Soon Bulls To Return: Upward Price Jump Predicted by Abra CEO
The very well known and in charge of the crypto-payment startup Abra – Bill Barhydt, optimistically predicts that better days are coming for the very famous crypto-phenomena while riding the wave against the various reports on Bitcoin’s death.
During an interview for Business Insider, Bill Barhydt stated that the same gold-craze and hype that did run over the crypto-market back in December last year will return soon enough and the bearish sentiment will be broken soon enough.
The reason to support his opinion is that billion-dollar hedge funds and institutional investor have still not stepped in but did decide that the asset is very worth investing and their time.
“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. He added: “Once the floodgates are opened, they’re opened.”
Cryptocurrencies exploded in popularity and price before Christmas but the market has declined in size from over $800 billion at its peak in mid-December to $300 million today. Leading cryptocoins felt it very heavily with Ethereum dropping to the level of $383.38 against the US Dollar, Ripple testing the major $0.50 support before declining even further while Litecoin [LTC] is nearing the important $100 [$115.82 LTC/USD per time of writing].
While a half percent investment would fail to reshape the market, which accounts for more than $134 billion, it would be enough to instill confidence in the minds of cryptocurrency observers. Barhydt pointed out that some Japanese financial institutions began investing in crypto at the end of last year and that was partially behind the price rally at the time.
“There really is zero large-scale institutional money from the west in crypto right now,” Barhydt said. “That is happening in Japan. Once a large sizable chunk of Western institutional money starts to come in – watch out.
If only individual investors with some Japanese financial institutions hoisted the prices to rocket to all-time highs which were only dreams once, what will happen if the action of a far greater collective rise of European and American financial institution investment is taken in account.
Barhydt said institutional investment in assets like bitcoin or ethereum will create a “halo effect” for the wider crypto market and he said: “That’s going to happen this year I think.”