Everyone in the crypto space has been predicting their different end of year targets for the leading cryptocurrency, Bitcoin.
This year the market has been in one continuous downtrend following the massive surge which saw Bitcoin touch $20,000 in December last year. Over the past two weeks, things took a turn for the worse as the market has been in turmoil seeing the leading cryptocurrency drop below two key resistance levels in just 24 hours.
With the Bitcoin price suffering, media outlets have been ramping up their coverage of this space. In an attempt to provide viewers with some better understanding, Emily Chang from Bloomberg recently brought in the Chief Commercial Officer at BitPay, Sonny Singh.
The Commercial Officer has a wealth of experience in the technology industry, briefly disregarded the poor market performance of Bitcoin which saw the cryptocurrency fall under $4,500 (Bitcoin is currently trading under $4,300) following a wave of selling pressure to note that Bitcoin has received status as a mainstream hot topic and ‘brand’.
Speaking of the market, Singh concluded to the sentiment that movement in price isn’t truly indicative of fundamental factors. In this case, Singh went onto explain that true price action is unlikely to occur until a direction is set for Bitcoin, which may arrive with the impending launch of Bakkt Fidelity Digital Asset Services, Blackrock’s Potential foray into Bitcoin and Square’s doubling down on digital assets.
As reported by Ethereum World News:
“Emily Chang, who anchored the sentiment, then queried Singh on his thoughts on how Jamie Dimon’s comments against Bitcoin have been somewhat ‘vindicated.’ For those who are unaware, JP Morgan’s Dimon, a key player in the centralized financial world, went on-air multiple times to bash Bitcoin, calling the asset a fraud. Although his comments were cast aside at the time, as they were conveyed in the midst of a crypto bull run, as covered by Ethereum World News recently, some say that he got the ‘last laugh’.”
The COO at BitPay said that he disagrees completely with Dimon on the fraud comment. Following this, he touched on the fact the Bitcoin price can both go up and down but as Bitcoin continues to gain some traction, JP Morgan itself might have to look to cryptocurrency to launch its own platform, service or product to capitalise on a legitimate industry.