The BitPay CCO predicts that altcoins “will never come back”, Bitcoin will “bounce” in 2019
The commercial director of the global payment crypto processor BitPay said the altcoins “will never come back”, while Bitcoin (BTC) “will recover” in 2019, in an interview with Bloomberg on September 12.
BitPay Commercial Director Sonny Singh said that the cryptocurrency markets are now on the threshold of a new stage of progress, which requires a certain “defining moment” or a “catalyst”. According to Singh, that “decisive moment” will come when the big institutional investors, like Goldman Sachs and BlackRock, “come true” in 2019.
“But next year you’ll see that the talk of the big players comes true, where you’ll see that Goldman launches an operations table, Fidelity launches a Bitcoin product, Square offers Bitcoin processing for merchants, BlackRock launches an ETF. .. So all that will come true, and you’ll see some adoption in reality, and then […] the price [will rebound] again. ”
However, while it is predicted that Bitcoin “will recover next year,” Singh was mostly pessimistic about the altcoins. Singh said the altcoins “will never return” to their previous levels, stating that companies like Fidelity and Blackrock “are not going to launch altcoin products, they’re going to launch Bitcoin products.”
Speaking specifically about BitPay, the CCO of the company said that “they have never been more bullish” with Bitcoin, saying that the industry is advancing “at full speed”, with a growing number of associations and new hires.
In this regard, BitPay was recently integrated by the luxury car retailer Post Oak Motor Cars to allow the US dealership to accept BTC and Bitcoin Cash (BCH) as payment by Rolls-Royce, Bentley and Bugatti.
With respect to the new “big entrants” in the industry, anonymous sources have revealed today that the American banking giant Morgan Stanley is planning to offer its clients commercial exchanges with Bitcoin, which would allow them to operate with crypto derivatives without having any of cryptocurrencies.
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