BitPay a Bitcoin payment processing company had been in the news for some time due to their addition of stablecoins among the payment options for merchants.
However, the negative volatility in the crypto market has made most cryptocurrencies to tumble and to trade below their previous year high values. This has made some cryptocurrency investors, influencers, analyst and researchers to change their position on forecasts about some coins like Bitcoin. In a recently published interview, Tom Lee of Fundstrat reaffirmed his position of $15,000 by year end for Bitcoin
Joining Tom Lee to maintain his position on Bitcoin price prediction is the chief commercial officer (CCO) of Bitpay Sonny Singh.
Sonny Singh had said previously that Bitcoin could get to its all-time high of $20,000 by next year and could not get below $15,000 by the end of next year. This he reaffirmed in an interview with Bloomberg Technology. Singh said:
“Next year will see new players and miners emerge in the industry. We will not see any rapid shift but by the end of Q1 or Q2, Bitcoin will emerge as a viable commodity.
Bitcoin has become mainstream adoption around the world, it has got a great brand reputation.”
Just like Tom Lee said that institutional investments will be a major drive in attaining his prediction of Bitcoin value, Sonny Singh said that the awaiting Launch of Bakkt by Intercontinental Exchange (ICE) by Jan 2019, the arrival of Fidelity into the crypto market and the expected approval of Goldman Sachs and Black rock ETFs could drive Bitcoin to a “new direction.”
Although the CEO of JPMorgan Jamie Dimon had called Bitcoin a “fraud” in a statement in 2017, Sonny believes that going by the role of big financial bodies in the crypto market presently and the attraction of other institutional investors, that JPMorgan could still retrace its stand and invest in the Crypto market.
Singh had to inform that irrespective of the downtrend in the crypto market, that Bitcoin with the highest market capitalization still maintains more than 50% dominance in the entire market.
On ICOs Current stance since the decline, Sonny Singh said that:
“The ICO market is pretty much dead right now. None of them are going to survive unless Bitcoin survives first”
Singh continued that the ICOs market needs Bitcoin to succeed going by the regulation challenge they face with US SEC.
He concluded that his prediction depends on Bitcoin ETF approval “because as for the adoption of bitcoin, he said that, “They move very slow because nothing moves fast in FinTech.”