Bitcoin: “Cash is only going to get more and more worthless”, says Abra CEO

26 Oct 2020

Co-founder and CEO of major crypto firm Abra, Bill Barhydt is bullish on Bitcoin.

Barhydt said on Twitter he has significantly increased his holdings of Bitcoin – the world’s largest cryptocurrency by market capitalisation.

The CEO said Bitcoin now accounts for 50% of his total investment portfolio, Cointelegraph reports.

On a YouTube live stream last week, Barhydt reinforced his bullish stance on Bitcoin, stating: “Bitcoin is the single best investment opportunity in the world right now.”

The Abra co-founder added that Bitcoin’s scarcity is one of the principal reasons why the cryptocurrency is the optimum investment option: “As the minting of new Bitcoin approaches zero in the coming years, its value versus fiat will continue to skyrocket in my opinion.”

He went on to say: “Cash, or government-printed money also called fiat, is actually becoming worthless, while Bitcoin’s value remains constant. There will never be less fiat printed than is now. Cash is only going to get more and more worthless.”

On the live stream, Barhydt also talked about stablecoins such as Tether and USD Coin, along with central bank digital currencies (CBDCs). 

He said that the issuance of CBDCs will not mean central banks will no longer print money: “It’s the opposite, this actually makes it easier for them to continue their irresponsible behaviour of simply printing money at will.”

Furthermore, earlier this month, Barhydt said he has been bullish on Bitcoin for the past five years, referring to it as a store of value comparable to gold.

A view echoed by deVere CEO Nigel Green: “Bitcoin is currently realising its digital gold reputation. To date, gold has always been regarded as the ultimate safe haven asset, but Bitcoin – which shares gold’s traits of being a store of value and scarcity, could remove gold from this top spot as the world becomes increasingly technology fuelled.”

Bitcoin hit new highs in 2020, reaching $13,217 on October 22 after Paypal announced it would enable cryptocurrency purchases.