Most of the crypto based investors and companies are not predicting a good news for bitcoin price, something that has been consistently been taking a fall in the market, specially since January 2018. However, Bill Barhydt, founder, and CEO of Abra, has recently encouraged the crypto sector and predicted that the bitcoin price is all set to make a “huge” push in the market in the coming weeks.
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Barhydt in an interview with Business Insider implied that the global crypto market is now on the verge of yet another significant expansion, similar to the one that took place last year, and that would case “all hell to break loose”, Barhydt stated.
Barhydt told that he recognizes the fact that many investors are ready to in vest more but are waiting and see who moves in first. With the crypto market as a whole being halved in its value since last Christmas to about $300 billion, Barhydt believes that this slump only acts as a further advantage for investors to put in more money.
He said,
“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 the floodgates are opened, they’re opened.”
In context of Bitcoin’s recent market retreat, the Abra, CEO remains confident that the best is yet to come. He puts out the belief that once western institutional investors begin to bring more in money into the crypto domain, similar to what has been happening in Japan, the current scenario can change in just a night’s time.
Barhydt also highly disregarded “../google-bans-cryptocurrency-ico-ads-june-2018/” target=”_blank” rel=”noopener noreferrer” style=”color: #0c71c3″>Google’s recent “crypto trends”. He dismissed them by saying
“institutional interest is now starting to grow regardless of the trends you see online.”
According to his theory, once institutional investment starts flowing into alt-assets like Bitcoin and Ethereum, it will create a “halo effect” that will positively influence and push other digital currencies to the forefront as well, thus creating a win-win situation.
Barhydt, on his recent trip to Europe, mentions the advantages of these virtual currencies and the transparency they bring into everyday business transactions.
Tycoons like Mr. Barhydt championing the Bitcoin price cause, it seems like the financial institutions in the west are right keeping a hold on the investment are waiting for the right time for the bitcoin price surge, which will bring about lesser regulations and ban on cryptocurrencies.
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