BitPay's Sonny Singh says institutional players may drive BTC's price to $20,000

22 Nov, 2018
by Richard Allen
News
BitPay's Sonny Singh says institutional players may drive BTC's price to $20,000

Sonny Singh, Chief Commerical Officer of Bitcoin payment processing company BitPay has joined Tommy Lee in stating that Bitcoin will hit $15,000 by the end of 2019.

Singh has stated before that he believes Bitcoin will hit highs of $20,000 next year. He went a step further and said that the price of BTC will not drop below $15,000. He reaffirmed this stance during an interview with Bloomberg, stating:

“Next year will see new players and miners emerge in the industry. We will not see any rapid shift but by the end of Q1 or Q2, Bitcoin will emerge as a viable commodity. Bitcoin has become mainstream adoption around the world, it has got a great brand reputation.”

Singh went on to say that “I don’t think we’ll see any price movement, up or down, for a long time until there is really some new direction. That would mean things like Fidelity launching their product next year, Bakkt launching their product, or Square a product, or BlackRock launching an ETF.”

Singh then went on to say “I think it’s safe to say that the ICO market is pretty much dead right now. Maybe a couple [altcoins] will survive, but none of them will survive unless Bitcoin survives first.”

Finally, when asked where he thinks the price will be next year, Singh replied with “if institutional companies launch their products, you’d see a price of maybe around $15,000, possible even $20,000 by the end of next year."

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Read more about: Bitcoin (BTC)

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