Cryptocurrency expert Bill Barhydt says ‘all hell will break loose’
Mainstream financial analysts are fixated on Bitcoin’s so-called “death cross” recently, but leading crypto expert Bill Barhydt says a “price boom” is just around the corner.
Should a death cross occur, a sell-off will surely follow, leaving speculators questioning how Bitcoin will move forward.
But Abra CEO Bill Barhydt isn’t phased by the prospect, as he believes BTC values will skyrocket this year.
Barhydt is a highly respected figure in the financial world and is a former developer of trading systems for Goldman Sachs.
Speaking to Business Insider, that Mr. Barhydt said that hedge funds and investors are now seeing digital assets as a “huge opportunity.”
He says that once they begin investing in the nascent markets, “all hell will break loose.”
“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.”
Big in Japan
He said that interest from financial institutions is already starting to pick up in Japan.
What is happening in Japan is a leading indicator of what will soon happen in the West.
He added that retail interest would have little impact, which has seen a sharp decline in recent months.
“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.
“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.”
Abra intends to help facilitate the rally when those floodgates do open.
According to CCN, the American Express-backed firm recently overhauled its Bitcoin investing app’s native trading platform.
The app now lets users invest in 20 cryptocurrencies and 50 fiat currencies using smart contracts.
In the future, Abra intends to add withdrawals and deposits for Ethereum and Litecoin too.