Bitcoin has suffered a slight retracement, but analysts were expecting this. The king coin dropped in price below $30k the other day.
At the moment of writing this article, BTC is trading in the reed, and the king coin is priced at $31,298.32.
Bitcoin’s fundamentals are looking great
It’s been revealed that the Abra founder and chief executive Bill Barhydt said that Bitcoin’s fundamentals are looking amazing at a time when governments adopt questionable monetary policies.
According to the online publication the Daily Hodl, during a Thinking Crypto interview, Barhydt said that BTC is seeing an unprecedented position as its technicals and fundamentals are aligning.
“There’s the fact that you’ve got these underlying fundamentals where you’ve never had a provably scarce asset of some kind, ever, never mind digital… The fundamentals are perfect. The technicals of where Bitcoin is now are incredible. We have this kind of undertone of basically having this 2017 peak, where there was euphoria from a sentiment perspective. That’s died down and really never recovered right, so we basically had this price recovery over a few years that was driven by a relatively small amount of speculators with very large holdings,” he said.
He continued and explained that “Now, we have a relatively small but growing amount of institutional investors who are saying this is digital gold with a backdrop of governments gone insane… The system that we built from Bretton Woods to gold-based, to oil-based is now in its end game.”
Barhydt also noted that it is within the realm of possibilities for entrepreneurs and technologists to innovate and create a product that’s better than Bitcoin.
“Is a better technology than Bitcoin going to come along? Probably. But is it going to be so much better that it basically gets new network effects where it becomes a parallel currency that gets network effects around having a store of value-based solution that gets a mass billion user following? I don’t know if that’s gonna happen, but it will be interesting to see if it does…” he said.
He continued and said that he’s bullish on crypto as the future of money and store of value.
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