In 2018, Bitcoin has so far lost around 60% of its value. However, chief commercial officer of the US-based bitcoin payment service provider BitPay, Sonny Singh, has shed some positive light regarding the future of the cryptocurrency market. According to him,”Right now the market is looking for some defining moment – a catalyst. Right now you’re hearing a lot of rumours.”
He added that big entrants will emerge next year, with Goldman Sachs launching a trading desk, Fidelity launching a bitcoin product, Square offering bitcoin processing for merchants and BlackRock offering an ETF. He said, “When these things start to happen, you’ll see some adoption and then the price will bounce up again.”
Singh also added that BitPay has “never been more bullish on bitcoin” and set to make the major cryptocurrency set to make a comeback next year in 2019. “When you see the bitcoin price drop, people have stopped trading ICOs as much as they were. The ICO market is in a lot of trouble and will never get back to where they were eight months ago. The issue is the altcoins, which will never come back the way bitcoin will. Bitcoin will rebound next year”, he said.