BitPay COO Sonny Singh Sees Bitcoin at $15-20K by 2019

Sonny Singh, COO of the popular crypto payment provider BitPay, says Bitcoin’s (BTC) turnaround is coming by the end of 2019 . Speaking to Bloomberg on Thursday, Singh said the coin will reach new heights.  His prediction comes at a low point for Bitcoin (BTC). Since November 13, its market cap has plunged 33%. At a current $74.6 billion, this is the lowest it’s been in slightly over a year.

The main reason behind Singh’s belief is the entry of major financial institutions like Fidelity and Bakkt into crypto

Both of these companies plan to launch crypto-custody products early next year. While Singh sees crypto becoming mainstream in the very near future, he believes it may take some time to see the market value follow. Singh told Bloomberg,

“Next year will see new players and miners emerge in the industry. We will not see any rapid shift but by the end of Q1 or Q2, Bitcoin will emerge as a viable commodity. Bitcoin has become mainstream adoption around the world, it has got a great brand reputation”

He added:

“I don’t think we’ll see any price movement, up or down, for a long time until there is really some new direction”

When asked specifically about price predictions, Singh said he expects Bitcoin to reach $15-20 thousand by the end of 2019

He also expressed some excitement about the possible IPOs of Coinbase and Silvergate.  Many likewise await an SEC decision on VanEck’s crypto ETF decision.

Singh was focused solely on Bitcoin (BTC) and did not have as favorable a view on altcoins.  He told Bloomberg last month that “the ICO market is pretty dead right now”.  Many altcoins have been performing quite well during an otherwise highly bearish market.  But Singh seems to be considering a longer term.  He told Bloomberg Thursday:

“There’s a night and day difference between Bitcoin and everything else. Bitcoin is the 800-pound gorilla.  It’s the one that has the mass network effect, [the one] the traditional financial incumbents are building products around”

As for other crypto-assets, he stated, “I don’t know what’s going to happen to them”.

Other Predictions

Singh’s prediction follows another significant one from crypto analyst Willy Woo recently made.  His was based not on developments, but solely on the metrics of his Network Value to Transaction (NVT) Ratio.

Woo believes the slump will continue until mid-2019 before a slow turnaround begins.  Binance CEO Changpeng Zhao likewise recently stated a turnaround is coming “sooner or later.”

 

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The post BitPay COO Sonny Singh Sees Bitcoin at $15-20K by 2019 by Ian Cooper appeared first on BittPress – Cryptocurrency News, Bitcoin & Ethereum Blockchain News.