Headquartered in California, US, Abra is a peer-to-peer wallet app that caters as cryptocurrency exchanger to around 50 traditional/fiat currencies and 20 digital currencies. Abra uses the ‘smart contracts’ network of Litecoin (LTC) and application core protocol is made by Litecoin. In an interview with Business Insider, the CEO and Founder of Abra, Bill Barhydt said, “the crypto market will surely boom again in this year.” Also, he trusts that the Western institutional stakeholders will settle in the cryptocurrency market by making an investment that will offer value support.
Bill Barhydt says that great net worth of individuals, such as Hedge Funds will get benefit of the crypto market volatility and they will make an investment in the coming time. According to him, once this will happen, it will “open locks and everything will lose break.”
In spite of the drop in size of crypto market that was over $800 billion in the mid of December 2017 is almost half in size today, Bill Barhydt is quite confident that crypto market will make a regain again in 2018. Also, he stated that a few financial institutions of Japan started investing in the crypto market by the end of 2017 owing to the all-time high price of cryptocurrencies at that time.
Continuing the discussion, Bill Barhdyt said, “Really, there is a zero extensive Western institutional money in digital currencies at present, it is trending in Japan. The moment a big chunk of institutional money from West starts coming in – look out.”
The market crash has also resulted in decreased Google’s crypto searches. Though, he said, “Institutional interest has now started growing irrespective of Google trends.”
In addition, he said that investments by institutions in most popular cryptocurrencies, namely Bitcoin and Ethereum will make ‘halo effect’ for a broader crypto market. And this can happen in 2018.
The Securities and Exchange Commission (SEC) of the US have started to look for hedge funds, made cryptocurrencies’ investment nearly. Nevertheless, Bill Barhydt has an opinion that regulation will help in encouraging institutional investors.
Then, he said, “Each day, we are going closer to the reality in the West, so it is quite good to invest half of assets in cryptocurrencies.”
Further, he added, “In case they just invest half percent (a small amount), still it will result in hundreds’ million dollars; hence it will be surely a big boost to the cryptocurrency markets.”