Sonny Singh, the Chief Commercial Officer (CCO) of Bitpay, is bullish about Bitcoin (BTC). During an interview with Bloomberg, he seemed confident about the future of the crypto space. However, he linked Bitcoin’s price growth to new products that are going to be launched by Fidelity and the Intercontinental Exchange (ICE).
Sonny Singh Says Bitcoin Could Hit $15,000-$20,000 Next Year
During a conversation with Bloomberg Technology, Singh said that for Bitcoin to start a new bull trend new products should be released to the market. He was making reference to Fidelity Investments, the Intercontinental Exchange (ICE) and the U.S. Securities and Exchange Commission (SEC).
Fidelity Investments has announced a few months ago a new company called Fidelity Digital Asset Services. This firm will be handling custody for cryptocurrencies including Bitcoin and will also execute trades. This would allow new institutional and wealthy investors to enter the crypto market.
Fidelity Investments Chairman and CEO Abigail Johnson commented on the matter:
“Our goal is to make digitally native assets, such as bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”
Singh has also talked about Jamie Dimon, who has been severely opposed to Bitcoin. Back in 2017, Mr Dimon, JP Morgan Chase CEO, said that Bitcoin is a fraud. Singh mentioned that he completely disagrees with it and that several companies are going to launch interesting products to the market.
“Next year will see new players and miners emerge in the industry,” Singh said. “We will not see any rapid shift but by the end of Q1 or Q2, Bitcoin will emerge as a viable commodity.”
He has also said that Bitcoin is the most important digital asset in the market and that has a very strong influence in the space. About other projects, he is not so sure about what could happen to them. He gave the example of the decision taken by the SEC to announce enforcement actions against two Initial Coin Offerings (ICO).
When asked about which things could come the next year related to Bitcoin, he said that an ETF could be approved by the SEC. During the last months, different companies presented several crypto-ETF proposals that have been rejected or postponed by the SEC. If the regulatory agency takes the decision to approve a Bitcoin ETF, it could be very bullish for the market.
Finally, another important event that will mark Bitcoin is related to the Bakkt platform, created by the Intercontinental Exchange. Although it was going to be launched in December, the company decided to postpone the date for its launching. The main intention is for the ICE to have all the pieces in place to start trading the first day. The new date is set for January 24, 2019.
Kelly Loeffler, CEO at Bakkt, wrote in a blog post a few days ago:
“Given the volume of interest in Bakkrt and work required to get all of the pieces in place, we will now be targeting January 24, 2019, for our launch to ensure that our participants are ready to trade on Day 1.”
During the last week, one of the main conversations in the crypto community is related to Bitcoin’s future. The popular virtual currency has plummeted almost 80% from its all-time high. In addition to it, there are some experts that believe that the market will continue to fall in the coming days or weeks.
This is why it is very important to hear positive comments from the CCO of one of the largest and most important companies in the crypto space. At the time of writing this article, Bitcoin is traded close to $4,500 dollars and it has a market capitalization of $78.2 billion dollars.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.