Chief commercial officer (CCO) of the company-provider of cryptocurrency payments BitPay stated that the exchange rate bitcoin (BTC) will increase in 2019, but oldoini more “never coming back” to their previous values. This opinion Sonny Singh (Sonny Singh) expressed during an interview for Bloomberg last Wednesday.
Singh believes that the cryptocurrency market is now at the threshold of a new stage of growth and expects a certain tipping point, or the words of the entrepreneur of the catalyst. According to Singh, the turning point will be the arrival on the market of institutional investors such as Goldman Sachs and BlackRock, which he predicts will happen in 2019.
“Next year you will see how large companies become participants of the cryptocurrency market: Goldman (ed., Sachs) runs the trading Department, Fidelity — bitcoin product, Square offers merchants the processing of payments in bitcoin, opens a BlackRock exchange-traded Fund (ETF)… as soon As this all becomes a reality, we will witness adoption of this cryptocurrency. And then the price will rise again,” — said Singh.
On the question of Althing entrepreneur made a rather pessimistic Outlook. He suggests that alternative digital currencies will not return to its previous level, because the level of Fidelity and BlackRock will not launch products with aldolase, and will only work with bitcoin.
During the interview, Singh noted that cryptonote is growing rapidly, attracting new face of traditional business. BitPay does not lag behind the General trends and recently began to cooperate with the dealership Post Oak Motor Cars, specializing in the sale of luxury cars. Now the dealership can make the payment for the car brands such as Rolls-Royce, Bentley and Bugatti in Bitcoin and Bitcoin to Cash. In addition, in June, BitPay has received the license for implementation of activities in the state of new York.
It is noteworthy that the predictions of Singh regarding the arrival on the market of institutional investors may have a real basis. So, a week ago it became known that between BlackRock and cryptocurrency exchange Coinbase held talks about the establishment of a bitcoin ETF. The details of the discussion remain confidential.