Sonny Singh, the Chief Operating Officer (COO) of crypto payments service provider BitPay, has revealed essential factors that will kickstart the BTC resurrection. He is even forecasting a $15,000 to $20,000 value for the coin at the end of the year 2019.
Speaking to Bloomberg in an interview, Singh stated that traditional financial institutions would kickstart the next significant growth of the major cryptocurrency. He points to the recent efforts made by Fidelity Investments and the impending Bakkt crypto custody service in partnership with the Intercontinental Exchange (ICE).
These type of products and derivatives targeted towards institutional investors is one of the factors Singh believes will drive the BTC resurrection from the current value of $4,370 at press time to around $15,000-$20,000 next year.
Another drive would be the possible IPO listing of crypto exchange Coinbase and crypto investment bank, Silvergate. With these listing possible to happen next year, Singh points that it will usher in improvement to the current crypto market structure and boost Bitcoin.
The COO predicts the possibility of a Bitcoin Exchange Traded Fund (ETF) being approved by the U.S SEC as another thing that could move the price of Bitcoin from the current bearish state.
JP Morgan May Offer Crypto Products Next Year
When asked on his thought about comments made by JP Morgan Chase CEO, Jamie Dimon last year when he said Bitcoin was a “fraud.” Singh said that he disagrees with the “fraud” tag.
He further stated that if the JP Morgan CEO sees competitors like Fidelity Investments launching crypto products next year, then “his bank will a launching a product as well. It’s a business pride,” Singh said.
Altcoins Survival Depends On Bitcoin
Singh didn’t give a definite answer about whether the other cryptocurrencies will survive deep into the future and instead points on that a gap exists between the two classes of digital assets.
“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. [..] None of them can survive until Bitcoin survives.”
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