Crypto
Bitcoin Sees $85,000 Re-Test Ahead of Global-Scale AI Uptake
Abra CEO Bill Barhydt believes Bitcoin's price will retest $85,000 in the near term before unwinding leverage back to the low $70,000s.
He thinks this is a natural progression of events as AI capability compounds forward and crypto becomes the orchestration layer for global-scale AI operations.
Barhydt argues that Bitcoin's most important role is not as an investment but as collateral, which it will eventually displace Treasury bonds as the market's pristine collateral.
The Abra CEO attributed the recent price move to Treasury policy rather than sentiment, citing the dollar index down about 2% over the previous fortnight as his liquidity proxy.