Bloomberg Talks

Episode: Bill Barhydt Talks Crypto Outlook for 2026
Date: December 30, 2025
Host(s): Bloomberg (Various Interviewers)
Guest: Bill Barhydt, CEO & Founder of Abra

Overview

This episode features an in-depth interview with Bill Barhydt, CEO of digital asset wealth management platform Abra. Barhydt shares his insights on recent market trends, predictions for crypto in 2026, the impact of regulatory shifts, and the wider move toward tokenization of financial assets. The discussion covers investor behavior, potential regulatory changes, and the transformative impact tokenization could have on global markets.

Key Discussion Points & Insights

1. Parallels Between 2020 and 2026:

Timestamp: 00:46–02:54

• Barhydt draws comparisons between recent events in 2025 and the market climate of 2020.
  • References 2020’s COVID crash, subsequent rallies in gold, silver, and the explosive bull run in Bitcoin.
  • Recent gold and silver highs mirror 2020’s moves, with Bitcoin comparatively sideways in 2025.
  • Post-election surge in Bitcoin attributed to anticipation that regulatory hurdles would be eased.

Quote:

"History doesn't necessarily repeat itself, but it often rhymes. ... With the Fed and other liquidity catalysts, 2020 is going to repeat itself in 2026."
— Bill Barhydt (00:46)

• Anticipates rate cuts, relaxed banking regulations, and further regulatory clarity (such as ETFs) as catalysts for another crypto boom in 2026.

2. Current Platform Trends: Rotation & Investor Behavior

Timestamp: 03:13–04:12

• Noted two major "rotations":
  1. Long-term holders (those in Bitcoin for 10+ years) taking partial profits.
  2. Shift in Bitcoin holdings—more moving off exchanges, into long-term storage or onto wealth management platforms like Abra.
• Investors increasingly interested in borrowing against their Bitcoin rather than selling it.

Quote:

"There was a well known investor who referred to this as Bitcoin's IPO moment... We're actually seeing rotation where a significant percentage of Bitcoin is no longer being held on exchanges."
— Bill Barhydt (03:13)

3. Volatility and Investor Sentiment

Timestamp: 04:12–05:16

• Responding to concerns over recent price declines (down 25% in three months), Barhydt argues that volatility is now mainly a "trading phenomenon."
• Many high net worth/institutional clients are holding for the long haul, not actively trading.
• Outflows from the platform are nearly zero—clients are not interested in selling.

Quote:

"Our clients are long term holders, they don't sell. ... The biggest question I get is what would I possibly sell into? It's the best long term capital gains, potential asset that I own."
— Bill Barhydt (04:27)

4. The Regulatory Landscape & the Tokenization of Assets

Timestamp: 05:19–07:25

• The White House is supportive; upcoming legislation is expected to further clarify crypto regulation.
• Predicts three major regulatory/environmental changes:
  1. Passage of the “Clarity Act” (follows the Genius Act on stablecoins)—sets the stage for overhauling securities and commodities rules.
  2. Acceleration of asset tokenization: Tokenized versions of equities, commodities, real estate, and more.
  3. Continued evolution of global and U.S. debt markets.

Quote:

"We're about to get the Clarity Act out of committee ... which is going to be the biggest overhaul in many ways to securities and commodities regulation in decades, which is going to make it easy for ... the tokenization of everything."
— Bill Barhydt (05:50)

5. Native vs. Replica Tokenized Assets

Timestamp: 06:36–07:25

• When challenged about the value of tokenizing traditional shares ("why buy the replica?"), Barhydt insists the real advantages will come from “native tokenized equity issuance.”
  • Traditional markets have limited hours; tokenized markets offer 24/7 global liquidity.
  • Enhances investor access and the ability to leverage assets.

Quote:

"Our stock markets are closed more than they're open. Crypto markets don't close. So now all of a sudden you have the opportunity to have a 24/7 borderless market ... which is what investors in 2025, 2026 want."
— Bill Barhydt (06:44)

6. Borrowing Against Tokenized Assets

Timestamp: 07:29–07:49

• Points to massive demand for borrowing against Bitcoin.
• Envisions a near future where borrowing against tokenized stocks (like Apple or Tesla) is as easy and tax-efficient as borrowing against Bitcoin.

Quote:

"If you've tokenized Apple shares, Tesla shares, it's now just as easy to borrow against the value of those shares without having to pay capital gains taxes as it is against Bitcoin. That is going to drive the tokenization of everything."
— Bill Barhydt (07:29)

Notable Quotes

• "History doesn't necessarily repeat itself, but it often rhymes." — Bill Barhydt (00:46)
• "...our clients are long term holders, they don't sell." — Bill Barhydt (04:27)
• "We're about to get the Clarity Act out of committee ... the biggest overhaul ... in decades..." — Bill Barhydt (05:50)
• "Crypto markets don't close. So now all of a sudden you have the opportunity to have a 24/7 borderless market." — Bill Barhydt (06:44)
• "That is going to drive the tokenization of everything." — Bill Barhydt (07:29)

Segment Timestamps

• 00:46 — 02:54: Market parallels between 2020 and 2026; macro backdrop and regulatory environment.
• 03:13 — 04:12: Investor rotation, platform behaviors, and borrowing against long-term holdings.
• 04:12 — 05:16: Addressing volatility and holding versus trading.
• 05:19 — 07:25: Regulation, tokenization trends, and the future of global markets.
• 07:29 — 07:49: Demand for borrowing against tokenized assets.

Summary

Bill Barhydt’s outlook for crypto in 2026 hinges on macroeconomic and regulatory echoes from 2020, with added momentum from regulatory clarity and asset tokenization. Despite volatility, long-term investors continue to dominate, and anticipation is high for a future where financial markets operate global, round-the-clock—and where everything from stocks to real estate exists as liquid, tradable tokens. The groundwork laid by forthcoming legislation, says Barhydt, is set to reshape not just crypto but the very architecture of global finance.