Global Bitcoin payment service provider Bitpay is making some upbeat predictions for 2019 which certainly paint a different picture to the digital currency’s rocky ride as 2018 comes to a close.
The Atlanta-based company’s Chief Commercial Officer (CCO) Sonny Singh predicts that 2019 promises to be an “exciting” year which will push Bitcoin’s value up to between USD 15,000 and USD 20,000 by next December.
He believes that with the entry of Fidelity and Intercontinental Exchange into the market and ETFs getting the green light, 2019 will take on a whole new look when it comes down to investment opportunities. He commented it would be Bitcoin that would eclipse many other digital currencies whose fortunes were less easy to foresee, suggesting, “I don’t know what’s going to happen to them.”
He said, “There’s a night and day difference between Bitcoin and everything else. Bitcoin is the under pound gorilla, it’s the one that has the mass network effect… [the one] the traditional financial incumbents are building products around.”
In terms the durability of his gorilla, Sing argues that “Bitcoin survives first”, even in a poor market, despite its fluctuating fortunes. Blockstream CEO Bobby Lee, brother of Litecoin founder Charlie, agrees, suggesting that despite flashes of green in the last 24 hrs, Bitcoin could still threaten USD 3,000 but long-term, he feels it will overtake gold.
In this bear market for #Bitcoin, it's worth reminding everyone that $BTC is still only one-hundredth of the value of #Gold: $80 billion vs $8 trillion.
Gold is worth 100 times more than Bitcoin today!
What will the ratio be in 10-20 years?
Will it flip, with Bitcoin worth more? pic.twitter.com/VIpzIDKfo0
— Bobby Lee (@bobbyclee) November 20, 2018
Currently, there is a consensus among certain cryptocurrency experts that with Bitcoin’s growing convenience as a payment method, illustrated by the march of ATMs worldwide, along with the digital currency becoming an internationally recognized household name, past hype could surrender to real value. A deflation of Bitcoin could “clean out weak hands”, according to the views of many investors. Serious players in the market would then be left to establish Bitcoin’s real value. EToro analyst Mati Greenspan says the ship isn’t sinking, but simply readjusting to its load:
“What we’re seeing now are the after-effects of the unprecedented rise of Bitcoin and other crypto assets in 2017. This year is simply a retracement of that… These cycles can sometimes be accentuated in the crypto market due to the riskier nature of this nascent industry. In the same way, previous cycles have not signaled the end for broader markets, these price movements don’t signal the end for crypto assets.”
For now, Singh’s gorilla is still in the mist, waiting for its moment to escape.
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