The year has almost ended and Bitcoin bulls, given their predictions of Bitcoin (BTC) hitting fresh new all-time highs this year, have seemingly admitted that their prophecies for Bitcoin price were absolutely wrong. However, we’re being ushered into a new year and the Chief Operations Officer (COO) of BitPay, Sonny Singh, has stated that 2019 could become the year for Bitcoin price to finally rise.
The Potential Bitcoin Boom
The COO stated in an interview with Bloomberg TV that he thinks in the first half of the New Year, the crypto market would gain back and even surpass what it’s lost in this past year. His prediction is mainly due to the introduction of the world’s big players into the cryptocurrency world which includes Fidelity and Intercontinental Exchange (ICE).
Fidelity Investments is an asset manager currently managing $7.2 trillion, ranked 4th in the world in terms of size of asset management and number one in the United States when it comes to 401(k) retirement savings plans and Intercontinental Exchange (ICE), the owner of the New York Stock Exchange is introducing Bakkt, a bitcoin futures product. The introduction of these two significant players into cryptocurrency is predicted to create a boom in the cryptocurrency market.
Fidelity aims at releasing a digital assets custody service tailor-made for its investors, and ICE, with the introduction of its crypto subsidiary, Bakkt, will launch a bitcoin futures product in January. The COO has also predicted that several other firms would join Fidelity and ICE to release products that would improve the crypto world and compete with his company as well as other established companies in the cryptocurrency world.
Relative Rise of Altcoins with the Boom
He also stated that following the launch of these cryptocurrency products, along with the approval of the Securities and Exchange Commission (SEC) for the first bitcoin ETF (which isn’t sure to happen yet), the bitcoin price would massively rise reaching its previous all-time high of $19,783.06 (reached on December 17, 2017) heading into late 2019. Sonny Singh stated that;
“I would say, if these traditional incumbents do launch their products, actually, you would see price maybe around $15,000, possibly even $20,000 by the end of next year.”
He also spoke on the subsequent rise of other cryptocurrencies in relation to the rise of the possible price boom of Bitcoin next year stating that it’s unlikely other cryptocurrency prices would rise really high, not regarding the concept and vision behind them. He said that;
“I think there’s a big night and day difference between bitcoin and everything else. Bitcoin is the 800-pound gorilla. That’s the one that has the mass network effect. That’s the one that the traditional financial incumbents are building products around,” he said. “The other ones, I don’t know what’s going to happen to them….None of them are going to survive unless bitcoin survives first.”