With negativity in the air for Cryptocurrency markets,a lot of investors are pessimist right now about the future of Bitcoin and cryptocurrencies. But, this is not the case of Sonny Singh, the Chief Commercial Officer (CCO) of Bitpay, which has explained why Cryptocurrencies have a great future ahead.
BitPay is a global Bitcoin payment service provider which is headquartered in Atlanta, United States. It was founded at the beginning of the Bitcoin revolution in 2011, and so is well appreciated amongst the Cryptocurrency community.
The driving force according to Sonny Singh is the part institutional investors will drive the Cryptocurrency market. From Bakkt being launched in January 2019, to Fidelity getting into the Cryptocurrency action and ETF’s of Goldman Sachs and Black Rock to help Bitcoin in its road ahead.
Sonny Singh explained that the emergence of institutional players would take effect from Q1 or Q2 of 2019. He believes that Fidelity, Bakkt and other companies like this help Bitcoin see a rise in price. He claims that the rise in price will depend on the usability of the product build within the industry and that it may take time for good ones to be build – as nothing is build easy & fast on Fintech.
Singh even predicts much larger financial institutions such as JPMorgan that have been anti Cryptocurrency could change their minds about it once institutional investors are in the space. He even disagreed with Dimon’s 2017 opinion about Bitcoin, claiming that:
“So, I completely disagree with him on the front comment. Price can go up and down and obviously anything that go up that fast will obviously come down so he’s right about that. But the ‘fraud’, I completely disagree”
Comparing Bitcoin with the several cryptocurrencies, he claimed that Bitcoin is the ‘800 pound gorilla’ that has the ‘mass network effect’. As for the other ones, he don’t know what will happen to them. Asked about the price, he sees Bitcoin between $15,000 – $20,000 with the condition of Bakkt, Fidelity and other similar businesses to work properly.
According to Bitcoin Obituaries, Bitcoin has died 318 times, and so the fall of Bitcoin is not that surprising to people who have been in the space. At the time of writing Bitcoin is at $4516.74 and looks to be stabilized at the $4500 mark.
However, it is no doubt that 2019 will be a deciding year for Bitcoin and the Cryptocurrency market. 2017 as a whole saw a gradual rise followed by a great December thanks to Bitcoin Futures entering into the market. In 2018, the pace has been slow, and much of the awaited products like BTC ETF’s have all got delayed or cancelled in the year.
Expect Bitcoin to be a favorite topic to be discussed in the Thanksgiving table, given the interest building in the Cryptocurrency markets.
Image Source – Bloomberg
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