CEO of Abra – ‘Cryptocurrency market to boom this year’

Abra is a cryptocurrency wallet application that serves as an exchange for 50 fiat and 20 cryptocurrencies. It uses Litecoin [LTC]’s ‘smart contracts’ network and the core of the app’s protocol will be formed by Litecoin. In a recent interview by Business Insider with Abra’s Founder and CEO Bill Barhydt, he said that ‘the cryptocurrency market will boom again in 2018’. He also believes that Western institutional investors will set their foot in the market by investing which will ‘provide price support’.

He says that the high net worth individuals like Hedge Funds will take advantage of the volatility of the market and will invest in it in the near future. Once this happens, according to him, it will “open the floodgates and all hell will break loose”.

Despite the drop in the cryptocurrency market of a size of over $800 billion in mid-December to half its size of about $300 million today, Barhydt is confident that the market will regain its former glory. He also stated that some Japanese financial institutions began to invest in cryptocurrency market at the end of last year and that was partially behind the price rally at the time.

Barhydt said:

“There really is zero large-scale institutional money from the west in crypto right now, That is happening in Japan. Once a arge sizable chunk of Western institutional money starts to come in – watch out.”

The crash of the market also resulted in a decrease in the number of crypto-related searches in google. However he stated:

“Institutional interest is now starting to grow regardless of the Google trends.”

He also said that the institutional investments in top cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] will create a ‘halo effect’ for the wider cryptocurrency market and that it will happen in this year itself.

The US Securities and Exchange Commission [SEC] have begun to watch hedge funds that have invested in cryptocurrencies closely. Nonetheless, Barhydt is of the opinion that this regulation will serve to be of help to encourage institutional investors.

He said:

“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”

He added:

“Even if they invest only half a percent which is a tiny amount, it would still work out at hundreds of million dollars and will be a huge boost  to crypto markets.”

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