The Chief Commercial Officer of worldwide crypto payment processor BitPay said that altcoins will never return, while Bitcoin (BTC) will bounce back in 2019, in a meeting with Bloomberg September 12.
The CCO of BitPay Sonny Singh said that cryptocurrency markets are presently on the edge of another phase of advancement, which requires a specific “defining moment,” or a “catalyst.” According to Singh, that “defining moment” will come when huge institutional investors, for example, Goldman Sachs and BlackRock, turn out to be genuine in 2019.
“But next year you’ll see the talk of the big entrants become real, where you’ll see Goldman does launch a trading desk, Fidelity does launch a Bitcoin product, Square offers Bitcoin processing for merchants, BlackRock launches an ETF… So all that will become real, and you’ll see some adoption actually. And then […] the price [will bounce] back up again.”
Notwithstanding, while anticipating that Bitcoin will bounce back one year from now, Singh was for the most part bearish on altcoins. Singh said that altcoins will never return to their past levels, expressing that organizations like Fidelity and BlackRock are “not going to launch altcoin products, they’re going to launch Bitcoin products.”
Speaking particularly about BitPay, the organization’s CCO guaranteed that they have “never been more bullish” on Bitcoin, saying the business is going “full-speed ahead,” with a developing number of associations and new contracts.
In such manner, BitPay was recently incorporated by luxury auto retailer Post Oak Motor Cars to empower the U.S. dealership to accept BTC and Bitcoin Cash (BCH) as payment for Rolls-Royce, Bentley, and Bugatti.
Concerning new “big entrants” to the business, mysterious sources today revealed that U.S. banking company Morgan Stanley is intending to offer customers Bitcoin trade swaps, which would empower them to exchange crypto subordinates without holding any of the cryptocurrencies.