Bill Barhydt, CEO of crypto firm Abra, dismissed concerns over bitcoin’s recent downturn, pointing out that such corrections have happened repeatedly over the past decade. BTC saw a volatile session on March 10, dropping to $76,600 before rebounding slightly.

“Ya’ll never change,” he wrote on social media platform X on March 10. “Bitcoin is now experiencing its 11th 25%+ correction in ten years and every time everyone reacts like the sky is falling and every time everyone screams that it’s different this time.” Comparing the situation to previous cycles, he asserted:

This pullback looks, smells and feels 100% just like 2017 to me. Rising fiat liquidity leading to massive asset price gains.

Barhydt linked current market conditions to policy decisions by the new U.S. administration, citing efforts to lower Treasury rates for debt refinancing, reduce mortgage rates to support housing and commercial real estate, and decrease Treasury rates to address bank solvency. He also pointed to China’s economic struggles, stating: “China is in a deep recession and needs lower U.S. rates to support its own money printing regime. And print they will.”

The Abra executive predicted upcoming layoffs across multiple sectors, writing: “We’re likely going to see massive job cuts via government cuts, tech cuts and housing related cuts. At the same time ISM will likely rise for the next several months.”

Despite the economic turbulence, Barhydt maintained that financial liquidity would continue to fuel asset markets. He opined:

All of this tells us liquidity will continue to flow and the markets will do what they always do in this type of cycle. That liquidity will flow into stocks, bitcoin, crypto and real estate.

Concluding with an optimistic outlook, he urged investors to prepare for volatility, saying, “Once again… buckle up.”

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