Bitpay: New Players in the Industry Will Raise the Price of Bitcoin to $20,000


In 2019, the price of Bitcoin can rise to $15,000 and even reach $20,000. Such a forecast in an interview with Bloomberg was put forward by the commercial director of the Bitpay processing service, Sonny Singh.

According to him, Bitcoin has an excellent reputation, and in the first quarter of 2019, cryptocurrency will become a viable commodity.

However, he added, “we will not see a price movement – up or down – for a long time until a new direction appears” for Bitcoin.

He calls the Bakkt platform, Fidelity Digital Assets, and the BlackRock Bitcoin-ETF initiative as the main growth driver for the industry.

He also has high hopes for the structural transformation of the cryptocurrency industry itself, including the possible IPO of the leading American company Coinbase. These rumors were denied by Coinbase. Coinbase COO and President Asiff Hirji in a conversation with Bloomberg stressed that in the near future, the company does not plan to participate in the initial public offering (IPO).

Hirji made a statement shortly after Coinbase successfully completed another round of financing, following which the company raised $300 million from Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and several other companies.

At the same time, Sonny Singh drove another nail into the coffin of the ICO industry.

“I think it’s safe to say that right now the ICO market is pretty much dead. Maybe a few Altcoins will survive, but none of them will survive if Bitcoin does not survive.”

Previously, analyst and co-founder of Fundstrat Global Advisors Tom Lee said that he believes in $15,000 price of BTC by the end of the year and that the price of Bitcoin fell only in the short term.

At the same time, analyst of the Oanda Corp. Stephen Innes said that if prices continue to decline, investors can begin to massively exit cryptocurrency. Critical, in his opinion, is the mark of $3,000.