A number of proponents of the crypto space have come out to show support for digital assets. One of such crypto bulls is Bill Barhydt the CEO of Abra. Bill gave his views on the future of crypto. He also spoke of when we should expect massive adoption of the asset class.
In an interview with Fortune, Barhydt insisted that 100% of all transactions occur on-chain. He also added that smart contracts and trade platforms hide the risks in the crypto space. The Abra CEO added that in 2018, Abra transacted at least $1 billion. And at the same time consumers weren’t affected. He said this occurred at the same period of time when the crypto market valuation was falling drastically going on to attain an 85% decline.
Bitcoin (BTC) Price Today – BTC / USD
Barhydt: Stablecoins are ERC-20 Tokens, and We Want to Support Them
During the discussion with media outlet Fortune, Barhydt touched the concept of stablecoins. According to him:
“We are also looking to launch a native Ethereum (ETH) wallet to care for user needs. Stablecoins are ERC20 tokens that we aim to support. Some stablecoins can represent on ramps and off ramps, a marker in the crypto sector.”
According to the Abra CEO, interest in digital currencies has spread across countries like India, Indonesia, Venezuela and Argentina. Barhydt also drew comparisons between Netscape’s scaling issues and that of Bitcoin (BTC).
Barhydt: Bitcoin’s (BTC) Scaling Challenges are Software Related
According to the crypto bull, Bitcoin’s scaling challenges are software linked. Barhydt also gave his opinion about the recently launched digital currency JPM. He called it a total waste of time. Here’s the statement the Abra chief made:
“I feel the press got the coin reference wrong. The JPM (JP Morgan Coin) token is a misnomer. In my opinion, it’s just a ledger.”
Ripple’s CEO Also Weighed in on the Matter
The point highlighted by Barhydt was also earlier echoed by the CEO of Ripple Brad Garlinghouse. According to Garlinghouse, the new crypto offering missed the goal. He stated that the JPM bank-backed digital coin missed the whole point of what a digital asset should be. Garlinghouse claimed that:
“A bank-issued digital asset will only really be capable of efficiently settling between the banks that issued it. Meaning two scenarios may play out. The first scenario is that all banks around the globe will put aside their competitive and geopolitical differences. And adopt the same virtual asset. They have to agree on its rules, as well as harmoniously govern the token’s usage.”
The Ripple CEO went on to add that:
“In scenario two (which is the more likely scenario we should expect) will be banks that are not among the issuing group give their own bank backed digital assets alongside their own rules and governance for the said asset class.
We can recall from an earlier report that US-based bank JP Morgan Chase has announced a crypto offering. Which at the time was reportedly the first bank-backed crypto offering. Many experts in the crypto space have welcomed the development. Also, others such as the Ripple chief Garlinghouse and Abra CEO Barhydt have shoved aside the move by JP Morgan to introduce a bank based crypto offering.