Bitpay CCO Holds Pessimistic Outlook for Altcoins

Bitpay CCO Holds Pessimistic Outlook for Altcoins


In a current interview, Sonny Singh, the chief industrial officer (CCO) of Bitpay, Inc, shared his outlook for the cryptocurrencies, emphasizing his optimism for the bitcoin markets, while additionally espousing a grim outlook for altcoins.

Also Read: Bittrex to Launch Crypto Exchange in Malta Next Month

“Big Entrants” Coming to Crypto Next Year – Sonny Singh

Bitpay CCO Holds Pessimistic Outlook for AltcoinsWhen requested if the cryptocurrency markets have seen the low of the bear season, Mr. Singh stated: “It’s hard to say – I think right now the markets are looking for some defining moment or catalyst, […] and right now you are just seeing rumors that someone might do something.”

“But I think next year you are going to see the big entrants become real,” Mr. Singh continued, “where you see, Goldman does launch a trading desk, Fidelity does launch a bitcoin product, Square offers bitcoin processing for merchants, Blackrock launches an ETF. So all of that will then become real, and you will see some adoption actually – and then you’ll see the price start bouncing back up again.”

“Until then, I think we’re going up and down on rumors,” he added.

Bitpay CCO Predicts Grim Future for Altcoins

Bitpay CCO Holds Pessimistic Outlook for AltcoinsRegarding whether or not declining liquidity within the cryptocurrency markets and more and more aggressive techniques on the a part of many digital foreign money exchanges may pose a risk to way forward for the cryptocurrency markets, Mr. Singh said: “That’s always been the concern about the ICOs, and the trading exchanges in the ICO industry that aren’t quite regulated. […] Last year, getting an ICO token listed on a Binance or a Bittrex could increase your market valuation [by] […] a billion dollars.”

Mr. Singh continued: “ICOs are no longer in favor anyway – they’re down 95 percent. So, people aren’t really trading ICOs as much anymore.”

The Bitpay CCO asserted that the efficiency of many ICO tokens is dependant on the worth of the main cryptocurrency markets, “Until [BTC] and the other large ones […] get back some of the gains, the ICO markets are going to be in a lot of trouble actually, and a lot of those ICOs will never make it back to where they were 8 months ago.”

“We’ve Never Been More Bullish”

Bitpay CCO Holds Pessimistic Outlook for AltcoinsWhen requested how the bear market has impacted Bitpay’s enterprise, the corporate’s CCO said: “At Bitpay, and [among] people I talk to in the industry, we’ve never been more bullish actually,” including “Business is great, we’re hiring more people, we’re working with several global large companies around the world, […] everyone [is] going full speed ahead.”

“I think the issue is, again, in the altcoins. Those will never come back, I believe, the same way a bitcoin will come back. Y’know, Fidelity, Blackrock – they’re not launching altcoin products, they’re going to launch bitcoin products.”

What do you make of Sonny Singh’s predictions for the cryptocurrency markets? Do you share his pessimism concerning the longer term for altcoins? Share your ideas within the feedback part under!

Images courtesy of Shutterstock, Youtube

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