Bill Barhydt, CEO of technology company Abra, which provides cryptocurrency services, explained that he moved 50 percent of his investment portfolio to Bitcoin, listing three reasons.
In 2020, Bitcoin became more preferred as a hedge against inflation. This year, major companies started buying cryptocurrency as a reserve asset against the risks of the US dollar. Bitcoin now seems attractive to reputable names from the traditional financial world. For example, in recent months, famous macro investor and hedge fund manager Paul Tudor Jones announced that he had bought Bitcoin and made praise about the crypto currency.
Things seem to be changing in favor of Bitcoin as central banks continue to rapidly increase the money supply. Those who have invested in Bitcoin are increasing their position. One of them is Bill Barhydt, CEO of technology company Abra, which provides cryptocurrency services. Barhydt said in a statement on Twitter that it has moved 50 percent of its investment portfolio to Bitcoin. “A few weeks ago I significantly increased the amount of Bitcoin I have, and Bitcoin currently accounts for 50 percent of my investment portfolio. Why? I believe Bitcoin is currently the best investment opportunity in the world. There are three reasons why I believe this is true today and they are techniques, fundamentals, and market sentiment. ” used the expressions.
3 reasons for optimism in Bitcoin
Barhydt stressed that Bitcoin’s decentralization and fixed supply are becoming more evident than ever when it comes to fundamentals. The CEO stated that better privacy features in Bitcoin are also on the way. He pointed out that the leading crypto currency is in the middle of the pattern seen before the previous bull run, and the price has an upward potential in the short and long term.
When it comes to market sentiment, Barhydt thinks we are in a good time to buy, as individual investors are relatively less interested in Bitcoin at this stage. Using Google search statistics at this point, the CEO notes that people’s interest is at the bottom.