The price of Bitcoin apart, is still mainstream
As the price of Bitcoin has suffered, major media such as CNBC and Bloomberg have increased coverage of this space. In an attempt to provide viewers with detailed information, Emily Chang of Bloomberg TV recently hosted Sonny Singh, Bitpay's chief sales officer.
Singh, an expert savant in the technology industry, briefly neglected the poor performance of the BTC market, which saw the good fall below $ 4,500 after an influx of sales pressure, to note that Bitcoin has gained hot topic status and "brand name".
Touching on the market, he hinted at the feeling that the price movement is not really indicative of fundamental factors. Thus, Singh went on to explain that real price action is unlikely to occur until Bitcoin is established, which could come with the upcoming launch of Bakkt and Fidelity Digital Asset Services, the potential foray into Blackrock in Bitcoin and the doubling of Square on crypto products.
Emily Chang, who anchored the sentiment, then questioned Singh about his thoughts on how Jamie Dimon's comments against Bitcoin were somehow "confirmed". For those who are not aware, Dimon of JP Morgan, a key player in the centralized financial world, has gone air several times to hit Bitcoin, calling the resource a fraud. Although his comments were put aside at the time, as they were broadcast in the middle of an encrypted race, as was recently taken up by Ethereum World News, some say he had the last laugh.
The Bitpay COO noted that it "totally disagrees with Dimon on the fraud comment", later touching on the fact that the price of Bitcoin can rise and fall, but as Bitcoin continues to gain ground, JP Morgan itself could watch the launch of a platform, product or service related cryptography to capitalize on a legitimate industry.
He then drew attention to Silvergate's recent IPO announcement, to the increase in cryptocurrency mining and to the prospect of Coinbase's IPO to specifically discredit Dimon's "fraud" comment, since These developments indicate that this sector is in good faith – no questions.
"Bitcoin Is The 800 Pound Gorilla"
Chang, referring to the ancient Bitcoin v.s. altcoin debate, asked Singh of his thoughts on other crypts assets. Singh, who appears to be a Maximistist of Bitcoin, explained that there is a "night and day" difference between the world's first blockchain network and "everything else".
Echoing sentiment by Spencer Bogart of Blockchain Capital, Singh, who calls Bitcoin a "800 pound gorilla", noted that the world's first cryptocurrency has access to the most notable "network effect" of all decentralized networks.
To support his statement, Singh noted that institutional incumbents are focusing their efforts on Bitcoin, not on others, before adding that "they do not know what will happen to others". However, he noted that the ICO market is likely dead, unless "Bitcoin survives first".
Looking ahead, the Bitpay executive concluded its Bloomberg segment by explaining that for Thanksgiving 2019, an encrypted ETF, the Fidelity platform and an inflow of funding for startups will probably have come to this nascent industry . Therefore, keeping these positive developments on the front line and considering that the adoption has just begun, has concluded that $ 15,000 to $ 20,000 for BTC would not be out of the realm of possibility.
Title Image Courtesy of Marco Verch via Flickr