Sonny Singh, BitPay CCO, has stated that he is completely optimist and bullish about bitcoin. For the next year, he thinks that bitcoin can reach $15K-$20K between Q1 and Q2. Even in the bear market, he maintains that bitcoin is indeed the future. He says that bitcoin prices are not so important. What is important is what happens behind the scenes.
Bitpay CCO, Sonny Singh, Bullish About Bitcoin
Sonny Singh, BitPay CCO, has expressed his views about bitcoin amidst this bear market. In an interview on Bloomberg today, he has said that bitcoin could reach even $20K the next year. He declared that:
“I don’t think that the price will move up or down until there is some new direction, and that would mean Fidelity launching their product, or BAKKT launching their products, or Blackrock launching an ETF. I don’t think there is some market catalyst moving (the price) either way.”
So he effectively thinks that the market will move sideways for this year. It is highly unlikely that a company would launch a financial product during the holidays. As a matter of a fact, Bakkt postponed its launch till next January.
BitPay CCO Sonny Singh also thinks that bitcoin is not a fraud and that the next year could be the year of the bitcoin legalization. Companies like Fidelity launching new financial products, Bakkt’s future contracts, and the Coinbase IPO are a testament to that.
Not Quite Sure About Altcoins
Despite this all excitement about bitcoin, Sonny is not really interested in altcoins. He stated that:
“Bitcoin is the 100-pound gorilla, the one that has the mass network effect. The other ones i don’t know what’s gonna happen to them”
About the ICO market, he thinks it is currently dead due to the action of the SEC. ICOs have been largely criticized as a form of raising money without having to go through an IPO, a costly and long traditional way for companies to go public and raise funds.
What Is There For Next Thanksgiving
Bitpay CCO Sonny Singh thinks that the panorama for next Thanksgiving will be completely different. he stated that:
“I think that by next year we will see an ETF launched by a regular Blackrock type company, a Fidelity product fighting the BitPays and Coinbases of the world. It should be exciting.”
To close his statement, he said that BitPay is still holding its ground processing more than one billion dollars in payments because people around the world still see bitcoin as a way of moving money through borders.