Despite the nearly year-long bearish price trend across the crypto markets, BitPay’s chief operating officer Sonny Singh appears unfazed, as he predicts a $15,000-$20,000 Bitcoin price surge over the next year, concomitant with the anticipated launch of blockchain-based products by institutional incumbents.
As Singh stated in a recent Bloomberg report published November 22, “we shouldn’t look at the price so much,” and should instead focus on what is happening behind the scenes, recognizing Bitcoin’s massive global adoption as a sign of worldwide brand recognition.
According to Singh, unless institutional names introduce their own suit of blockchain-based products to the market, there may not be much significant price fluctuation in Bitcoin any time soon.
Citing a number of examples, Singh mentioned a recent announcement made by financial services company Fidelity, who recently disclosed plans of launching a subsidiary designed specifically for crypto custody and trading. Other future products including that of Bakk, Blackrock, as well as Square, may also potentially stimulate an uptick in BTC trading, he noted further.
Having recently plunged under its $6,000 mark in mid-November, Bitcoin has been faced with extreme bearish pressure in the last several days. As of November 20, the cryptocurrency’s price has plummeted to just roughly $4,500 and has further shed around $250 by Friday. And while Singh remains bullish with BTC, he struck a skeptical tone when it came to other altcoins.
“I think there’s a big night a day difference between Bitcoin and everything else. Bitcoin is the hundred pound gorilla. That’s the one that has massive network effect. […] The other ones, I don’t know what is going to happen to them […] I think it is safe to say the ICO market is pretty much dead right now. Maybe a couple of them will survive, I’m not sure, but none of them will survive unless Bitcoin survives first.”
Despite the Bitcoin market’s abysmal performance for almost a year now, BitPay remains resilient, as it has so far facilitated billions of dollars worth of transactions this year, a trading volume akin to Bitpay’s previous report in 2017. As results of Bitpay’s report for this year indicates, the adoption of Bitcoin as a mode of tender has significantly gained traction across the globe despite the long-standing bear market.
At press time, Bitcoin’s price is pegged at just a little over $4,000, down by roughly 4 percent, with a total market cap equivalent to approximately $69 billion. As the year nears its end, the leading digital asset appears to be demonstrating an opposite trend compared to last year’s price pattern.