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

Akash Anand

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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

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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