Recently, the Abra CEO and founder, Bill Barhydt expressed his support for the bitcoin and crypto market. He predicts that entry of institutional investors into this sector will bring a bullish trend in the market soon.
Abra CEO, Bill Barhydt on bitcoin boom: “All hell will break loose”
With the prices of bitcoin going haywire, on one side the financial analysts are talking about this price dip leading to bitcoin death, whereas Bill Barhydt, the CEO of Abra, on the other hand, believes the popular cryptocurrency bitcoin price will soon experience the same bullish trend as of December, last year. According to him, a rally is just around the corner as the bearish trend gets broken.
Barhydt’s believes this huge push will come due to the very reason that the billion-dollar institutional and hedge funds investors’ haven’t stepped into the market yet. These investors have come to the conclusion that this asset is worth investing their time and money but have yet to enter the crypto market as illustrated by him:
“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.”
Last year in December, before Christmas, the crypto market exploded in price and popularity with its market size going to $800 billion at its peak that has now declined to a $300 million. Right now, the market is falling heavily with Bitcoin at $7,000, Ethereum at $403, Ripple at $0.5 and Litecoin at $120.
Institutional investors to bring positive influence in crypto market
These institutional investors might not be able to reshape the market but it would surely instil a confidence in the minds of cryptocurrency investors and observers.
He further disregarded the recent ban on cryptocurrency ads by pointing out: “institutional interest is now starting to grow regardless of the trends you see online.”
Barhydt says these investors have already started to kick in, in Japan. This he believes is a strong indicator that similar instance is going to take place in the West. Investors are all ready; they are simply waiting to see who is going to make the first move.
Furthermore, Barhydt thinks this slump in the crypto market only acts as an incentive for the investors to put in more of their money. He firmly believes that once western institutional investors start pumping money into the crypto market, the whole scenario will change and change fast.
“There really is zero large-scale institutional money from the west in crypto right now. That is happening in Japan. Once a large sizable chunk of Western institutional money starts to come in – watch out.”
According to Barhydt, the flow of these institutional investments will bring the altcoins like ethereum into the forefront that will also experience a positive influence.
The Abra CEO continues to present the world the advantages of digital currencies and will be speaking at the Zurich summit regarding Blockchain adoption. Now, if we go by Bill Barhydt’s words, we’ll be seeing a massive explosion in crypto prices in coming weeks.
What do you think of Barhydt’s prediction of an incoming bullish bitcoin trend in the crypto market? Share your thoughts with us!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.