CEO Bill Barhydt Expects Bitcoin, Crypto Rally Within Months
Bill Barhydt, the founder and CEO of Abra, the global smartphone app that lets users buy, store, and invest in twenty cryptocurrencies like Bitcoin (BTC) and Ripple (XRP), told Business Insider on Wednesday that, in spite of the bearish market conditions, traders ought to “watch out” for an imminent rally.
In justifying this prediction, Barhydt explained:
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.”
Barhydt pointed to institutional money that began to join in on the burgeoning cryptocurrency scene in Japan late last year and predicted that such activity from large-scale hedge funds and asset managers is set to occur in Western countries.
According to Abra chief executive, when (not if) this “large sizeable chunk of Western institutional money” eventually participates before the year is out, a rally of epic proportions will ensure, adding that “once the floodgates are opened, they’re opened.”
It was only two weeks ago that Abra introduced the world’s first all-in-one cryptocurrency wallet and exchange, which is compatible with an impressive fifty different fiat currencies.
Commenting on the public reception following Abra’s new release, Barhydt told Business Insider:
People are really interested in altcoins, what’s going to be the next big thing… We weren’t expecting the growth to be this fast.”
It appears that Abra is capable of accelerating the rate of public uptake of all things cryptocurrency. Their financial backers certainly think so, with the likes of American Express, Fidelity’s venture capital arm, and Foxconn having contributed to the $40 million (USD) raised by the Bardhydt-led project.
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