The Chief Commercial Officer of crypto payment processor BitPay, Sonny Singh, has said that altcoins “will never come back,” while Bitcoin (BTC) would “rebound” next year.
He made the remarks in an interview with Bloomberg.
The CCO conveyed that cryptocurrency markets are now on the brink of a new phase of progress, which needs a specific “defining moment,” or a “catalyst.” Singh added that that “defining moment” would come when huge institutional investors, such as Goldman Sachs and BlackRock, “become real” next year.
“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.”
However, while projecting that the popular cryptocurrency “will rebound next year,” Singh was bearish on altcoins, saying that altcoins “will never come back” to their initial levels, remarking that firms like Fidelity and BlackRock are “not going to launch altcoin products, they’re going to launch Bitcoin products.”
Commenting about BitPay, the CCO asserted that the they have “never been more bullish” on Bitcoin, claiming the industry is going “full-speed ahead,” with a growing number of partnerships and new hires.
Those said, BitPay was recently integrated by luxury auto retailer Post Oak Motor Cars to allow the United States dealership to accept BTC and Bitcoin Cash (BCH) as payment for Rolls-Royce, Bentley and Bugatti.
With regards to the new “big entrants” to the industry, sources have revealed that U.S. banking giant Morgan Stanley is looking to offer clients Bitcoin trade swaps, which would permit them to exchange crypto derivatives without holding any of the cryptocurrency.
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