Bitcoin News: Cryptocurrency market’s recent crash has seen a drastic slip in the prices of popular coins like Bitcoin [BTC] and Ethereum [ETH], but the fall hasn’t managed to abate the bullishness of crypto enthusiasts like Sonny Singh, the Chief Commercial Officer of Bitpay, who predicts in a Bloomberg interview that Bitcoin will not just recover but will come at par with its previous high in 2019.
The current lull in the cryptocurrency ecosystem has been rough on almost all cryptocurrencies, BTC and ETH have taken the worst hit of all, with the former stepping below the $4500 mark and the latter nearing the double digits. Singh in his conversation with Bloomberg expressed confidence that cryptocurrency will soon be commercially adapting, owing to the great brand recognition Bitcoin has managed to build.
He adds that the impending launch of Fidelity and Bakkt services in 2019 will push up the value of Bitcoin. The Bakkt’s bitcoin futures contract was initially planned to launch in December but has now shifted to 24, January 2019. The conversation also drifted to the comments made by the CEO of Chase back in September, that Bitcoin is a fraud and it will blow up. Singh ridiculed the comment protecting Bitcoin and argued that once Fidelity and other institutional players starts supporting the market, Chase, himself will soon follow suit. He added:
“Next year will see new players and miners emerge in the industry. We will not see any rapid shift but by the end of Q1 or Q2, Bitcoin will emerge as a viable commodity.”
Singh further stated that BTC Is the “800-pound gorilla” in the cryptocurrency market. He asserted that the ICO market is off the mark right now and if Bitcoin does not make it, neither would the ICO’s. He noted that 2019 is the deciding year for Bitcoin and cryptocurrencies in general and looking into the prospect that traditional incumbents will get into the industry, the price of Bitcoin will jump into the range of $15,000 to $20,000.