The co-founder and chief executive officer of cryptocurrency investing platform Abra say cash is becoming “worthless” and now holds half his portfolio in bitcoin.
In a series of tweets published October 23, Abra’s Bill Barhydt revealed he has significantly increased in position in bitcoin. Barhydt claimed to hold half of his portfolio in bitcoin, calling it the best investment opportunity “in the world” right now.
Speaking in the most recent episode of Money Talks, Barhydt said cash is becoming worthless while bitcoin has increased in value.
He said,
Cash, or government-printed money also called fiat, is actually becoming worthless, while Bitcoin’s value remains constant. There will never be less fiat printed than is now. Cash is only going to get more and more worthless.
Barhydt pointed to bitcoin’s fundamentals, technicals, and market sentiment as being the primary motivation for his bullish outlook. In particular, he highlighted the twenty-one million max coin supply for BTC and its “infinite” stock-to-flow potential.
Barhydt also outlined bitcoin’s price fundamentals over the past several months. Abra’s CEO used a chart published by Real Vision to show that bitcoin was on pace to reach $1 million, with the current price rally post-halving mirroring the bull run which led to BTC nearing $20,000 in 2017.
In addition to price, Barhydt says bitcoin’s market sentiment and popularity are poised for a breakout. He linked to a Google Trends chart showing that bitcoin has been flying under the radar in terms of search history, despite the most recent price increase.
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