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BitPay’s CCO believes that Bitcoin’s price would only expand from its current price

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BitPay's CCO believes that Bitcoin's price would only expand from its current price
Source: Pixabay

Cryptocurrency payment processor,BitPay’s senior executive Sonny Singh, suggested that Bitcoin would only expand higher from its current price.

In an interview with Bloomberg TV, Singh, the company’s chief commercial officer stated that it was the endorsement of the cryptocurrency as well as the business interest that was fueling the bull run of the current market.

Singh explained to the network,

“You’re starting to see that these currencies have real use cases around the world, and it’s making people really excited now because they can see the light at the end of the tunnel for these use cases.”

Singh was citing the latest crypto ventures of prominent corporations including Facebook’s Libra, Fidelity Investments, JP Morgan’s JPM Coin as well telecom provider  AT&T accepting bitcoin as payment through BitPay.

He also detailed that only with increased exposure and mainstream dominance will Bitcoin gain profit. 

Singh also argued that,

“How’s the regulator going to show that JPMorgan we like, but bitcoin and ethereum we don’t like?”

As for regulators,a double standard which favored private cryptocurrency but outlawed decentralized ones was impossible.

Singh concluded by saying,

“It’s going to be hard. They’re going to have to make a classification: ‘digital currencies — these are the rules around all digital currencies.’ And that’s what the industry’s waiting for — to have regulations that we can follow and adhere to to prove that everything is legal in an organized way.”

 

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.