Bill Barhydt, founder, and CEO of Abra, recently expressed his support for the crypto sector and predicted that bitcoin is all set to make a “huge” push in the market soon.
While most mainstream analysts continue to harp on about Bitcoin’s so-called death cross graph, Barhydt has strongly expressed his optimism and has said that a massive explosion in the currency’s price can be expected in the coming few weeks.
Talking with Business Insider UK, he suggested that the global crypto market was on the verge of yet another significant expansion, similar to the one that took place last year, and when that happens, Barhydt expects “all hell to break loose.”
In his interview, he recognized the fact that many investors have their finger on the trigger 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 incentive for investors to put in more money.
He argues that when such lulls occur, the market has “space to grow.”
He further added:
“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.”
Barhydt’s’ point of contention…
In the face of Bitcoin’s recent market ebb, the Abra top-dog remains confident that the best is yet to come. He firmly believes that once western institutional investors begin to pump in money into the crypto domain, similar to what has been happening in Japan, the current scenario will pretty much change overnight.
“institutional interest is now starting to grow regardless of the trends you see online.”
As per his theory, he maintains that 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.
As part of his ongoing European visit, Barhydt continues to expound on the advantages of virtual currencies and the transparency they bring into everyday business transactions. He is scheduled to speak at the Zurich Crypto Summit today, and it is believed that he will talk about large-scale blockchain adoption within government and organizational frameworks.
— Bill Barhydt (@billbarhydt) March 28, 2018
With people like Mr. Barhydt championing the Bitcoin cause, it is now becoming evident that western financial institutions are keeping close tabs on the market and are waiting to seize the right opportunity to maximize their returns.
Cover Photo by Erwan Hesry on Unsplash