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BitPay CCO: Bitcoin May Rediscover $20,000 in 2019

2 mins
Updated by Adam James

In Brief

  • BitPay's Sonny Singh talks about his expectations for the future of Bitcoin.
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On Nov 21, Bloomberg’s Emily Chang interviewed BitPay COO Sonny Singh, who shared his opinion on the current cryptocurrency situation. Singh says the market will not let Bitcoin die, and it must survive before anything else. He adds that Bitcoin will only move upwards once traditional market products launch, but will maintain adoption.
Bitcoin (BTC) is guaranteed to survive in Singh’s mind because, according to him, there are more than enough use cases for the market leader. People use it for many different things — transactions, as a store of value, and even in business. He added that BitPay will still process more than US$1 billion regardless of the bearish market sentiment. Chang presented audio of JP Morgan’s CEO Jamie Dimon talking about Bitcoin being a fraud and eventually blowing up. Sonny promptly responded that he does not agree. Later in the interview, the topic of ICOs appeared. Sonny revealed his predictions that the majority of ICOs will not be able to survive, and those that do will still depend on Bitcoin to perform well. He explained that there is a night and day difference between Bitcoin and anything else, and does not dare predict anything about their fate. His statement not only stresses the importance of BTC for the entire industry but also provides us with an understanding of how markets and sentiments change. He is expecting a financial product to appear next year — one that might potentially rally the cryptocurrency markets. Products from companies such as Fidelity will cause a significant portion of their industry’s collaborators and competitors to activate their plans for Bitcoin. What do you think about Sonny’s sentiment? Is the future of Bitcoin dependant on regulated institutionalized trading, and is Bitcoin’s decentralized dream soon coming to an end? Let us know in the comments below! 


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