In a recent interview on Bloomberg TV with anchor Emily Chang, Sonny Singh, the Chief Commercial Officer (CCO) of blockchain payment processor BitPay talked about the outlook for cryptocurrencies. During the interview, Singh was asked several interesting question about the cryptocurrency market.
Calling the Bottom
“It's hard to say. I think right now, the market is looking for some defining moment, a catalyst… and right now, you are seeing rumors that somebody might do something, someone might launch a trading desk, someone might not be launching a trading desk. But I think next year you're going to see the big entrance become real, where you'd 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 would then become real, and then you'll see some adoption actually, and then you'll see the price bouncing back up again. Until then, … up and down on rumors…”
ICOs and Exchanges
“Last year, getting you ICO token listed on Binance or Bittrex could increase your market valuation a $100 million to a billion dollars, actually… We saw run-ups when you got listed on Binance of 5x to 10x in price, actually… So that was very powerful… Liquidity is the key to these ICOs. And now, when you are seeing the Bitcoin price drop, ICOs are no longer in favor anyway. They are down 95%. So, people aren't really trading ICOs as much anymore. People are still trading Bitcoin and the other stuff, actually… not as much as they were six months ago. But what you're seeing is that until Bitcoin… gets up to $10,000… the ICO market is going to be in a lot of trouble… and a lot of those ICOs will never make it back to where they were right month ago.”
Can Crypto Industry Grow Globally If India, China, and Russia Are Concerned ABout Crypto?
“Those are the last remaining three, I would say. And China, Russia, and India have always been against Bitcoin. And India takes a different stance… than China and Russia… India says we need to analyze it more, and I think it the next year or so, you will see India open up to that. China and Russia are the big wildcards: they have a different kind of government system than India does. Who knows when they are going to do it. And China controls a lot of the Bitcoin market even still today… So, they are much more powerful than India as far as the Bitcoin market share around the world.”
How the Bear Market Has Affected BitPay’s Business
“We've never been more bullish actually… Business is great. We are hiring more people. We are working with several large brands around the world. No-one is stopping the implementations. Everyone is going full speed ahead. Where I think the issue is in the altcoins. Those will never come back, I believe, in the same way that Bitcoin will come back. Fidelity, BlackRock… they are not launching altcoin products. They are going to launch Bitcoin products. So, Bitcoin will rebound next year, when all these products will become mainstream-adopted… It's full speed ahead in the Bitcoin space. I can't guarantee what's going to happen in the altcoin world… there are a lot of dodgy ones out there… Bitcoin is again the leader in the space.”
One example of the growth in BitPay’s business, covered by CryptoGlobe, is luxury automobile retailer Post Oak Motor Cars, the first Rolls-Royce, Bentley and Bugatti dealership in America, announcing that it was going to accept Bitcoin and Bitcoin Cash for payments with the help of BitPay.
According to data from CryptoCompare, Bitcoin (BTC) is currently trading around $6,530, up 1.7% in the past 24-hour period.
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