Chief Commercial Officer Sonny Singh, of crypto payment processor BitPay, has ventured that Bitcoin might reach $15,000 to $.
The COO, Sonny Singh, made his prediction during a meeting with Bloomberg Nov. 22. In the middle of a bearish economy picture — with Bitcoin down over 32 percent in value to the month — Singh explained that he anticipates the upcoming huge price action to come when mainstream financial sector giants like Fidelity and Intercontinental Exchange (ICE) start to launch their crypto-based investment products next year.The monetary giants’ entry into the area might catapult Bitcoin’s no cost to as high as $15,000-$20,000 by the end of 2019, Singh told reporters.Aside from conventional financial incumbents’ launching of crypto-based products, Singh pointed to structural modifications in the crypto market itself, together with stalwart companies including U.S. crypto market and wallet supplier Coinbase and crypto bank Silvergate gearing up for possible initial public offerings (IPOs).Singh prediction that next year would therefore herald an “exciting” moment: the launching of some crypto-based exchange-traded fund (ETF) with a “Blackrock-type” firm or a Fidelity merchandise will energize the space as conventional players jostle for market dominance against “the Bitpays and Coinbases” of the sector.Singh nonetheless drew a firm distinction between Bitcoin and altcoins, arguing that:“There’s a night and day difference between Bitcoin and what else. Bitcoin is the below pound gorilla, it’s the one that gets the mass system effect… [the one] the conventional fiscal incumbents are building products around. Other [crypto resources ] […] I don’t even understand just what ’s likely to occur to them. ”Remarking that “the ICO marketplace is really dead at the moment,” Singh also suggested that signals of increased intervention in the U.S. Securities and Exchange Commission (SEC) doesn’t work well for the future of this token space.In a meeting this September, Singh outlined a similar argument that the crypto markets happen to be on the brink of a certain “defining moment,” that will come with large institutional investor marketplace entry, place into “eventually turn into real” in 2019. […]