BitPay CCO Thinks Institutions Can Drive Bitcoin to $20k in 2019
In an investing environment where industry leaders continue to make overly bullish, short-term price predictions, Sonny Singh, the chief commercial officer of cryptocurrency payment processor company BitPay, has a more tempered view on Bitcoin (BTC).
In a recent interview on Bloomberg, Singh revealed that he’s less interested in price targets for 2018, but instead is looking to 2019 for its major institutional investor catalysts.
These include the launch of Bakkt, the new crypto exchange venture backed by Intercontinental Exchange (ICE), the parent of the NYSE, in addition to Fidelity’s currently unannounced blockchain and cryptocurrency-related services.
Singh, a well-known Bitcoin maximalist, sees the entry of these financial giants as enough to propel Bitcoin’s price to as high as $15,000 to $20,000 by the end of 2019.
This sentiment matches Singh’s previous comments earlier this Fall when he emphasized that he is not concerned about the future outlook for Bitcoin, especially given the string of premier financial institutions that have announced plans to launch Bitcoin products, including Morgan Stanley (MS).
— Jason K. Morrell (@CNNJason) November 23, 2018
Ultimately, Singh sees less potential in the altcoin market and has even explicitly stated that these coins will never return to January 2018 highs.
Related: BitPay’s CCO Is a Bitcoin Maximalist
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.