Sonny Singh is the partner and business relationship manager of Bitcoin's payment service provider BitPay. Singh had earlier predicted that Bitcoin could reach its all-time high of $ 20,000 next year. At the same time he assumed that the king of crypto currencies would not fall below $ 15,000 in 2019. In a recent interview with Bloomberg, Singh has once again commented on Bitcoin.
First, Singh stated that Bitcoin had arrived in the mainstream and enjoyed a great brand awareness. This is more important than the actual course of the cryptocurrency. He went on to explain:
“I've said for a long time that there are no real price moves up or down unless a new direction is found. These are circumstances such as next year's release of the Fidelity product, the next year's Bakkt publication, a product of Square, or a BlackRock ETF [crypto-based fund]. “
Singh was also optimistic about the US bank JPMorgan. In 2017, JPMorgan CEO James Dimon had referred to Bitcoin as “fraud.” Singh disagreed, expecting JPMorgan to change its position next year and invest in the crypto markets as well. Fidelity (a major US financial services provider) could play a role in bringing a [crypto] product to market there, he said. Overall, however, the entry could drag on until the first or second quarter as these large companies needed a lot of time to release their projects, Singh said.
Only the “silverback” Bitcoin counts
Asked whether the individual cryptocurrencies should now be regarded as separate types of currency, Singh replied that [only] Bitcoin was the “400 kg gorilla”. The companies built their products around Bitcoin only. He did not know what would happen to the other cryptocurrencies. From there Singh then swung to the market for Initial Coin Offerings (ICOs) and executed:
“I think it's safe to say that the ICO market is almost dead at the moment. And maybe some of them survive, I do not know. But none of them will survive if Bitcoin does not survive first, because that's what everyone focuses on. “
Outlook for the end of 2019
Looking at the next year's status around this time, Singh predicted:
“I believe we will see a first exchange-traded fund [crypto-based] next year (…), a Fidelity product, perhaps a Square product. These then try to overtake the BitPays and CoinBases of the world. It will certainly be an exciting time. “
Asked about next year's course, Singh said he was priced at $ 15,000 to $ 20,000. However, this depends on whether one of the major players mentioned a [crypto] release product, restricted Singh. That could take however, because in the Fintech range nothing fast moves.
Source: Bloomberg, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/experte-bitcoin-kurs-steigen-2019-auf-bis-zu-20-000-usd-dank-etf-bakkt-fidelity/
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