BitPay Chief Commercial Officer (COO), Sonny Singh, has stated he believes bitcoin (BTC) will hit $15,000 to $20,000 by the end of 2019, during an interview with Bloomberg on November 22.
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The bullish prediction is based around financial giants Fidelity, Intercontinental Exchange (ICE), among others to launch cryptocurrency-based investment products in 2019.
During the interview, Singh made it clear that BTC will be the dominant token.
“There’s a night and day difference between Bitcoin and everything else. Bitcoin is the 800-pound gorilla, it’s the one that has the mass network effect… It’s the one traditional financial incumbents are building products around. Other crypto assets…I don’t know what’s going to happen to them.”
He continued to argue his point stating “the ICO market is pretty dead right now,” while suggesting the U.S. Securities and Exchange Commission (SEC) would continue to intervene in the space.
Singh told Bloomberg that next years “exciting” moment will be the launch of a “Blackrock-type” exchange-traded fund (ETF) which will revitalize the cryptocurrency sector.
The “defining moment” for cryptocurrency will in 2019 when the space will “become real,” according to Singh, as institutional investors enter the market
Nevertheless, BTC has fallen more than 32 percent in the past 30 days, currently valued at $4,195.