In an interview with Bloomberg, the Chief Commercial Officer (CCO) of BitPay – a global digital currency payment processor – predicts Bitcoin (BTC) to rebound next year while altcoins will never rebound. Sonny Singh – the CCO of BitPay said that digital currency markets are presently on the verge of a new phase in progress, which needs a sort of catalyst or ‘defining moment.’
The Defining Moment of the Crypto Space
According to the CCO, that defining moment or catalyst will come when large institutional investors, such as BlackRock and Goldman Sachs finally get involved in the crypto space for real in 2019.
Singh said that “2019 will see the talk of top players coming into the crypto space become real, where you will see Fidelity launch a Bitcoin (BTC) product, Goldman Sachs open a trading desk for cryptos, BlackRock launch an exchange-traded fund, Square provides merchants with Bitcoin (BTC) processing services etc. All these will become real and there will also be an increase in adoption and the value of Bitcoin (BTC) following suit.”
Bitcoin (BTC) Price Today – BTC / USD
Sonny Singh Is Bearish on Altcoins
While Singh is bullish on Bitcoin (BTC) in the coming year, the CCO is totally bearish on altcoins. The CCO, during the interview, said that altcoins will never rebound to their previous levels. His reason for this was that companies such as BlackRock and Fidelity aren’t going to launch products for altcoins, they will only launch Bitcoin (BTC) products.
Regarding BitPay, the CCO of the firm said that they’ve “never been more bullish” on BTC, adding that the industry is growing at an enormous speed, with an evolving number of new hires and partnerships. As a result of this, the firm was recently integrated by Oak Motor Cars – luxury auto retailer – to allow for the acceptance of Bitcoin (BTC) and Bitcoin Cash (BCH) as payment for Bugatti, Bentley, and Rolls-Royce by the U.S dealership.