Forecast by COO Sony Singh:-
Bitcoin (BTC) is considered to be the largest crypto exchange nowadays. We could also say that Bitpay is more than just a digital savings wallet for its users. It acts as a useful platform that implements the transfer of Bitcoin into other fiat currencies. Georgia was the main country involved in the founding of Bitpay in 2011.
This platform takes advantage of processing all payments with Bitcoin and making client business connections, amounting to about 20,000, in more than 164 countries. Bitpay is also famous for converting all the fiat currencies into Bitcoin and some other digital currencies. Thus, everyone has the choice of sending and converting payment according to their need. There are also tariff plans ranging in cost from USD 0 to 3,000.
The Chief Commercial Officer (COO) has published his predictions for Bitcoin and Bitpay. As COO of global crypto payment, he suggests that Bitpay has claimed that BTC will hit USD 15 to 20K before the end of 2019. COO Sony Singh shared his views during an official interview held with Bloomberg on November 22.
How Down overcame Bitcoin:-
There were some very strange happenings in the history of Bitcoin, as its value began to drop, due to the lack of education of some members associated with this system. As a result, the value of Bitcoin was down by as much as 32 percent of its actual price this month. Singh claimed some expectations regarding a rise in the value of Bitcoins, stating that it would be possible through the introduction of crypto-based products. These products were launched by the big financial giants in the crypto world, namely Fidelity and Intercontinental Exchange. These platforms are preparing to introduce their crypto-based products. This will be useful for the new rise of Bitcoin and other cryptocurrencies in the global digital world.
Fidelity Digital Assets Company:-
The purpose of the origin of this company was to provide execution services to other big companies. This new company also provides custodial services for digital assets and trading institutional investors, such as family offices and simple market intermediaries. This company’s best motive is mainly to focus on providing the system with a great level of security, compliant, and on an institutional grade for the down-price solutions of their problems.
Fidelity uses its applications to explore the blockchain and other cryptocurrencies. They also aim to make 5 an important financial sector for all the companies and banks who are eager to use them within the framework of their trading. As per the reports of Fidelity, it was confirmed that they are already working with more than 13,000 institutional clients.
Intercontinental Exchange (ICE):-
The operators of ICE are the 23 leading global exchange companies, of which NYSE was placed at the top of the list. They also showed interest in leading the concept of Bakkt Bitcoin which, according to them, produces insurance for those who choose to put Bitcoins into a cold wallet. The officials of this company are currently in the process of securing insurance for the warm wallet, which presupposes working according to the predictions of the Bakkt warehouse architecture.
ICE aims to announce that they are eager to list the Bakkt Bitcoin (USD) for the process of daily features, as conducted by warm wallet safety in the case of this organization. U.S regulators have also approved this future product.
Both of these financial giants are helping bitcoin to rise high above its value, up to USD 15,000-USD 20,000 by the end of 2019, as reported by Singh in his interview.
Structural changes by Singh:-
Aside from the other financial reasons, industrial incumbents are also driving towards launching crypto-based products, just as ICE is doing. Singh wants to make some structural changes to the crypto market, which will make it easy for the customers’ demands to be fulfilled. They are also considering creating a partnership with stalwart companies like the U.S crypto exchange, the wallet provider Coinbase and a crypto bank named Silvergate. Their intentions are to gear up the properties available from Initial Public Offerings (IPOs).
Furthermore, he forecasts a strong and useful change which, according to them, will be updated next year. This is an exciting moment, isn’t it? The newly launched crypto-based fund, ETF, will be provided by a well-known company, Blackrock type, or we could say that the Fidelity products will energize all possible space, that will help traditional players to dominate the crypto market. This moment will come in response to the Bitpays and Coinbases of this amazing well-known sector.