Abra Wallet CEO shifts half of personal savings into Bitcoin

The CEO of the Abra wallet provider, Bill Barhydt, said that Bitcoin accounts for 50% of the value of his investment portfolio.

A few weeks ago, I increased my ownership of #Bitcoin’s FUNDAMENTALS

Watch this video to find out why (and read on…) (1)https://t.co/YSj6dAXjDT

— Bill Barhydt (@billbarhydt) October 23, 2020

He outlined fundamental, technical, and psychological reasons that influenced his belief that the first cryptocurrency is the best asset in the world today.

The first group includes: a capped supply, a significant degree of decentralization, the stock-to-flow model, and forthcoming privacy enhancements.

First reason for my increased bullishness is an old reason and that is #Bitcoin’s FUNDAMENTALS

21 million cap, highly decentralized, infinite stock to flow, better privacy features coming. (3)

— Bill Barhydt (@billbarhydt) October 23, 2020

On a monthly logarithmic chart, Barhydt sees the price trajectory toward $1 million BTC by the end of 2022.

According to the Abra CEO, the price rise after the third halving mirrors the behavior of a previous crypto history episode. He remains convinced of the axiom of technical analysis — “history repeats itself”.

Second reason is #Bitcoin’s TECHNICALS. One, look at the monthly log chart with regression via Real Vision, headed towards $1mil BTC! Two, the current price run up post halving seems to be mirroring the last. Short + Long term bullish. History leaves BIG clues. (4) pic.twitter.com/dAEhf1eVjj

— Bill Barhydt (@billbarhydt) October 23, 2020

The third set of arguments in favor of the first cryptocurrency is based on market psychology. He cites a Google Trends chart of search queries for the word “Bitcoin,” the number of which has fallen fourfold over the past two years. In стратегии игры против толпы this can be read as a bullish signal.

Third reason is market SENTIMENT for #Bitcoin

Contrarian thinking tells us if everyone is off the bus and fundamentals/technicals are good it’s time to get on the bus!

This 2 year google chart tells us people aren’t (yet) paying attention to Bitcoin. That is bullish!! (5) pic.twitter.com/DOMlGMC7Av

— Bill Barhydt (@billbarhydt) October 23, 2020

As reported in August, Kraken analysts predicted a Bitcoin price rise of 50-200% in the coming months. At that time, the first cryptocurrency was valued at $11,500.

Recently, the Gemini crypto exchange founders, the Winklevoss brothers, confirmed their previous forecast for Bitcoin to reach $500,000.

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