Share This Post

Bitcoins / Breaking News / Cryptocoins

BitPay Unsure On Altcoins But Optimistic On Bitcoin

The ICO market has been otherwise thriving throughout this year with overall number of projects starting and investment capital profited, it has doubled that of last year by the midway point. While Initial Coin Offerings have brought the passion of those in and out of the industry, mainly over empty projects which have to fill the space and sum to nothing other than ‘pump and dump schemes’. However, it does provide efficient means for driving development and innovation in industry even if investors have yet to discerning eye,

Nevertheless, not everyone has the same views on ICOs and the altcoin market they come to establish. The Chief Commercial Officer of BitPay, the cryptocurrency payment processor business, states that doesn’t see any sort of comeback on its way for the ICO market nor the altcoin market as prices keep on declining and are showing a massive vulnerability in price. Sonny Singh spoke in an interview to Bloomberg on Wednesday saying that the total health of digital currencies was nothing to be worried about and that the future of the industry is looking good. He also said that the simple idea of cryptocurrency is on the edge of something defining both in adoption and its development.

His reasoning behind this coming growth for crypto was the coming presence of big time institutional traders who have a capability of throwing billions of new capital into the market as well as bringing in a general level of professional regulation that will benefit even the average trader.

Singh remains optimistic on the potential of a Bitcoin Exchange-Traded Fund, seeing approval for the investment vehicle by the United States Securities and Exchange Commission (SEC) coming within the next year to encourage Wall Street investors to get involved with crypto.

“But next year you’ll see the talk of the big entrants become real, where you’ll see Goldman does launch a trading desk, Fidelity does launch a Bitcoin product, Square offers Bitcoin processing for merchants, BlackRock launches an ETF so all that will become real, and you’ll see some adoption actually. And then… the price will bounce back up again.”

What are your thoughts? Let us know down in the comments below!


Share This Post

Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.