'All Hell Will Break Loose': Abra CEO Predicts Bitcoin Price Boom Will Return This Year
Mainstream financial analysts might be fixated on Bitcoin's so-called «death cross» and what it might mean for the flagship cryptocurrency moving ahead, but Abra CEO Bill Barhydt considers that another rally is just around the corner.
«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. Once that happens, all hell will break loose,» he said. «Once the floodgates are opened, they are opened.»
He explained that institutional interest is already starting to tick up in Japan, which he said is a major indicator of what will soon happen in the West — no matter retail interest, which has seen a sharp drop in recent months.
«There really is not any large-scale institutional money from the west in crypto at the moment,» Barhydt said. «That's happening in Japan. After a large sizable chunk of Western institutional money starts to come in — see.»
«We're getting closer and closer to real clarity in the West that it's OK placing half a percentage of your assets into crypto,» he added.
And when those floodgates do open, Abra intends to help facilitate the rally.
As CCN reported, the American Express-backed firm recently overhauled its Bitcoin investing app's native trading platform, which currently lets users invest in 20 cryptocurrencies and 50 fiat currencies using intelligent contracts.
After depositing Bitcoin or USD into Abra's non-custodial mobile wallet, users may execute zero-fee trades within the program for the other 69 currencies, which are organised as «stablecoin» contracts on the Bitcoin system (similar to a gold ETF is based on a fiat currency like USD). In the future, Abra intends to include deposits and withdrawals for Ethereum and Litecoin .