Abra’s CEO Says It’s On for Bitcoin and Crypto After Federal Reserve Signals ‘Great Pause’ – Here’s His Timeline
Despite the price decline this week, the CEO of crypto-asset management platform Abra believes macroeconomic forces could soon drive bullish price action for crypto.
Bill Barhydt says in a new interview with Thinking Crypto that the Purchasing Managers’ Index (PMI) indicates that the US has been in a recession or is about to enter one.
The PMI is an economic indicator that aims to show the health of the manufacturing and service sectors.
Barhydt says he personally believes the economy has been in recession for a quarter and a half.
“I think this recession is likely to continue through the end of the year… You will basically see the ‘big break’ from the Fed.
What is the “big break”? That’s when you’ll hear something to the effect of: ‘It’s wonderful to see that these dramatic interest rate increases we’ve made have had the intended effect of slowing inflation, blah blah blah blah blah. Congratulate ourselves, blah blah, congratulate ourselves, blah blah blah.
Which actually means in English “We’re in a recession now, and because the barometers that most of us use to figure it out are incomprehensible to Joe Public, I don’t need to say it, but we’re actually in a recession, so we’re going to stop the dramatic rate hikes and wait and see what happens, which means we don’t know what the F is going to do, but we’re in a recession.’
The Abra boss predicts the “big break” will happen in October. He believes at that point and into the first quarter of 2023, it will be “game on” for risky assets like Bitcoin and crypto.
“I think that’s really going to play out for stocks and crypto as the money supply starts to increase dramatically as a result of the Fed break and expectations in the bond market that we’re going to get back into the kind of downward channel that interest rates have been in for the last three the decades.”
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