Fidelity and Bakkt will lead the next big Bitcoin rally

Bitcoin global payments service operations manager BitPay is not worried about the latest declines in the price of the largest market capitalization cryptocurrency. Sonny Singh expects Bitcoin to reach $ 15,000 to $ 20,000 over the next year as incumbents launch products with blockchain technology.

BitPay CEO says Fidelity, Bakkt, Square, Blackrock, will lead the next Bitcoin bullish race

Observing the widespread adoption of Bitcoin around the world as a sign of great brand recognition, BitPay's Singh told Bloomberg "We should not look too much at the price," because what really matters is what's going on behind the scenes

The Chief Operating Officer does not expect any significant price movement within BTC, whether up or down, until the names of institutions come on the market with their own products.

As an example, he mentioned Fidelity Financial Services Company, which had announced the launch of a cryptographic subsidiary focused on the preservation and execution of transactions. Sonny Singh also mentioned the future products of Bakkt, Square, Blackrock, as potential drivers of a bullish movement ahead in BTC trading.

Asked about JP Morgan CEO Jamie Dimon and his harsh comments in September 2017 about BTC's fraudulent nature, Singh told Bloomberg's Emily Chang that JP Morgan would likely enter crypto-space as soon as Fidelity would prove the demand for these products.

Bitcoin has faced significant downward pressure in recent days, after losing $ 6,000 in mid-November. The market has not yet found stable ground. The price has hovered around $ 4,500 since Nov. 20, but lost about $ 250 Friday. Singh remains confident about cryptocurrency, but can not say the same about most altcoins.

"I think there is a big difference between Bitcoin and everything else. Bitcoin is the hundred-pound gorilla. It is the one that has a massive network effect. […] The others, I do not know what will happen to them […] I think it's safe to say that the ICO market is almost dead right now. Maybe some of them will survive, I'm not sure, but none of them will survive unless Bitcoin survives first. "

BitPay is poised to handle over a billion dollars this year despite the plunge in the Bitcoin market, which has lost most of its value. The company announced similar volumes for the year ended December 31, 2017. This year's results show that the adoption of bitcoin as a means of payment continues to grow around the world, regardless of recent fears.

At the time of publication, Bitcoin has failed to retain the $ 4,000, ranging between $ 3,600 and $ 3,900 Sunday. Market capitalization is now close to $ 67 billion, after being less than $ 100 billion in mid-November. Crypto-currency number one on the market continues to print new lows as the end of the year approaches, which gives the opposite to the end of 2017.