The cryptocurrency market has had a terrible few months this 2018. Bitcoin, the leading cryptocurrency per market capitalization is also taking the lead in the price plummet. Irrespective of the rough few months, the number of projects being hosted on various blockchains have doubled since last year. Although many scam ICOs have become a source of worry to people within and outside the industry, the successful ones have provided the perfect environment for driving innovation and development in the cryptocurrency industry.
Bitcoin (BTC) Price Today – BTC / USD
Many critics have condemned ICOs claiming that they are no more than ponzi schemes used to extort money from unsuspecting individuals. Not everyone feels that way about the industry. The CCO of BitPay, Sonny Singh, claims that the present state of the cryptocurrency market as a whole shouldn’t be alarming to investors and spectators. He said that even with the high price volatility, the trajectory of the cryptocurrency market is positive overall. He believes that the cryptocurrency industry is on the verge of a new stage of development that will serve as a defining moment in terms of growth and mass adoption.
Sonny Singh Is Bullish About Bitcoin
He said that the looming presence of institutional investors will lead to an inflow of cash to the industry. The money from these investors will fall between billions or even trillions of dollars and it would give the industry the needed boost. Also, institutional investors will bring in a degree of professional regulations that will be beneficial to all investors. In his words:
“Next year, there will be a lot of big entrants in the industry. Establishments like Goldman Sachs BlackRock, Fidelity, and Square will all launch projects that will drive the development and adoption of Bitcoin and the industry as a whole. This will also lead to a rise in the price of cryptocurrencies.”
Even if Sonny Singh is bullish about Bitcoin, he doesn’t share the same opinion about altcoins and ICOs. When referring to the performance of altcoins this year, he said that they will never come back. He said that institutional investors will be more likely to invest in Bitcoin rather than new altcoin projects they know little about.