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Abra’s CEO Just Put 50% of His Investment Portfolio Into Bitcoin

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Bitcoin has enjoyed a strong rally over the past few months as macro trends have favored its growth. The rally comes as an increasing number of investors, both within crypto and out of crypto, have realized there is a growing fundamental value in owning Bitcoin.

Bill Barhydt, CEO of Abra, made this much clear when he recently announced he has bumped up his BTC exposure. Abra is a leading crypto-asset exchange that has gained immense traction over recent years.

Bill Barhydt, CEO of Abra, Now Has 50% of His Net Worth in Bitcoin

Commenting on Twitter, Barhydt, who used to work at the CIA and NASA, said that 50% of his investment portfolio is now in Bitcoin:

“A few weeks ago, I increased my ownership of #Bitcoin significantly and it’s now 50% of my investment portfolio. Why? I believe #Bitcoin is the best investment opportunity in the world right now. There are three reasons I believe this to be true today…. Fundamentals, Technicals, and Sentiment.”

Speaking on fundamentals, he noted that Bitcoin’s decentralization and fixed supply is becoming more apparent than ever. He also mentioned how the cryptocurrency is seeing increased development in the privacy field, which will be important in an increasingly digital world.

Speaking on technicals, he noted that the leading cryptocurrency is in the midst of a pattern that was last seen prior to the previous run-up.

And speaking on sentiment, Barhydt commented that with interest in Bitcoin relatively low from a retail standpoint, now is likely a good time to get in.

Far from the Only One

He isn’t the only one with “skin in the game.” Raoul Pal, a former hedge fund manager and the current CEO of Real Vision, said in a podcast earlier this month that around 60% of his net worth is in Bitcoin.

On why he thinks that this is a good idea, he noted that all macro factors and even internal fundamentals and technical indicate that Bitcoin will explode higher:

“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation. I don’t think he gets true demand push inflation but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.”

Anthony Pompliano, a notable analyst and investor in the space, also recently said that around 80% of his investment capital is in Bitcoin. 

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Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Abra CEO Just Put 50% of His Investments Into Bitcoin

Source: https://bitcoinist.com/abras-ceo-just-put-50-of-his-investment-portfolio-into-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=abras-ceo-just-put-50-of-his-investment-portfolio-into-bitcoin

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Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

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South Korea’s largest cryptocurrency exchange Bithumb announced today that it is shutting down its offline offices as Korea struggles with a renewed coronavirus outbreak.

Bithumb Suspending Offline Support

Since the start of November, the country has been recording increased daily cases of COVID-19, with the number tripling in the last nine days. This has raised fears that South Korea has entered a third wave of the pandemic.

As authorities are taking measures to strengthen social distancing to curtail the spread of the virus, Bithumb said in its announcement that it intends to suspend its Seoul offline support service temporarily.

Bithumb noted that the Gangnam center office shutdown will begin on Tuesday, Nov 24, and will remain closed until further notice.

“We ask for your understanding of any inconvenience in using the service, and we will inform you of the normalization time of offline Gangnam Center operation through a separate notice,” the exchange said.

Bithumb Raided

In September, Bithumb was the headline across the crypto space. The exchange’s head office was reportedly raided three times as local authorities searched and confiscated company documents. In one of the raids, they seized dozens of shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Gun.

The police accused Bithumb of fraud related to the $25.2million BXA token presale conducted by the company. Before the presale, Bithumb promised to list the token for trading after the event but failed to do so, causing investors to suffer massive losses.

Two weeks after the raids, authorities summoned Bithumb’s Chairman Lee Junh-hoon for questioning.

Bithumb For Sale?

Following the raid and probe, another report claimed that the exchange was up for sale with a price tag ranging from $430 million to $604 million. The report revealed that foreign financial investors and domestic private equity funds had shown interest.

However, Bithumb has remained quiet about the sale as well as the police investigation.

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Source: https://cryptopotato.com/bithumb-temporarily-shuts-down-some-office-as-korea-face-another-possible-covid-19-outbreak/

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IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

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The popular decentralized cryptocurrency exchange (DEX), IDEX, has announced a multi-chain solution that is intended to expand its entire infrastructure to additional blockchains, namely, Polkadot and Binance Smart Chain.

IDEX Expands to Binance Smart Chain and Polkadot

In a press release shared with CryptoPotato, IDEX has revealed its multi-chain solution. Called Multiverse, it’s intended to expand the DEX’s infrastructure, including its layer-2 scaling and staking solutions to additional blockchains.

Its first implementation is going to be deployed on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. This will enable the trade of digital assets on each of the platforms. In addition, IDEX token holders will also benefit from staking options starting from November 23rd.

It’s important to note that Polkadot will be used as layer 0. This means that IDEX will use a parachain of Polkadot in order to tap into its ecosystem. An example of this is Moonbeam. Speaking on the matter was IDEX co-founder and CEO Alex Wearn, who said:

In the past year, we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets. As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.

Attempts of Further Growth

It goes without saying that both Binance Smart Chain and Polkadot have gained serious popularity, offering an alternative to Ethereum’s network, which was troubled with congestion and high fees as the DeFi boom was at its peak.

IDEX hopes to bring its technology to emerging smart contract platforms. Through its Multiverse, the decentralized exchange aims to become a one-stop app for trading crypto assets on a range of different blockchains through a unified and secure platform.

All of its infrastructure, including its layer-2 system, will be further deployed on each layer-1 network. Independent assets will be issued on every new chain to support IDEX’s new layer2 economic model.

With this in mind, the first multi-chain IDEX tokens that are designated for Binance Smart Chain and Polkadot are IDXB and IDXP, respectively.

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Source: https://cryptopotato.com/idex-announces-multi-chain-solution-and-expands-to-polkadot-and-binance-smart-chain/

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Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

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Bitcoin price is less than a few hundred dollars away from setting a new all-time high. The closer the top-ranked cryptocurrency gets to its former peak, the more bullish altcoins respond.

One crypto analyst has shared a chart that shows what could happen to altcoins when Bitcoin finally does break its all-time high.

Ripple, Ethereum, Other Major Altcoins Rip As Bitcoin Approaches All-Time High

This week, Bitcoin broke above $19,000 and has very little resistance above it before a new all-time is set. Even today, by the time this is published a new record could be set and history made.

The closer the top crypto asset by market cap gets to the former peak, the more altcoins have begun breaking out and going parabolic the same way Bitcoin has over the last several weeks.

Related Reading | Why Ripple Reclaimed the Third Spot From Crypto Stablecoin Tether

After retesting $10,000, the price per the breakout in altcoins is nearly as stunning.

Ripple over the last couple of weeks has rallied over 200%, more than tripling in value. Ethereum, Litecoin, Cardano, and other popular altcoins from the last crypto bubble have begun to bubble up once again.

The Next Record-Breaking Alt Season And Crypto Bubble Is Here

As sidelined spectators watch as a whole Bitcoin becomes priced out of reach for most investors, they turn their capital toward cheaper altcoins, that in the past have outperformed the number one cryptocurrency.

Bitcoin has over 150% year-to-date returns to show for this crazy year, while in the past two weeks alone Ripple has gained more than that much. Ethereum is up over 350% year-to-date, and the lower down the list by market cap, the gains increase.

Related Reading | Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season

Looking at the last market cycle could suggest that this stage in the crypto market cycle is only just starting, and one analyst has supplied an example of what the next BTC dominance nosedived, and incredible wealth was generated as these illiquid assets soared.

bitcoin altcoins season

When Bitcoin approaches and breaks its all-time high, an altcoin buying frenzy takes place | Source: CRYPTOCAP-TOTAL2 on TradingView.com

With the dollar nearing a death spiral, crypto absorbing gold’s capital, and the stock market about to tank, this bull market and bubble could make the last one look like nothing more than a bit of fizzle before the upcoming explosion.

Featured image from Deposit Photos, Charts from TradingView.com

Source: https://www.newsbtc.com/analysis/btc/heres-what-happens-to-altcoins-when-bitcoin-breaks-all-time-high/

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