Abra founder and chief executive Bill Barhydt says the fundamentals of Bitcoin look great at a time when governments are pursuing questionable monetary policies.
In a Thinking Crypto interview, Barhydt says the tailwind that is driving Bitcoin is unprecedented as its fundamentals and specs are in line with a favorable macroeconomic backdrop.
“There’s the fact that you have these underlying fundamentals where you’ve never had a demonstrably scarce asset, no matter, digital … The fundamentals are perfect. The technical details of Bitcoin are incredible. We have that kind of undertone Basically, having that peak in 2017, when there was euphoria from a sentiment perspective. That has subsided and has really never really recovered. So we basically had this price rally over a number of years, by a relatively small number of speculators large stocks was driven.
Now we have a relatively small but growing number of institutional investors saying this is digital gold against the backdrop of insane governments. The system we built from Bretton Woods to Gold to Oil is now up and running Finish Game. “
Barhydt notes that it is within the realm of opportunity for entrepreneurs and technologists to innovate and create a product that is better than Bitcoin.
“Will there be a better technology than Bitcoin? Probably. But is it going to be so much better that it is basically getting new network effects where it becomes a parallel currency making network effects when it comes to a store of value based solutions that a billion users follow? I don’t know if that will happen, but it will be interesting to see if it happens …
I am very optimistic about crypto as the future of money and store of value. I don’t know if it’s Bitcoin plus Bitcoin or something else and I really don’t care. “
Abra recently ended support for XRP in the US after the SEC alleged Ripple illegally sold the digital asset as an unregistered security. The Abra boss says he believes both the SEC and Ripple made mistakes.
“The problem I have with the SEC site is that they waited eight years. This is just crazy for me. I don’t understand, okay. You know, I’ve had issues with the SEC over the years about things that I said I could do, not that I did, that I could do. And I have no problem with that. As regulators, you have the right to do what you think is right, whether I agree or not. Well these guys didn’t say they could do it, they did it for eight years …
This is my problem with the SEC side … N.Now you can have something that starts out as a sale of securities and eventually becomes a commodity. But that’s not what Ripple said. They said this was just a sale of goods so for me both sides got it completely wrong. You should have clarified that six years ago. “
The most likely conclusion for this lawsuit, according to Barhydt, is the district judge, who is forcing both parties to come to an agreement because both sides have made mistakes.
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