The CEO of Abra, which is also backed by American Express Ventures, expects the crypto market to boom yet again this year.
In a recent interview with Business Insider, Bill Barhydt who serves as CEO for Abra said,
"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."
The market has been on the decline since its all time high in late 2017. But, to many experts this bear is more of a cub and it means little to worry about. All of the major players and in the crypto market have repeatedly stated that 2018 has a lot in store. Some of these names include that of Twitter’s CEO Jack Dorsey, entrepreneur John McAfee, Wall Street’s Thomas Lee and Jihan Wu of Bitmain.
Currently, the weak value of altcoins seems to be driven by uncertainty and fear as large corporations have moved towards more regulation within the crypto market. This trend began when Google placed a ban on crypto related advertising, followed by Facebook and other social media sites choosing to stop ICO advertising.
However, Barhydt remains confident that other large companies are getting close to diving into the crypto market. He believes that prices will recover as large-scale western institutions begin to invest and adopt blockchain technology. Hedge funds and asset managers who see the benefits of blockchain technology and the money to be made in the market will follow suit. Barhydt made it a point to note that Japanese banks have already begun investing in cryptocurrencies which had driven the rise in market value in December 2017.
Abra is a cryptocurrency business that was founded in 2014 by Bill Barhydt. The company is headquartered in San Francisco, California with an additional Manila, Phillippines office. Abra allows users to buy, sell, store, and invest in cryptocurrencies, plus manage all crypto investments all through their site.