The Chief Commercial Officer (CCO) of a global bitcoin payment service provider that is BitPay, Sonny Singh expects next year for cryptocurrency to be ‘exciting.’ Not only that, he assumes that Bitcoin (BTC) price will make it to $15,000 to $20,000 by the end of 2019, as Bloomberg noted.
He believes that with the entry of financial giants such as Fidelity and Intercontinental Exchange (ICE), the low sentiment of the market will take a turn to a significantly higher level. With that, Singh presumes that next year will bring many “exciting” moment.
He adds that the launch of a crypto-based exchange-traded fund (ETF) by a “Blackrock-type” firm or a Fidelity product launch will generate the energy in the space, as these factors will compete with the market dominance of “the Bitpays and Coinbases” of the sector.
When asked about his views about other crypto assets then bitcoin, he responded, “There’s a night and day difference between Bitcoin and everything else. Bitcoin is the under pound gorilla, it’s the one that has the mass network effect… [the one] the traditional financial incumbents are building products around. Other [crypto assets] […] I don’t know what’s going to happen to them.”
Notably, Jamie Dimon from JP Morgan commented on Bitcoin saying that Bitcoin has been somewhat “vindicated,” and considered it as a “fraud.” Singh reacted to this while stating that he “totally disagrees with Dimon on the fraud comment.” He noted that Bitcoin price could go up and down, but Bitcoin continues to gain traction.
Singh further stated that the ICO market is pretty dead right now, unless “Bitcoin survives first.”
In the middle of a bearish attitude of the crypto market, these comments by the Bitpay CCO is remarkably optimistic. Additionally, Bitpay is an established firm since 2011, having its headquarter in Atlanta, Georgia.