COO of BitPay Confident that Bitcoin Prices Will Climb, “Big Entrants Will Become Real”
Global bitcoin payment service provider, BitPay’s Chief Commercial Officer, Sonny Singh sat down with Bloomberg’s Joe Weisnthal to discuss all matters cryptocurrencies. By the looks of it, Singh seems confident in Bitcoin [BTC] and despite the crypto market’s crash, does not believe that it has reached its end yet. Unfortunately, the same outlook is not witnessed in the case of altcoins and Initial Coin Offerings (ICOs).
News outlet, News BTC also reported the matters at hand and has quoted Singh saying the following,
“Right now you’re hearing a lot of rumours. But next year you’ll see the talk of the big entrants become real.”
He backed his argument with the example of Goldman Sachs, as the investment firm is working towards establishing a trading desk. Other examples also included that of BlackRock’s potential ETF, and Fidelity’s BTC-based product.
When mentioning altcoins and ICOs, he doesn’t see it as a strength but rather a weakness. Singh shared that many people are getting less involved in ICOs compared to earlier this year, specifically noting that the “market is in a lot of trouble and will never get back to where they were eight months ago.” He also expressed BitPay’s viewpoint, which seems to be more bullish on BTC than altcoins.
Singh does not seem to be wrong in expressing that BTC has not died yet, as many large investors and influencers gave up on the market the moment they saw plenty of prices fall within the red zones. Despite all the negative news surrounding BTC, the giant has managed to prove them wrong nearly 300 times, as per BitcoinObituaries.
The same cannot be said about his outlook on ICOs, as regulated versions have since been presented by several firms. This only goes to show that interest in tokenized assets does currently exist, and News BTC also trusts that securities like such could be favorable next year.
While it is true that altcoins like the ETH, XRP, and TRX have seen massive cuts in prices (i.e. 65 to 95 percent), is Singh right in assuming that they are in trouble altogether? Let us know in the comments below.