Japan created the great Bitcoin Bull Market of 2017 and can do so again in 2018.
On April 1 2017, Japan quietly made Bitcoin legal tender in the country setting the stage for one of the biggest bull markets that have ever been witnessed.
But this is nothing yet, according to a prediction made by Abra CEO Bill Barhydt, who thinks a major rally is around the corner.
“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose,” he said. “Once the floodgates are opened, they’re opened.”
He said that institutional interest is already starting to tick up in Japan, which he said is a leading indicator of what will soon happen in the West — regardless of retail interest, which has seen a sharp decline in recent months.
“There really is zero large-scale institutional money from the west in crypto right now,” Barhydt said. “That is happening in Japan. Once a large sizable chunk of Western institutional money starts to come in — watch out.”
“We’re getting closer and closer to real clarity in the West that it’s OK putting half a percent of your assets into crypto,” he added.
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Watch out for the IoT Economy
In other developments which may add more fire to crypto prices is the fast development of the “IoT Economy”. As more and more devices are connected to the internet, applications for crypto wallets and payment systems can be added to these devices. Imagine the self-driving car that can refuel itself and pay for the fuel. The growth potential in this new crypto economy is huge and the floodgates for investment could really open.
Who will the players in this economy be?
One crypto is certainly already busy positioning itself – Read more
What do you think? Are we in for another crypto bull market in 2018?
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