Abra CEO: This is not bitcoin’s “worst time ever” and advises “when in doubt, zoom out”
Over the last 12 years, Bill Barhydt has lived through “multiple 70% bitcoin drawdowns.”
Bitcoin is having a hard time recovering from last week’s drop to $63,000, and is hovering under the $68,000 level Tuesday morning. A slew of risks, a lack of catalysts, and the October 10 liquidation event continue to weigh down bitcoin.
But for Bill Barhydt, CEO and founder of Abra, who told Sherwood News that he’s “lived through multiple 70% bitcoin drawdowns,” not all is doom and gloom.
“I’ve had this conversation five or six times over the last like, I don’t know, 12 years maybe. And each time it’s like, ‘Oh, this is the worst time ever.’ And I can assure you it’s not,” Barhydt said.
Barhydt said we’re in an “anti-everything trade right now,” which is exacerbating the crypto trade.
He said he looks at crypto with a “5- to 10-year lens,” adding that “you can’t get the gains without the volatility. It’s not possible. You can’t redefine math.”
And if you can’t stomach the volatility, he said, you need to change your time horizon, change your position size, or invest in something else. “Those are your options,” he said.
Barhydt’s recommendation is “when in doubt, zoom out.”
“If you zoom out and you give yourself the right time preference, meaning minimum five years, you’re going to make money,” he said.
In terms of zooming out, it’s worth noting that just over 15 years ago, on February 9, 2011, bitcoin reached $1 for the first time.
