crypto proponents, he believes more growth will help the crypto space shed its volatility.
The Voyager Digital founder added that the crypto space would get more adoption during the festive season, with people discussing it over Thanksgiving dinners.
Ehrlich also commented on the progress of the Voyager debit card, saying Voyager Digital has had tremendous amounts of sign-ups and that the firm is just about ready to launch the card. He shared that the card is currently in the pre-registration phase and that over 20% of the company’s clients have already signed up.
On top of this, he disclosed that Voyager Digital acquired Europe-based payment company Coinify, which has seen a massive amount of activity in the past week as people gear up to purchase goods through crypto ahead of the festivities.
While he admits the Voyager debit card will simplify spending crypto, Ehrlich noted that people are currently using the company’s payment rails extensively.
Ehrlich’s interview came after BTC lost around 7% of its value yesterday and traded as low as $53,569.76 (£40,149.72). At the time of writing, the coin has recovered some of these losses to trade at $54,679.32 (£40,981.31).