The recent cryptocurrency’s price boom has elevated the spirit of many enthusiasts. According to Sonny Singh, CCO of Bitpay, this is not the end. He explained why Bitcoin will gain even more soon.
In an interview with Bloomberg, Sigh began by explaining that the current rise occurred due to what he calls the fundamentals. He believes that the 2017 boom happened mostly because of hysteria and momentum and hence the crash took place. The market was waiting first and foremost for the entrance of big players, like JP Morgan, Fidelity, Goldman Sachs. These behemoths, which got onboard the crypto frenzy, have shown that crypto has real use cases, driving the price up.
Concurrently, he touched upon the upcoming Facebook’s crypto, “GlobalCoin”. Sigh acknowledged that he does not know the details of the project that remains veiled. However, he believes that FB is planning to facilitate global money transfers, i.e. enable Messenger users to send money around the globe. This move, according to Sigh, legitimizes the industry, more so since two billion users are going to benefit from it. It also creates an air of competition, as other big companies like Apple and Alibaba will soon have to answer the question “what are we going to do?”
He also explained why companies like AT&T have recently offered their clients a BTC payment option. It is not just about the company’s desire to seem innovative, but also about practical reasons, like saving money. Particularly, Sigh said that by using BTC AT&T is making an extra buck because credit card payments are significantly more expensive.
Are we there yet?
In line with his reasoning, Sigh suggests that BTC’s price peak is yet to happen. After all, he points out that neither Square nor Facebook has launched their crypto projects just yet. Once they do, the price will most likely go up even more.
He also commented on American regulators’ stance, saying that they have a tough time ahead. Particularly, because they will have to explain why they “like JP Morgan and dislike BTC and ETH.”
“It’s going to be hard. They’re going to have to make a classification: ‘digital currencies — these are the rules around all digital currencies.’ And that’s what the industry’s waiting for — to have regulations that we can follow and adhere to prove that everything is legal in an organized way,” he stated.
Recently, the Security and Exchange Commission once again postponed the VanEck and ETF decision. Its stance toward many cryptocurrencies — except BTC and ETH — remains unclear.
