The commercial director (CCO) of the cryptocurrency payment service BitPay believes that rumors about the death of Bitcoin are greatly exaggerated.
In a conversation with Bloomberg, Sonny Singh admits that the latest market decline is not much different from previous corrections. And although he is not sure whether the market has reached its low to date, he is convinced that a new rise is just around the corner. In his opinion, the market is waiting for a catalyst for a new breakthrough. And serious players are already ready to enter the market.
Singh has no doubt that “next year we will see players from Wall Street entering the market: Goldman Sachs will launch their crypto trading platform, Fidelity will announce the start of a new Bitcoin product, Square will launch a service for merchants, Black Rock will probably launch an ETF. When this all happens, then we will see an increase in the prices of cryptocurrencies."
The director of BitPay is confident that now, more than ever, is a time of optimistic sentiment. “BitPay has never been as bullish on Bitcoin as it is now. If anyone has real problems, they are with altcoins,” he added.
His positive outlook does not apply to altcoins and ICOs. In his opinion, the market The ICO is now experiencing great difficulties and has no chance of returning to last year’s positions.
Also, altcoins lost much more than Bitcoin, which fell by sixty percent.
Ethereum fell by 85%, XRP by 92%. This caused a collapse in trading volumes and, as a result, an even greater fall in altcoins. As a result, some coins can “boast” of being sold at half the price. the one with which they entered the market.
“They will never return, but Bitcoin will return. Fidelity and Blackrock are not going to work with altcoins, they will release Bitcoin products. I can’t guarantee you anything about altcoins, but Bitcoin is the undisputed leader.”
Since its appearance, the cryptocurrency market charts have resembled a roller coaster. Steep climbs and sharp descents, smooth stretches and dangerous turns do not allow traders to relax. And every time, at the next descent, there are skeptics who claim that “this is the end of Bitcoin”.
According to BitcoinObituaries, the end of Bitcoin has been announced more than three hundred times, but each time the cryptocurrency has regained its lost positions.
According to https://www.bloomberg.com
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