Bill Barhydt, Abra C.E.O. believes “all hell will break loose” in bitcoin and altcoin markets this year. Abra’s C.E.O. spoke to Business Insider in a media interview where he continued his bullish stance on the cryptocurrency market. He believes Western institutional investors are looking at the volatility in the crypto market as a “huge opportunity” and once they begin investing, all hell will break loose.
“…Once the floodgates are opened, they’re opened” – Barhydt
Despite the cryptocurrency market cap decline from over $800bn to $300bn, Barhdt is confident that the market will recover later this year. Once institutional investors enter the market, they will provide much needed price support to increase the altcoin and bitcoin market caps.
Bitcoin’s long term growth potential will prevail over short term volatile swings. Barhydt went on to say there is no large scale institutional money from the West in crypto currently.
“We’re getting closer and closer to real clarity in the West that it’s OK putting half a percent of your assets into crypto.”