March 29th, 2018 | Updated on September 27th, 2024
Bill Barhydt, CEO of digital wallet app Abra, predicts a crypto market boom. Barhydt, who previously designed trading systems for Goldman Sachs, believes Bitcoin, the flagship cryptocurrency, presents a significant opportunity for hedge funds and high-net-worth individuals, especially considering the high volatility in the crypto markets.
Bitcoin’s chart is approaching what’s known as a “death cross.” This term describes the crossover of the 50-day moving average and the longer-term 200-day moving average. Specifically, it occurs when the 50-day moving average drops below the 200-day moving average, a pattern technicians often see as a bearish indicator of future trends.
Related: How To Generate Bitcoins For Free
Bitcoin, an innovative payment system and cryptocurrency, is the first decentralized digital currency. The system operates without a central bank or administrator.
Instead, Bitcoin uses peer-to-peer technology to manage transactions and the issuance of bitcoins collectively through the network. As an open-source system, Bitcoin’s design is public, meaning no one owns or controls it, and anyone can participate.
Bitcoin is the world’s most popular digital currency and the best-known application of blockchain technology. It exists solely as strings of computer code within an immutable, distributed digital public ledger.
Bitcoin gained prominence when its value soared to $20,000, turning early adopters into billionaires in mere months. Its rise in popularity spurred the creation of rival cryptocurrencies.
Jack Dorsey, CEO of Twitter and Square, believes Bitcoin will eventually surpass the dollar in importance, becoming the single global currency of the internet within the next decade.
However, Dorsey acknowledges that Bitcoin faces significant technical challenges before it can achieve widespread use, noting that the current Bitcoin network is “slow and costly.” Still, he’s optimistic that “as more people use it, these issues will fade. New technologies built on blockchain will make it more accessible.”
Despite recent dips in Bitcoin’s value and concerns over its ability to process transactions quickly and cheaply enough to serve as a currency, Dorsey—who also leads the payments company Square—remains confident that Bitcoin will overcome these obstacles and be used for everyday purchases, such as coffee.
Source: CCN, Finance Magnates, The Time
