Bitcoin (BTC) is already up 135% from the beginning of the year, and according to Sonny Singh, the chief commercial officer at major cryptocurrency payments processor Bitpay, it will continue to push higher from its current price.
In an interview with Bloomberg TV, Singh proclaimed that the sustained market-wide cryptocurrency bull run we’re in has been fueled by business interest and endorsement of cryptocurrency.
Per the interview, he said:
“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.”
Facebook, Fidelity, JP Morgan Legitimize Cryptocurrencies
The business interest and endorsement of cryptocurrencies that Singh was referring to come from established mainstream corporations including Facebook, Fidelity Investments, AT&T, and JP Morgan.
These corporations have legitimized cryptocurrencies with their entrance into the crypto industry.
Facebook is developing a cryptocurrency dubbed GlobalCoin that’s set to launch in 2020, and JP Morgan has already launched their own banking stablecoin, the JPM Coin.
Also, Fidelity Investments has launched a crypto custody and trade execution platform called Fidelity Digital Assets, and AT&T just began accepting Bitcoin for bill payments through major cryptocurrency payments processor, Bitpay.
In light of all of these major cryptocurrency developments from mainstream players, Singh says Bitcoin can only stand to profit from all of this, as it increases mainstream exposure. He also said the entry of these corporations into the crypto arena is good for cryptocurrency regulation, as they are all in this together now.
Adding to this, he said:
“How’s the regulator going to show that JPMorgan we like, but Bitcoin and Ethereum we don’t like? 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.”
Do you think Bitcoin will continue to surge upwards without a correction? Will the entry of major corporations be a positive signal for regulation? Let us know what you think in the comment section below?
