Abra CEO, Bill Barhydt believes that another Bitcoin (BTC) rally is just around the corner. Such a rally could be similar or more than what was witnessed as we approached Thanksgiving – and later – Christmas last year. During that period, the internet was abuzz with the news of every crypto going to the moon and past the stratosphere. This then resulted in new buyers, who had never invested in crypto, buying into the ever exciting Crypto-Verse.
What then resulted is that all major coins in the top 5 performed well above expectations, and so did all the alt-coins and ICOs.
Bitcoin (BTC) was able to peak at close to $20,000 on December 17th, 2017. Ethereum (ETH) also touched the sky with a price of $1,412 on the 14th of January as trading in the markets heated up. Ripple (XRP) had gathered interstellar speed when it was trading at $3.79 on January 4th amidst the much anticipated addition of the coin on Coinbase that never came.
Bitcoin Cash (BCH) was also not left behind when it left traders speechless after peaking at over $4,100 as soon as it was added on Coinbase on December 20th. Litecoin (LTC) was not left behind as it skyrocketed to $374 on December 12th after traders realized it was a faster way of transferring crypto across exchanges for the Bitcoin and Ethereum blockchains were constantly getting congested sometimes due to Kitties.
It is with the above evidence that a rally by Bitcoin will correspond to a similar excitement across the entire market.
Bill Barhydt, who once designed trading systems for Goldman Sachs is quoted as saying that hedge funds and other institutions are beginning to see that cryptocurrenceis are a huge opportunity and that All Hell Will Break Loose. By these words, he is implying that there will be a rush in investing and adoption of crypto in mainstream economies. He is quoted in the ccn.com article as saying:
“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose. Once the floodgates are opened, they’re opened.”
He was also quoted as saying that the Asian country of Japan is leading in terms of institutional interest. More hedge funds are being started and some of the retailing companies are embracing crptocurrencies in their stores. Once the West gathers a similar momentum, the Bitcoin Bull Run will be up and running again.
Barhydt currently runs Abra that also produces peer-to-peer payment services based on the blockchain. The company’s wallet, also by the same name of Abra, is a global app that allows you to buy, store and invest in 20 cryptocurrencies in one place. It is available both on Android and iOS. The company currently offers its services in the Philippines and the United States with bold plans to expand globally.
However, Barhydt’s enthusiasm about Bitcoin does not seem to correspond to current market performance that has seen Bitcoin trade at new monthly lows. As a result, the entire crypto market has also been on the decline for Bitcoin is King in The Markets.
Price analysis puts Bitcoin (BTC) down 15% in a week and trading at $7,545 at the moment of writing this. One suggestion put forth by Investing.com to hedge against Bitcoin’s volatility is the trading of crypto based index funds. Investing.com goes on to note the recently launched Coinbase Index Fund that will track the four biggest Alt-coins weighted by market cap. This is further broken down as Bitcoin – 62%, Ethereum – 27%, Bitcoin Cash – 7% and Litecoin – 4%. But the index fund will only be available to U.S accredited investors at first.
However, if the prediction by Abra CEO, Bill Barhydt is correct, the current slump might just be temporary due to the crypto ads ban by Twitter.
[Photo source, ccn.com]
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