BitPay CEO Believes Majority of the Bitcoin Ecosystem is Becoming “Healthy” Once Again

Despite the global crypto sector displaying erratic monetary signals all through 2018, many analysts and experts believe that this burgeoning market domain will once again experience a massive breakout by the end of 2019 (mainly due to the positive technical indicators associated with digital currencies such as Bitcoin, Ethereum, XRP etc.)

In this regard, Sonny Singh (the CEO of Bitpay) was recently quoted as saying that owing to the “various advantages” that the crypto industry holds over the conventional finance sector, it would not be surprising to see more and more people gravitate towards crypto in the coming few months. He then went on to add:

“The traditional companies are all fine right now, while at the same time they are hiring new people. Fidelity and Goldman Sachs are the perfect examples of this phenomenon. Both the traditional bigwigs have delayed their cryptocurrency projects but they will come to fruition soon.”

However, on the matter, Stephen Gandel (a well-known economist and day trader) noted that owing to Bitcoin’s poor history of use-cases and its 80 percent drop in value, the premier alt asset would continue its downward descend for the foreseeable future.

New Market Investors

During a recent media appearance Singh opined that even though some of the crypto offerings that entered the market last year were “overvalued”, he felt that 2018 as a whole was an anomaly. Moving ahead, he believes that we will once again see this burgeoning segment scale up to its maximum potential.

On the matter, he further added:

“Any industry that goes up by 20 times in a year is a big thing and the correction was eventually bound to happen. Last year, everyone thought that banks are using blockchain and associated technologies but that will only happen slowly.”

Final Take

While debates regarding the usability of crypto assets for everyday purposes continue to rage-on across the globe, it has to be said that as things stand, Bitcoin is still not entirely backed by a payment system that can be deployed within a mainstream financial setting.

Publication date: 
01/12/2019 - 20:12
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