Sonny Singh: "Bitcoin is really catching on fast" outside of the US

03 Apr, 2019 | Updated: 03 Apr, 2019
by Richard Allen
Bitcoin
Sonny Singh: Bitcoin is really catching on fast outside of the US

BitPay Chief Commerical Officer, Sonny Singh recently spoke to Bloomberg regarding the recent Bitcoin price rally.  

Bloomberg’s Joe Weisenthal states that its “striking that every coin moved higher, including all of the garbage ones." He adds that this raises some question about whether the crypto winter is really over or if this is “just another blip.”

Singh was then asked about his opinion on what caused Bitcoin’s rally. “I’m not really sure, but it shows how global Bitcoin trading is. He adds that “a lot of times these price spikes seem to happen late night in America, early morning in Europe but always midday in Asia … Bitcoin truly does trade 24/7 around the world.”

Weisenthal was asked what would need to happen to Bitcoin to make him more optimistic. He points out that once Bitcoin sees more logical uses in countries where the government has cracked down on people’s financial freedom, “that is a potential opportunity for Bitcoin.”

On this note, Singh explains that “Bitcoin has a lot of regional use cases around the world, especially outside of America.” He adds that Bitcoin is used for remittance in Asia and in Latin America, it’s used as a currency hedge. He goes on to explain that BitPay has just signed a Fortune 500 company called Avnet which use Bitcoin for B2B (business to business) payments “so people in Asia can make multi-million dollar payments buying hardware equipment using Bitcoin because it’s cheaper and quicker than a bank wire.”

He concludes by saying, “In America, most people just use it for speculation but outside, Bitcoin is really catching on fast."

Read more: Tone Vays: 'Took the opportunity to actually exit a Bitcoin position'"Bitcoin is a bit like the immortal undead," says Bloomberg reporter

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Read more about: Bitcoin (BTC)

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