BitPay CCO sees bitcoin rebounding in 2019
The chief commercial officer (CCO) of cryptocurrency payment processor BitPay believes that bitcoin’s (BTC) fortunes will revive next year but that altcoins are finished.
In an interview with Bloomberg, Sonny Singh said that crypto markets stand on the threshold of a new stage of progress, which requires a certain “defining moment” or “catalyst.”
“Right now you’re hearing a lot of rumors,” said Singh. “But next year you’ll see the talk of the big entrants become real — Goldman Sachs launching a trading desk, Fidelity launches a bitcoin product, Square offers bitcoin processing for merchants, BlackRock offers an exchange traded fund (ETF).
“When these things start to happen you’ll see some adoption and then the price will bounce up again.”
Altcoins out of favour
Singh is bullish on BTC predicting that it “will rebound next year,” but mostly bearish on altcoins. BitPay’s CCO said that altcoins “will never come back” to their previous levels, stating that firms like Fidelity and BlackRock are “not going to launch altcoin products, they’re going to launch Bitcoin products.”
Turning to his own company, Singh said that BitPay has “never been more bullish” on Bitcoin, saying the industry is going “full-speed ahead,” with a growing number of partnerships and new hires.
Already this month BitPay has worked with Houston-based luxury cars dealership Post Oak Motor Cars to enable the U.S. dealership to accept BTC and Bitcoin Cash (BCH) and as payment for Rolls-Royce, Bentley and Bugatti.