The recent cryptocurrency market crash has resulted in many cryptocurrencies suffer drastically, with popular coins like Bitcoin [BTC] and Ethereum [ETH] suffering the worse end of the stick. Bitcoin’s fall below the $5000 mark has sparked an outrage among the cryptopverse, with many outing analysts who had predicted BTC to hit highs of $20,000.
Speaking to Bloomberg, Sonny Singh, the Chief Commercial Officer of Bitpay, stated that Bitcoin has got great brand recognition and that the cryptocurrency will end up being used commercially soon. Singh mentioned the impending launch of Fidelity and Bakkt services in 2019 and claimed that as soon as they are launched, the value of Bitcoin will shoot up.
The conversation also mentioned the comments made by the CEO of Chase back in September, when he had stated that Bitcoin is a fraud and it will blow up. Singh rebutted the comment and said that BTC is anything but a fraud and once Fidelity and other established players foray into the market, even Chase will try to have a piece of the Bitcoin pie. 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.”
Sonny Singh went on to say that Bitcoin is the “800-pound gorilla” in the cryptocurrency market. According to him, the ICO market is pretty much dead right now with a chance that some may survive. He was also confident in saying that none of the ICO’s will survive if Bitcoin does not.
Singh also focused mainly on how 2019 will be a deciding year for Bitcoin and cryptocurrencies in general. He banked on the traditional incumbents getting into the industry which will take the price of Bitcoin into the range of $15,000 to $20,000.
Bitpay was also in the news recently when the cryptocurrency exchange supported the ABC implementation of the Bitcoin Cash hard fork. The company had said:
“In the event of a chain split resulting from the hard fork, the BitPay wallet will only support the Bitcoin Cash chain on which we resume to process payments for BitPay merchants. We do not currently have plans to make new tokens from the split available in the BitPay wallet.”
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