- The Chief Commercial Officer of BitPay Sonny Singh suggests a significant rise in Bitcoin’s price quoting the figure $45,000 to be precise
- Singh’s prediction is based on his thought of a major sell off of cryptocurrency holdings by the giant firms
- Another major highlight of Singh’s interview with Bloomberg: his prediction of the government and nationals’ eventual shift towards buying the cryptocurrency as soon as Bitcoin strikes a noteworthy price tag
BitPay represents an automated processing system of payments employed for the bitcoin currency.
Its primary feature includes enabling online merchants to deal with bitcoins and accept them as a form of payment, just as conveniently as other digital modes of payment.
The Bloomberg Interview
Sonny Singh, BitPay’s Chief Commercial Officer recently held a conversation with Emily Chang for Bloomberg in the context of the current as well as the forthcoming stages of Bitcoin’s value. Singh initiated his statement by explaining how the recent rally of Bitcoin can eventually result in a significant rise in crypto currency’s value to a figure of $45,000 USD within the upcoming month’s time. He reflected on how this possibility can create a cautious environment when it comes to the role of institutional investors in Bitcoin’s future. Moving on, he also mentioned the noteworthy possibility of how the giant firms might end up selling off their cryptocurrency holdings relatively sooner than expected by people, merely for making a decent profit. The aforementioned giant firms are crucial constituents of the current bull run in Bitcoin’s context. Thus, they have actually contributed in establishing the record-breaking highs of Bitcoin in 2020.
The major consequence of Singh’s prediction
Singh talked about facts and figures in most parts of the interview while ensuring that since there exists a minimal sell-side pressure, the value can easily jump up to $40-45,000 USD. Adding to the numbers, Singh also predicted the consequences that these episodes will bring along. He commented that as soon as Bitcoin strikes a significant value, the nationals as well the government will immediately switch towards buying cryptocurrency.
Singh concluded his interview on very practical observation. He explained the state of the traditional financial market while putting forward the scenario of two- years ago where firms adding Bitcoin to their final balance sheet and incorporating it as a crucial element of their finances seemed like a far-fetched concept. But today, exclaimed Singh, Bitcoin is being given primary importance by major institutions, hence reflecting on its positive potential and distinctive value.
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