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The CEO of the Abra cryptocurrency services app recently stated that the market could see Bitcoin test $50,000 over the “long-term.”
Abra CEO: “Long-Term I See Bitcoin At Over $50,000”
Inverse, an American technology news source, recently reported that the Bill Barhydt, the CEO of Abra, is yet another expert to make a Bitcoin price prediction, this time at $50,000.
However, in stark contrast to other price predictions, Barhydt 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 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 help adoption rates, by offering an easy-to-use and accessible service for fiat to fiat, fiat to crypto, and crypto to crypto trades. Although these trading features may sound like nothing impressive, Abra now supports 25 cryptocurrencies and 50 fiat currencies, using smart contracts to offer trades between supported currencies.
In recent news, Abra has added a new feature that allows users to directly purchase Bitcoin through Visa or Master debit or credit purchases. This new system can facilitate transaction values ranging from $50 to $20,000, and from anywhere in the world at that.
It has quickly become apparent the unique features which Abra offers has become a main selling point for the app. Barhydt told Inverse 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.”
$50,000, A Contested Level For Bitcoin
This was not the first time that a cryptocurrency analyst, figure or expert has claimed that Bitcoin will reach $50,000. Arthur Hayes, the CEO of the BitMEX exchange, made an appearance on CNBC in early June and was questioned about his prediction for the future price the world’s foremost cryptocurrency. Taken aback by the sudden question, Hayes joking mentioned that Bitcoin could see $50,000 by this year’s end.
However, that wasn’t the last time he would make the $50,000 claim. As a few weeks later, he doubled down on his prediction, stating:
“Well, I think that something that goes up to $20,000 in one year can have a correction down to around $6,000… (we are) one positive regulatory decision away, maybe an ETF approved by the SEC, to climbing through $20,000 or even $50,000 by the end of the year.”
The prediction was quickly met with criticism by the community, with many Reddit users noting that the prediction held no value. Reddit user ‘Joe-from-Canada’ wrote:
Others held the same sentiment, with some pointing out that no one knows where Bitcoin will head for sure, even industry leaders like Hayes.
It is clear to see why so many are skeptical of this prediction, as Haye’s $50,000 forecast is much higher than predictions held by other industry leaders. Tom Lee, the head of research at Fundstrat Global Advisors, held a more leveled approach, giving clear evidence to why Bitcoin could easily surpass all-time highs, reaching $25,000 by the time 2019 rolls around.
It is unclear whether the forecasts held by Lee or Hayes will come to pass, but one thing remains clear, many analysts and experts are still bullish on the price of Bitcoin.
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