Bitcoin Will Surpass Its All-Time High in 2020, Predicts BitPay Exec

  • BitPay exec Sonny Singh predicts that an "unforeseen" event will take bitcoin's price above $20,000
  • Singh points to looming global economic instability as a potential catalyst for the price of BTC. 

The chief commercial officer for crypto payment processor BitPay says that some “unforeseen” event will take bitcoin’s price beyond its last all-time high in 2020. 

Speaking in an interview with Bloomberg, Sonny Singh predicted that the price of bitcoin would rise higher than $20,000 in 2020, surpassing December 2017’s all-time high. 

While Singh was bullish on the outlook for BTC, he claimed the price catalyst was still largely unknown. 

He said,

Something unforeseen that could happen could really move it faster.

Singh provided a few historical trends to support price prediction, including the 2015 Greek sovereign debt crisis which led to massive gains for bitcoin. He also pointed to the bump in adoption and attention towards crypto following last year’s sudden announcement by Facebook to launch the digital currency libra. 

He continued, 

I don’t think people actually went and sold their GD stock and all that and bought Bitcoin, but I see what happens is just a little bit of people start buying Bitcoin and that, with technical trading, really bumps it up and makes it go a lot higher a lot faster.

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Irish Drug Dealer Forced to Surrender €52 Million in Bitcoin to Authorities

Michael LaVere
  • An Irish drug dealer was forced to surrender €52 million in crypto to the Criminal Assets Bureau.
  • High Court determined the proceeds to be the result of a crime. 

A drug dealer was forced to surrender €52 million (around $56 million) in cryptocurrency to Ireland's Criminal Assets Bureau (CAB) after the country's High Court determined it to be proceeds from a crime. 

According to the report by Irish news outlet Independent, Dubliner Clifton Collins accumulated more than €52 million in the illegal sale and supply of drugs. Justice Alex Owens ruled that the bitcoin should be forfeited under the Proceeds of Crime legislation, a decision that went uncontested by Collins. 

The report claims authorities discovered a quantity of cannabis in Collins possession after a vehicle stoppage which took place in February 2017. Authorities went on to find a large number of suspected cannabis plants at an address at Farnaught, Corr na Móna. A subsequent investigation by the CAB led the bureau to uncover Collins's extensive holding of crypto assets, which amounted to €52 million. 

The report claims that Collins was an early investor in bitcoin and crypto-assets, which appreciated exponentially over the years. The CAB was able to secure a freezing order on the bitcoin to ensure that it could not be moved from the wallet prior to a court ruling. 

Featured Image Credit: Photo via Pixabay.com