The CCO of BitPay Sonny Singh said that cryptocurrency markets are now on the threshold of a new stage of progress, which requires a certain “defining moment,” or a “catalyst.” According to Singh, that “defining moment” will come when big institutional investors, such as Goldman Sachs and BlackRock, “become real” in 2019.
However, while predicting that Bitcoin “will rebound next year,” Singh was mostly bearish on altcoins. Singh said that altcoins “will never come back” to their previous levels, stating that firms like Fidelity and BlackRock are “not going to launch altcoin products, they’re going to launch Bitcoin products.”
The Chief Commercial Officer of global crypto payment processor BitPay said that altcoins “will never come back,” while Bitcoin (BTC) will “rebound” in 2019 said in an interview.
“But next year you’ll see the talk of the big entrants become real, where you’ll see Goldman does launch a trading desk, Fidelity does launch a Bitcoin product, Square offers Bitcoin processing for merchants, BlackRock launches an ETF… So all that will become real, and you’ll see some adoption actually. And then […] the price [will bounce] back up again.”
BitPay was recently integrated by luxury auto retailer Post Oak Motor Cars to enable the U.S. dealership to accept BTC and Bitcoin Cash (BCH) as payment for Rolls-Royce, Bentley, and Bugatti.