Abra CEO's portfolio is 50% Bitcoin as cash is 'becoming worthless'

Abra's CEO purportedly increased his holdings prior to Bitcoin touching new 2020 highs.

The co-founder and CEO of major cryptocurrency company Abra is clearly bullish on Bitcoin (BTC).

In an Oct. 23 tweet, Bill Barhydt, CEO of peer-to-peer payments platform Abra, claimed that he has significantly increased his Bitcoin holdings a few weeks ago. According to the CEO, Bitcoin now accounts for 50% of his total investment portfolio.

Barhydt talked about his holdings on an episode of Money Talks. In an Oct. 23 YouTube live stream, Barhydt reiterated his bullish stance on Bitcoin, claiming that “Bitcoin is the single best investment opportunity in the world right now.”

The executive said that Bitcoin’s scarcity is one of the biggest reasons why the cryptocurrency is the best investment option. “As the minting of new Bitcoin approaches zero in the coming years, its value versus fiat will continue to skyrocket in my opinion,” Barhydt said.

“Cash, or government-printed money also called fiat, is actually becoming worthless, while Bitcoin’s value remains constant. There will never be less fiat printed than is now. Cash is only going to get more and more worthless.”

During the live stream, Barhydt also touched upon stablecoins like Tether (USDT) and USD Coin (USDC) as well as central bank digital currencies, or CBDCs. He argued that the issuance of global CBDCs like the digital yuan does not mean that central banks are going to stop printing money. “It’s the opposite, this actually makes it easier for them to continue their irresponsible behavior of simply printing money at will,” Barhydt said.

Barhydt is known as one of the most prominent Bitcoin bulls. In early October 2020, Barhydt claimed that he has been bullish on BTC price since 2015. Previously, Barhydt called Bitcoin a store of value comparable to gold.

The CEO's comments follow Bitcoin hitting new highs this year. On Oct. 22, Bitcoin price recorded its new 2020 high of $13,217 in the aftermath of PayPal enabling cryptocurrency purchases. Subsequently, famous Wall Street investor and billionaire Paul Tudor Jones praised Bitcoin on CNBC’s Squawk Box morning show, stating that he likes Bitcoin “even more than I did then.” The billionaire investor also claimed that holds a “small single-digit investment” in Bitcoin.