As Bitcoin Heads To Lower Prices, BitPay CEO Remains Optimistic About Reaching $20k Goal By Next Year’s End
The bearish market has been taking a major tole on Bitcoin, bringing it down by over 32% in this month alone. This change alone has been enough to send many investors out of the market, in fear of losing even more. However, during an interview with Bloomberg yesterday, the COO of BitPay believes that Bitcoin will rise again by the end of 2019, bringing it up to its former glory in the $20,000 spot that it met last December.
COO Sonny Singh sees this next boost in the Bitcoin price coming as financial giants, like Fidelity and Intercontinental Exchange, bring in their own crypto assets next year. By bringing more stability and validity to the market, Bitcoin could reach anywhere from $15,000 to $20,000.
Along with the introduction of these crypto investment products, Singh also said that the changes in the crypto market itself could make a difference. Coinbase and Silvergate, for example, are preparing for initial public offerings (IPOs), which are currently going through regulatory changes with the SEC.
By this forecast successfully being validated, a positive side effect would be the launch of a crypto exchange-traded fund (ETF) by a Blackrock-style company. However, a Fidelity product could also help to reinvigorate the space. All of these new developments would allow the typically active participants to challenge the market for a dominant place in the sector.
Still, there is a connection between Bitcoin and altcoins, according to Singh. He said,
“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.”
Adding that the crypto market seems “pretty dead,” he also believes that the new aggression that the U.S. Securities and Exchange Commission (SEC) is not a good signed. When Singh was the subject of another interview two months ago, he had a similar stance, saying that there is an impending and “defining moment” that will happen as institutional investors come in.