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Bitcoin [BTC] and other cryptocurrencies will achieve mass adoption soon, says Abra CEO

Akash Anand



Bitcoin [BTC] and other cryptocurrencies will achieve mass adoption soon: Abra CEO
Source: Unsplash

In a recent interview, Bill Barhydt, the CEO of Abra, one of the most famous cryptocurrency wallets, spoke about cryptocurrency adoption, the scenario change from 2017 to 2018 and the SEC-ETF situation.

Speaking to CNBC, Barhydt was met with inquiries that touched upon the irresponsibility of interest in something as volatile as cryptocurrencies and asked him if he was playing a major role in making it happen.

The Founder went on to say that users need to be aware of what is going on and that the situation can only be made better if people invest time to learn more about cryptocurrencies. He also insisted that people should be more responsible for financial decisions and look at the way governments work to understand the on-ground situations.

Barhydt stated that cryptocurrencies were not a ‘global scam’ as put forward by some people, and said that new users who don’t understand the field should start off by investing just a few dollars into cryptocurrency and not go ‘all in’. He added that tens of millions of wallet application exist in the market now and the sheer scale of the industry should make its case for mass adoption.

The interview then pivoted into the cryptocurrency ecosystem change between November 2017 and the present. The examples of Bitcoin and cryptocurrency paraphernalia being around every corner store was used to bring in the sense of excitement during the surge of 2017. The CEO of Abra went on to say that the company has been growing at a pace five times more than what was expected and added that the people’s interest in cryptocurrency has not waned.

Barhydt added that all the present infrastructure in the cryptosphere favors the emergence of institutional investors, with signs of a big financial boom right around the corner. He also added that the fear and inhibitions in people about cryptocurrencies such as Bitcoin are only because it is a relatively new asset class. During the conversation, the anchors put their foot down in stating that ‘mere mortals’ will not be able to grasp the gravity of the field of cryptocurrencies and hence can be easily manipulated.

Bill assured users by stating that Abra as such was just a wallet application that does not allow users to partake in cryptocurrency trading, much like how users invest in stocks without knowing the nitty gritties of the financial market. According to him, 2018 will be the year of the institutional investor and the day of mass adoption by governments is not far off.

He then spoke about how the recent Bitcoin ETF rejection can be attributed to the fact that the people who work within the Securities and Exchanges Commission [SEC] in the United States do not fit the mold of cryptocurrencies or anything related to it. Bill Barhydt closed the interview by placing a bet on the fact that cryptocurrency acceptance will happen next year, counting for the knowledge transfer that will happen by the first quarter of 2019.

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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021





Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”

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