The CEO of the global Bitcoin payment provider BitPay is in the daily cryptocurrency news. From what he said in a recent interview, he doesn’t seem worried about the downward moves in the price of the largest cryptocurrency by market cap.
According to Sonny Singh who is a prominent influencer in the crypto space, Bitcoin will likely surge towards the $15,000 to $20,000 area over the next year as institutional investors launch blockchain-powered products.
BitPay’s Singh talked in an interview with Bloomberg, in which he said that “we shouldn’t look at the price so much” since what really matters right now is what is happening behind the scene. As he believes, there won’t be any significant price movements in BTC (up or down) until institutional names come to market with their own products.
He pointed out to the financial services company Fidelity as one of the examples announcing that it would be launching a crypto subsidiary focused on custody and trade execution. Aside from this, he also mentioned future products by Bakkt, Square and Blackrock as potential drivers of an upcoming bullish move in BTC trading.
Despite Singh’s statement, Bitcoin is still in a mode of free falling and repeating a series of yearly lows, day after day.
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