Sonny Singh predicts the sharp rise of Bitcoin price in 2019
In the interview with Bloomberg on November 22, 2018, Sonny Singh - the Chief Commercial Officer of a crypto payment system BitPay - suggested that Bitcoin (BTC) will hit 15,000 to 20,000 USD no later the end of 2019.
Although Bitcoin lost more than 32% in value during November, S. Singh reported that he expects the next big price act to start when such financial sector giants as Fidelity and Intercontinental Exchange (ICE) launch their investment products on the basis of crypto in 2019. As the result, S. Singh supposed, Bitcoin’s price could jump as high as 15,000-20,000 USD by the end of 2019.
There are also other preconditions exist for Bitcoin growth. They are the structural changes in the crypto market itself: several strong companies, among which U.S. crypto exchange, wallet provider Coinbase and crypto bank Silvergate should be mentioned, are preparing for their initial public offerings (IPOs).
Furthermore, S. Singh made a firm distinction between Bitcoin and altcoins, saying 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 cryptocurrency] the traditional financial incumbents are building products around. Other [virtual currencies] […] I don’t know what’s going to happen to them.”