Litecoin News Update
Cryptocurrencies are experiencing another bloodbath, but “Abra” founder Bill Barhydt thinks a reversal is just around the corner.
Barhydt, who has created the first-of-its-kind crypto-cum-fiat investing application partly using Litecoin’s technology, is of the view that the cryptocurrency markets will enter into another bull run once institutional money begins to flow from the west.
Barhydt’s hypothesis has intuitive logic. Recall that the last bull market materialized in December when Bitcoin futures were launched. This was the time when institutional investors first poured money into cryptos.
The last bull run, according to Barhydt, was courtesy of the Japanese. It was the Asian institutions who were leading the way, while the westerners largely watched from the sidelines.
Barhydt reminds that institutional investors like volatility. After all, with high risks come high rewards. So there’s an incentive for speculators with big money to invest in cryptos. It’s only a matter of time before western institutions realize what they’re missing out on and make the big move.
“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose,” said Barhydt. (Source: “’All hell will break loose’: The crypto market will boom again in 2018 according to the CEO of American Express-backed startup Abra,” Business Insider, March 29, 2018.)
Looking at today’s Litecoin price chart may not be very comforting, though. Litecoin shed another 12% in value, just as the crypto market plummeted in sync. But if you have your eyes set on the goal, then this shouldn’t scare you. Let me give you one good reason to stay optimistic in the midst of this turmoil.
Chart courtesy of TradingView.com
While Barhydt is in Europe promoting cryptocurrencies, an Abra customer services representative updated on Reddit that the project is moving smoothly, with the team beginning to test LTC as a base currency by next week.
He informed that native support for LTC is expected to be added by end of April. It basically means that Abra users may be able to transact in Litecoin (deposit and withdraw) in addition to Bitcoin.
Abra is not exclusively using Litecoin as its core technology just yet. Bitcoin remains part of the equation for now. But the employee confirmed that Abra is gradually making the transition to Litecoin’s blockchain.
The point of relaying this information is that we’re not dealing with another LitePay-like disaster. Abra is real and, albeit slowly, it’s progressing. We’re seemingly in good hands this time.
The ebbs and flows in crypto prices are part and parcel of cryptocurrency investing. In fact, this volatility may be a blessing in disguise. Smart money on Wall Street salivates for volatility like this. If Barhydt’s prediction is correct, institutional money should begin pouring into this space as the U.S. regulatory environment improves over time.
So we’re remaining steadfast in our bullish Litecoin price prediction with a $400.00 price target as we shift our focus to the latter half of this year.