[13-07-2018]Another Wild Price Speculation? Abra CEO Expects BTC to Reach $50k

[SlipMart]

Bill Barhydt, CEO of cryptocurrency investment app Abra, has become the latest expert to strike a bullish prediction on Bitcoin price.

In an interview with American technology news media Inverse, Barhydt said that the market could see Bitcoin test $50,000 over the “long-term.”

Over the year, we have seen massive bullish predictions on bitcoin price from various cryptocurrency expert. Last week, Fundstrat research chief Tom Lee revised an earlier bitcoin price prediction from $25,000 to $22,000. In June, Arthur Hayes, the CEO of UK-based crypto exchange BitMEX stated that a positive regulatory move by the US Securities and Exchange Commision could see bitcoin climb to $20,000 or even $50,000 by the end of the year.

However, in stark contrast to other price predictions, the CEO of Abra didn’t specify a time frame, making his expectation of a $50,000 Bitcoin more feasible. Unlike other bullish figures, Barhydt noted that the investing rationale seen in December was rather ambitious, stating that the current prices indicated that “we got way ahead of ourselves.”

These predictions and opinions do not come without value, as Abra has quickly become a leading service for mobile-centric cryptocurrency investors. The crypto services firm hopes to accelerate adoption rates, by offering an easy-to-use and accessible service for fiat-to-fiat, fiat-to-crypto, and crypto-to-crypto trades.

Most recently, Abra added a new feature that allows users to directly purchase Bitcoin through Visa or Master debit or credit purchases. This new system can facilitate international transactions with values ranging from $50 to $20,000. The firm now supports 25 cryptocurrencies and 50 fiat currencies, using smart contracts to offer trades between supported currencies.

It is apparent that the unique features which Abra offers has become a main selling point for the app as Barhydt noted that “Abra’s growth in 2018 has been massive over last year,” adding that Abra’s reach now extends to 75 countries, with its expansive customer base conducting “hundreds of millions of dollars worth of cryptocurrency exchanges this year.”

https://news.bitzamp.com/another-wild-price-speculation-abra-ceo-expects-bitcoin-to-reach-50000-in-the-long-term/

[darkangel11]

It's not that wild if you think about it. When the price was at $100, people were dreaming about $1000 and at the same time laughing of those who predicted it. When the boom happened it took only weeks to get there. Same thing happened when we were at 1k and people started talking about 10k. The market tripled within weeks and it did not matter that we were operating in thousands instead of hundreds, like we ded a year before. 

[Slow death]

he was very careful in his words and in his prediction, not having stipulated a date makes his prediction not something that someday someone says he failed. But that also raises another question: should we consider this prediction undated?

Another thing, he said:

It is apparent that the unique features which Abra offers has become a main selling point for the app

What unique features are these? because I still asked yesterday if they accepted withdrawals for the visa card and from what I see they do not accept it.

[hatshepsut93]

$50,000 is a pretty realistic price, even if it will be just a top of another bubble and not a stable long-term price. All these recent "end of the year" predictions look like a simple attempt to move the market, and they were mostly made by people who are directly involved in crypto industry. And even if they are not hodling Bitcoin, its price still dictates the prices for the whole market. At least this prediction without date has way lower chances to leave disappointed those who took it as an investment advice.

[felixesteban]

Every day a new expert is making a statement about the price of bitcoin. Most of them do it for the purpose of spreading FUD and some do it for the purpose of shilling. That's why we shouldnt pay much attention to these statements.

[veleten]

if only I could get a satoshi for each and every price prediction,sigh
frankly,we all are expecting BTC to reach 50.000$ and more,don't see why people think it is just another wild speculation
6.000 to 50.000 is 700% increase only,how about 0.2$ to 19.000 increase? and it happened
it is going to happen,the question is how soon,maybe not this year

[timerland]

I think that the main reason why this seems much more plausible than the other predictions is that there is no time frame involved, no time limits.

It's only going to be a matter of time before bitcoin hits $50k, in my opinion, due to the limited supply, and growing adoption. Plus, fiat currency inflation will also mean that bitcoins as a store of value will naturally appreciate over time against fiat currencies.

It's not some kind of wild prediction at all. In fact, I'd say that $50k is perfectly reasonable within a decade or so given the fact that user and merchant adoption has picked up so much over the past few years, and is only going to climb more in the future, and that bitcoin is really becoming mainstream and recognized by institutional investors. But I definitely wouldn't pin down a specific time frame, that's absurd.

[Lucius]

What I notice in this article is that Abra CEO is using that 50 000$ prediction to promote "a new feature that allows users to directly purchase Bitcoin through Visa or Master debit or credit purchases". It is not first time that companies promote themselves and their products in this way, in every case it is effective and very probably free.

Most of speculation regarding price is in range from 20 000$-50 000$, and I think they are based on next big thing "positive regulatory move by the US Securities and Exchange Commision could see bitcoin climb to $20,000 or even $50,000 by the end of the year", or we can say acceptance of ETF in next month. They all know what ETF can mean for BTC, and their speculation are mostly related to that possible event.

[richardsNY]

They all know what ETF can mean for BTC, and their speculation are mostly related to that possible event.

Yes. They however forget or don't want to point out that without an ETF the market will fall back down and remain unmotivated at least till the end of the year. If we think a bit further, what other than the ETF do we have to boost the market? There isn't much capable of triggering positive sentiment and momentum. The only guaranteed event is the block halving in 2020 but it's still far away from where we are today. All I'm saying is that we have to remain conservative and not let current increase make people unnecessarily bullish -- we're only one announcement away from a deep fall towards $6000 again....

[hatshepsut93]

They all know what ETF can mean for BTC, and their speculation are mostly related to that possible event.

Yes. They however forget or don't want to point out that without an ETF the market will fall back down and remain unmotivated at least till the end of the year. If we think a bit further, what other than the ETF do we have to boost the market? There isn't much capable of triggering positive sentiment and momentum. The only guaranteed event is the block halving in 2020 but it's still far away from where we are today. All I'm saying is that we have to remain conservative and not let current increase make people unnecessarily bullish -- we're only one announcement away from a deep fall towards $6000 again....

Good point, permanent optimism can easily lead to burning out, when some investors, especially newbies, get disappointed every time BTC fails to start a rally or encounters another dip. Those people tend to stress over short-term movements too much, seeing moon/doom every time the price goes up or down 5-10%, and it can be really unhealthy from a psychological point of view. This is true for investment in general and many pro traders prefer to make some long-term strategy and stick to it, instead of looking at the charts all day long.

[BitHodler]

All I'm saying is that we have to remain conservative and not let current increase make people unnecessarily bullish -- we're only one announcement away from a deep fall towards $6000 again....

That. People tend to underestimate how much of a niche market crypto even today is. If one single Tweet or regulatory decision can shake up things, you know that expecting too much will land you in troubles.

People should think about what the market would look like right now without an ETF being relatively close. It probably would be testing last year's November low this month and maybe even dip below it.

If I'm not mistaken the futures were announced at the moment the price was like $4000 (give or take a few hundred) last year, meaning that even $5000-$6000 probably wouldn't be able to hold for long.

[Lucius]

They all know what ETF can mean for BTC, and their speculation are mostly related to that possible event.

Yes. They however forget or don't want to point out that without an ETF the market will fall back down and remain unmotivated at least till the end of the year. If we think a bit further, what other than the ETF do we have to boost the market? There isn't much capable of triggering positive sentiment and momentum. The only guaranteed event is the block halving in 2020 but it's still far away from where we are today. All I'm saying is that we have to remain conservative and not let current increase make people unnecessarily bullish -- we're only one announcement away from a deep fall towards $6000 again....

Since so many of them share a similar opinion in regarding the price of BTC there are two logical explanations :
 
- Someone started this story based on information that BTC ETF has a new chance to be approved in August of this year, while others are simply follow  
  and confirmed the same story.

- They know something we do not know, maybe that ETF approval it's a done thing.

Price is going up these days, probably because of this news, but maybe there is something else happening in the background. Anyway, we will soon find out how it will end with CBOE ETF application, and whether a positive or negative outcome will have an impact on the price.

[glowing10]

Every one wants such stories to become a reality as who would not want to make money as much as possible and get the price as high as possible. But when and where will the price ends at 2018 is what everyone currently would be concern and accordingly would be investing to make money.

[cryptofonia]

It's not speculation, it's reality that comes when Bitcoin will be considered "bearish" when it'll be priced as $50,000.