Barhydt Sees 'Epic Run' Ahead for Bitcoin as Scarcity Strengthens Case

Abra CEO Bill Barhydt believes that Bitcoin (BTC) may be poised for an 'epic run' over the next 18 months. Speaking with Scott Melker, he noted that Bitcoin's fixed scarcity against an expanding supply of fiat money strengthens his case.

Bitcoin has come off a 40% gain in Q3, and Barhydt sees room for another major leg higher. He pointed to Santiment data showing that Bitcoin outperformed traditional assets in September, while the S&P 500 was flat and gold fell more than 6%. Strong spot Bitcoin ETF inflows and improving macro conditions also contributed to the rally.

Barhydt expects lower BTC volatility compared to speculative altcoins, as the dynamics of a shrinking amount of BTC readily available for trading relative to its total supply produce relatively low price swings. He remains bullish on select altcoins, particularly Layer-1 networks supporting DeFi, but warns that even major L1 tokens can suffer 90% drawdowns.