The founder and chief executive of cryptocurrency broker Abra, Bill Barhydt, said Bitcoin's fundamentals look excellent at a time when governments are pursuing questionable monetary policies.
In an interview with Thinking Crypto, Barhydt said that the favorable winds driving Bitcoin are unprecedented, as their fundamentals and techniques align with a very favorable macroeconomic scenario.
“There is the fact that you have these underlying fundamentals where you have never had a proven scarce asset of any kind, let alone digital… The fundamentals are perfect. The technical aspects of where Bitcoin is now are incredible. (We saw) the peak of 2017, where there was euphoria from a sentiment standpoint. This decreased and never really recovered well, so we basically had this price recovery over a few years that was driven by a relatively small number of speculators with very large stakes. Now, we have a relatively small but growing number of institutional investors who they are saying that this is digital gold with a backdrop of crazed governments… The system we built from Bretton Woods, based on gold and oil, is now in its final game. ”
Barhydt notes that it is within the realm of possibilities for entrepreneurs and technologists to innovate and create a better product than Bitcoin.
“Will a better technology than Bitcoin appear? Probably. But is it going to be much better to basically get new network effects where it becomes a parallel currency that gets network effects around having a value-based solution pool that attracts a billion mass users? I don't know if that will happen, but it will be interesting to see if it happens … I am super optimistic about cryptocurrencies as the future of money and value reserve. Be it Bitcoin, Bitcoin Plus or whatever, I don't know if I really don't care that much. ”
See also: Bitcoin is on the cover of the Financial Times on its birthday
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