First things first, today, I am thrilled to announce our partnership with the Stellar Development Foundation. We have been closely working with the Stellar team over the last few months, and are really excited to march forward towards our shared goal of democratizing access to financial services globally. You can check out the coverage in this Forbes article published today.
We have some really big plans for Abra and we would be announcing them over the next few months. Stay tuned!
These are crazy, unprecedented times we’re living through. Tens of millions of people have lost their jobs globally these past couple of months. Yet some businesses are thriving. Airlines lost billions of dollars in March/April yet Amazon and Zoom are growing by leaps and bounds. Capitalism has always been the only known rising tide to raise all boats. We believe that is still the case and the resiliency of the human species will see us through. We hope that the fortunate people and fortunate companies that are thriving will continue to voluntarily donate and support local businesses and employees who have been negatively affected by these tragic events.
Back to the world of crypto:
Bitcoin recently overtook gold to become the best performing asset class of 2020. As this article points out, other cryptocurrencies, including ether (ethereum) have performed even better than bitcoin. Ether has had price gains of more than 60 percent since the start of the year.
Bitcoin’s recent rally off its 12 month low of $3900 to about $9100 is a truly stunning reversal and has created increased bullish sentiment leading up to the next Bitcoin halving event now approximately four days away.
What is a Bitcoin Halving?
Bitcoin’s circulation is programmatically capped to never surpass 21 million. Every four years, or every 210,000 blocks, Bitcoin cuts its new supply, generated with each new block, in half. This process is called a “halving.” This new supply is what miners win every few minutes when they generate a new block onto the Bitcoin blockchain. By cutting the block reward in half every few years we’re guaranteed that Bitcoin’s total circulation will never surpass a fixed amount, in this case 21 million.
Many people consider the Bitcoin halving a bullish event due to the increased scarcity inherent in each subsequent halving.
Is Now a Good Time to Buy Bitcoin?
As many of our trading friends like to point out, Bitcoin appears to be consolidating at the end of a long term, multi year, descending triangle. Further consolidation within this triangle below 9500 represents an excellent long term buying opportunity. I believe we will see a large move outside of this triangle within a few weeks of the Bitcoin halving event.
Waiting to buy Bitcoin at a lower price has never, statistically speaking, been a good strategy. During the ten years of Bitcoin’s existence most retail investors were better off just buying and holding for the long term. If you’re not a savvy trader or don’t have access to sophisticated hedge funds you’re way more likely to win in the long term Bitcoin game by simply buying and holding. By the way, this is also true for stocks, including most major stock tracking indexes.
Tricks of the trade:
Did you know that you can deposit (and withdraw) over 100 cryptocurrencies directly into your Abra wallet? This includes all the popular stablecoins such as Tether, DAI, PAX and USDC. If you already have crypto and want to get started with Abra right away, we make it incredibly easy. Just paste the Abra wallet address of the cryptocurrency you want to deposit into the withdrawal address at your favorite exchange and voila… you’re good to go!
Peace and Love,
Disclaimer: Any opinions, news, research, analyses, prices, or other information provided here is a general market commentary, and does not constitute investment advice. Abra does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. Abra will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
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