Sonny Singh, the Chief Commercial Officer (COO) of crypto payment processor Bitpay, recently stated that he thinks that “Bitcoin could hit $15,000 – $20,000 by the end of 2019.” The forecast statement was made to Bloomberg on Nov 22.
In the current bear market where Bitcoin (BTC) is down over 32 percent., Singh expects the big price move next year when big institutions such as Fidelity and Intercontinental Exchange launch their crypto based investment offerings.
The financial giants’ entry into the space could catapult Bitcoin’s price to as high as $15,000-$20,000 by the end of 2019, Singh told reporters.
Singh also pointed at specific structural changes in the crypto market itself, where stalwart companies such as U.S. crypto exchange and wallet provider Coinbase and crypto bank Silvergate are gearing up for possible initial public offerings (IPOs).
Singh forecast that next year would therefore herald an “exciting” moment: the launch of a crypto-based exchange-traded fund (ETF) by a “Blackrock-type” company or a Fidelity product will energize the space as traditional players jostle for market dominance against “the Bitpays and Coinbases” of the sector.
Singh nonetheless drew a firm distinction between Bitcoin and altcoins, arguing that:
“There’s a night and day difference between Bitcoin and everything else. Bitcoin is the under pound gorilla, it’s the one that has the mass network effect… [the one] the traditional financial incumbents are building products around. Other [crypto assets] […] I don’t know what’s going to happen to them.”