Sonny Singh, the Chief Commercial Officer of Bitpay, appears to be confident that the price of Bitcoin will go up although there is a crash in the crypto market. However, he does not share the same kind of optimism for Initial Coin Offerings (ICOs) and altcoins.
Bitpay’s Chief Commercial Officer does not believe that Bitcoin has seen its end yet. Sonny Singh substantiated his argument by citing the instance of Goldman Sachs. He observed that the renowned investment firm is trying to set up a trading desk. He also gave examples of the BTC-based product from Fidelity and potential ETF of BlackRock.
However, Singh does not see the ICOs and altcoins faring equally well. He sees them as a weakness rather than being a strength. The CCO added that the involvement of people in ICOs is becoming less now as compared to the beginning of the year. Singh feels that the crypto market is facing plenty of trouble and may not return to the same position where they were 8 months earlier.
Singh may have reasons to be positive about the increase in the price of Bitcoin in the coming days. Several influencers and large investors admitted defeat as far as the crypto market was concerned when they found so many crypto prices hovering in the red zones, according to Bitcoin Exchange Guide. But their sentiments about BTC were different.
Why Singh Is Less Sure About ICOs And Altcoins
There are other reasons for Singh to be optimistic about BTC prices going up too. Though there has been a lot of negative news about BTC, the cryptocurrency has succeeded in proving its detractors wrong for innumerable times
Price of Bitcoin is likely to go up according to Singh as although the cryptocurrency has lost about 60 percent of the value in this year, several other crypto assets have fared even worse. Singh commented that while XRP has crashed by down about 92 percent, Ether has plunged to 85 percent from its highs, newsBTC wrote.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]