BitPay’s CCO (Chief Commercial Officer) thinks Bitcoin may be headed for a huge price jump and widespread adoption, but other cryptos might not make it that big. BitPay is a blockchain-based payment processor. Speaking in an interview with Bloomberg’s Emily Chang, Sonny Singh gave his opinion on a few key issues surrounding Bitcoin and the crypto market at large.
Current Market Situation
About the current market atmosphere, Sonny said that what the market needs right now is a trigger – something to catalyze a price event to get the values out of the current rut. In his opinion, the current news about events like Goldman Sachs building a trading desk, the consequent denial of the claims or news about Fidelity launching a Bitcoin product aren’t enough to initiate a substantive market push.
However, these developments might as well happen in the coming year, and in which case they’ll then have significant impact in fostering Bitcoin adoption and backing up the crypto’s price. He also included BlackRock’s plan to launch an ETF and Square’s initiative to offer Bitcoin processing services for merchants as some of those potential market events.
What Of Exchanges And ICOs?
Sonny also had something to say about the ICO’s situation as compared to the current Bitcoin environment, saying that ICOs are no longer as favored. Until Bitcoin hits around $10,000 in value, ICO’s may not be out of the woods yet.
What About India, Russia, And China?
In Sonny’s opinion, although the three countries have been vocally against Bitcoin and cryptos in general, India prefers to rather study the cryptocurrencies in length, and the next year might present an opportunity for the country to embrace cryptocurrencies better. However, China and Russia have a different system of governance and they happen to wild more power than India in that sense. In fact, China is known to control quite a huge Bitcoin market share.
BitPay’s Battle With The Bears
According to Sonny, BitPay hasn’t been really hard hit by the bear market, and the company is actually employing more stuff to accommodate its expansion. BitPay is also partnering with other big market players from all over the world.
Talking about altcoins, Sonny opines that those may never fully recover to their previous highs as many big industry players are only focused on Bitcoin products rather than altcoin products. All in all, Sonny sees a huge price spike for Bitcoin coming soon.