‘Bitcoin Price Boom Will Return This Year,’ Predicts Abra CEO Bill Barhydt

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by Bhushan Akolkar · 3 min read
‘Bitcoin Price Boom Will Return This Year,’ Predicts Abra CEO Bill Barhydt
Photo: xfinance / Flickr

Barhydt says that with the participation of hedge funds managers and institutional investors from West, Bitcoin will witness a huge price recovery ahead this year.

Although Bitcoin and the overall crypto markets have shown some serious signs of worry and concern, it has still not deterred crypto enthusiasts and Bitcoin backers to believe in the long-term potential of the cryptocurrency. The Bitcoin chart currently shows that it is dangerously close to its “death cross” levels, however, the CEO of Abra, an American Express-backed startup crypto markets will boom further this year.

Bill Barhydt, CEO of Abra in a word to Business Insider 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 that happens, all hell will break loose. Once the floodgates are opened, they’re opened.”

Barhydt says that global institutional investors are all ready to put their money in the crypto market and the clock has already started to tickle in Japan. He believes that this is a leading indicator as to what can be expected from the West once they start pouring in their investments.

He stated: “There really is zero large-scale institutional money from the west in crypto right now. That is happening in Japan. Once a arge sizable chunk of Western institutional money starts to come in – watch out. Institutional interest is now starting to grow regardless of the Google trends. We’re getting closer and closer to real clarity in the West that it’s OK putting half a percent of your assets into crypto.”

Even though there has been a considerable drop in the retail interest following the price decline this year, Barhydt is confident about the market recovery as hedge fund managers and asset managers begin to dip their toes further in the crypto market. He said that the investments coming in assets like Ethereum and Bitcoin will create a “halo effect” in the wider crypto market and he believes “That’s going to happen this year I think.”

Last year, the haphazard growth of the crypto markets at an unprecedented rate caused the digital currency market to be plagued by several hacks and scams surfacing since the start of 2018. However, many regulatory bodies from around the globe have already chipped in and are seen taking some serious measures to ensure that the investor’s interest remains protected in this speculative and extremely volatile crypto markets.

Several analysts have predicted a bright future for Bitcoin after its recent correction of nearly $13000 from its all-time high. Many believe that this year in 2018 the cryptocurrency itself will make a strong recovery thereby breaking all of its previous records and inching new highs.

Fundstrat analyst Tom Lee who holds a good track record with last year’s prediction of Bitcoin price movements has said that the cryptocurrency can go as high as $91000 in just next two years by 2020.

Well, it remains to be seen that how things move ahead, but right now when the overall crypto markets have slipped below $300 billion, analysts are getting more convinced that it is the right time to buy and hold for good gains ahead this year.

Bitcoin News, Cryptocurrency News, News
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