{"id":8785,"date":"2018-09-15T00:00:00","date_gmt":"2018-09-15T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/09\/15\/bitpay-official-said-crypto-industry-needs-a-catalyst-to-redefine-course\/"},"modified":"2018-09-15T00:00:00","modified_gmt":"2018-09-15T00:00:00","slug":"bitpay-official-said-crypto-industry-needs-a-catalyst-to-redefine-course","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitpay-official-said-crypto-industry-needs-a-catalyst-to-redefine-course\/","title":{"rendered":"Bitpay Official Said Crypto Industry Needs A Catalyst to Redefine Course"},"content":{"rendered":"
Sonny Singh, the Bitpay Chief Commercial Officer (CCO) in an interview with Bloomberg<\/strong><\/a> said that the cryptocurrency space has reached a threshold at which it needs a catalyst to redefine its direction.<\/p>\n <\/p>\n He said that the industry is faced with the realization that it needs the involvement of big institutions such as Goldman Sachs and BlackRock if it would continue to be as relevant as anticipated.<\/p>\n Singh was of the opinion that altcoins will not be much of a force to reckon with in the future, alluding to a belief that Bitcoin will rebound in 2019 but seemed to write off altcoin by saying that they “will never come back”.<\/p>\n <\/a><\/p>\n He is positive that the crypto space will yet see a lot of activities next year, stating that, ” next year you’ll see the talk of the big entrants become real, where you’ll 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 that will become real, and you’ll see some adoption actually. And then […] the price [will bounce] back up again.”<\/p>\n The basis of Singh’s conclusion that only Bitcoin will make as much impact as it has been making seems to be that the big corporate investors will focus on Bitcoin but pay no attention to altcoins. He emphasized this when he stated that they are “not going to launch altcoin products, they’re going to launch Bitcoin products.”<\/p>\n