The CEO of Abra states that the cryptocurrency market will rise in 2018. Bill Barhydt, founder and CEO of Bitcoin-based mobile payments service Abra, states that the cryptocurrency market will explode in 2018.. Bitcoin-based Abra, which is used as a mobile wallet for cryptocurrencies and also a mobile payment system, allows people around the world to buy 20 different cryptocurrencies and 50 fiat currencies.
Cryptocurrency market seems far from explosion at the moment.
However, the market seems far from booming at the moment. Earlier today, it was reported that the cryptocurrency market has dropped below $300 billion in transaction volume due to big coins. According to CoinMarketCap, Bitcoin is still struggling to gain traction at the $8,075 level despite climbing above $8,000. Ethereum is currently trading at $462, down nearly 20 percent in seven days, while Litecoin is trading at $138, down 19.48 percent last week.
Many institutional investors in Western countries follow the cryptocurrency market from afar
The CEO of Abra, which is headquartered in Silicon Valley, Bill Barhydt said that many institutional investors in Western countries follow the crypto money market from afar and they have not yet entered the market.. According to Bill Barhydt, these institutional investors following the market could enter the market this year. He told Bill Barhydt about institutional investors in an interview with Business Insider:
I talk to hedge funds, the wealthy, and even market speculators.. Everyone follows the sudden changes in cryptocurrency prices and sees these changes as great opportunities.. As soon as these people take advantage of the opportunities of sudden changes in the cryptocurrency markets, there will be chaos.
The CEO of Abra states that there will be different rules when institutional investors enter the cryptocurrency market
At the end of last year, The cryptocurrency market appreciated, with market cap exceeding $800 billion at the beginning of January. However, the $800 billion market volume seen in mid-December has now regressed to around $300 billion.. Bill Barhydt emphasizes his opinion on this subject with the words “Once the dams are opened, there is no going back”.
The popularity of the cryptocurrency market has declined drastically
There is a significant loss in the value of the sector, among others. Among the important factors are Facebook, Google and, more recently, Twitter’s ban on crypto advertisements. Considering how much searches made on Google regarding cryptocurrencies have decreased, it is seen that there has been a serious decrease in the popularity of the market.. However, Bill Barhydt renews his view that the market will recover soon.
Abra’s CEO thinks that the crypto money market will rise again in 2018
Abra’s CEO is into the cryptocurrency market, hedge funds or He thinks that crypto money prices will rise again towards the end of 2018 with the involvement of institutional investors such as asset managers.. According to Bill Barhydt, a significant part of the huge increase in late 2017 is due to institutional investors in Japan who are starting to enter the market.. It is stated that institutional investors in Japan are slowly entering the market, but this situation has not yet been reflected in the West.
“There is really no large-scale Western institutional investor in the current cryptocurrency market.”
Bill Barhydt made the following statements on the subject:
There is really no large-scale Western institutional investor in the current cryptocurrency market.. You can find this in Japan.. Stay tuned as institutional investors in the West start to enter the market.
According to Bill Barhydt, the decline in Google searches will not have much impact on the market in the long run.. Because he thinks that “institutional investors are interested in the cryptocurrency market despite Google searches”.
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