- Bitpay's CTO expects Bitcoin to survive the turmoil and return to $20,000 in 2019.
- ICO market is unlikely to revive due to regulatory issues.
Sonny Singh, Bitpay’s chief commercial officer, thinks that the next year is going to be an amazing time as we will see a lot of institutional products launched by such Wall Street behemoths as Fidelity, BlackRock, and others.
Speaking in the interview with Bloomberg Technology, Singh said that we should pay less attention to a price and focus on the developments that go on behind the scenes. He believes that Bitcoin will return to $15,000-$20,000 area next year.
“Bitcoin has become mainstream adoption around the world, it has got a great brand reputation,” Singh explained
He also added that the market is waiting for some new direction created by growing institutional interest in digital assets. Meanwhile, Mr. Singh is not so sure about the fate of other cryptocurrency assets as companies are building their financial products primarily on Bitcoin that enjoys brand reputation and mass network effect.
The ICO market is unlikely to survive the regulatory issues the SEC, according to Singh.
“The ICO market is pretty much dead right now. None of them (ICOs) are going to survive unless Bitcoin survives,” he added.
Meanwhile, Bitcoin is trading at $4,500, gaining about 2% in the recent 24 hours. It means that the price should triple before it hits Sonny Singh's target. Though, his forecast is not the most optimistic one out there. Fundstrat's founder Tom Lee expects to see Bitcoin at $15,000 by the end of this year, while Adam Back, Co-Founder of Blockstream, thinks one coin will cost $250,000 or even $500,000 in 10 years time.