Bitcoin is at "the tip of the iceberg," says BitPay's Sonny Singh

29 May, 2019 | Updated: 29 May, 2019
by Will Heasman
Bitcoin
Bitcoin is at the tip of the iceberg, says BitPay's Sonny Singh

As Bitcoin continues to forge ahead with bullish momentum some have been quick to call a top at nearly every psychological peak bitcoin reaches, suggesting that this recent spate of parabola has come too soon and too easy; not BitPay’s CCO, Sonny Singh though, who believes that Bitcoins rise is just on the tip of the iceberg

In a recent interview with Bloomberg, Singh spoke about everything from Facebook's entry into the cryptocurrency industry to regulatory threats towards Bitcoin. 

When asked if Bitcoin was hitting a peak, Singh responded by listing a plethora of institutional products which may provide a leg up for the crypto industry:

“Facebook Coin hasn’t launched yet, Square hasn’t launched their product yet, Fidelity still admitted beta … We didn’t even think about Facebook 6 months ago … it came out of nowhere … that’s why I think you have to be long in this industry as far as what’s going to happen as we're just starting the tip of the iceberg.”

moving on to the potential hurdle of harsh regulation, Singh suggests that the advent of Facebook and JP Morgan creating their own “cryptocurrencies,” has provided legitimacy for the space and a further blockage for regulators to commit a double standard when ruling against Bitcoin:

“I think it would be hard if JP Morgan and Facebook now have a coin, how’s a regulator going to show that ‘JP Morgan we like but Bitcoin or Ethereum we don’t like’” Said Singh adding that regulators will have to treat each cryptocurrency equally, “that’s what the industry is waiting to have regulation that we can follow and adhere to, to prove that everything is legal in an organized way.

Facebook recently unveiled the brand new name for its cryptocurrency, GlobalCoin, which will launch in q4 2019. Details about GlobalCoin’s use case are fairly scarce, however, according to the BBC relayed that Facebook was in talks with 'a number of online merchants to accept the currency as payment in return for lower transaction fees.'

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