Another Wild Price Speculation? Abra CEO Expects Bitcoin to Reach $50,000 in the Long Term
Bill Barhydt, CEO of cryptocurrency investment app Abra, has become the latest expert to strike a bullish prediction on Bitcoin price.
In an interview with American technology news media Inverse, Barhydt said that the market could see Bitcoin test $50,000 over the “long-term.”
The cryptocurrency market has experienced a massive volatility in prices over short periods of time. As of December 1, 2017, the total market capitalization of the cryptocurrency market was $326.7B. By January 8 of this year, it reached its peak of around $828.5 billion. As at the time of writing, the market cap settled at $250.5 billion.
Over the year, we have seen massive bullish predictions on bitcoin price from various cryptocurrency expert. Last week, Fundstrat research chief Tom Lee revised an earlier bitcoin price prediction from $25,000 to $22,000. In June, Arthur Hayes, the CEO of UK-based crypto exchange BitMEX stated that a positive regulatory move by the US Securities and Exchange Commision could see bitcoin climb to $20,000 or even $50,000 by the end of the year.
However, in stark contrast to other price predictions, the CEO of Abra didn’t specify a time frame, making his expectation of a $50,000 Bitcoin more feasible. Unlike other bullish figures, Barhydt noted that the investing rationale seen in December was rather ambitious, stating that the current prices indicated that “we got way ahead of ourselves.”
These predictions and opinions do not come without value, as Abra has quickly become a leading service for mobile-centric cryptocurrency investors. The crypto services firm hopes to accelerate adoption rates, by offering an easy-to-use and accessible service for fiat-to-fiat, fiat-to-crypto, and crypto-to-crypto trades.
Most recently, Abra added a new feature that allows users to directly purchase Bitcoin through Visa or Master debit or credit purchases. This new system can facilitate international transactions with values ranging from $50 to $20,000. The firm now supports 25 cryptocurrencies and 50 fiat currencies, using smart contracts to offer trades between supported currencies.
It is apparent that the unique features which Abra offers has become a main selling point for the app as Barhydt noted that “Abra’s growth in 2018 has been massive over last year,” adding that Abra’s reach now extends to 75 countries, with its expansive customer base conducting “hundreds of millions of dollars worth of cryptocurrency exchanges this year.”