Facebook, AT&T, Even JPMorgan are Helping Meteoric Bitcoin Price Rally: BitPay Exec
Bitcoin’s mass appeal in the mainstream with real-world use cases are driving the current rally, a crypto executive has claimed. } Source: Shutterstock; Edited by CCN
By CCN: BitPay’s chief commercial officer Sonny Singh has predicted that the price of Bitcoin is yet to hit a peak. Speaking on Bloomberg TV, Singh argued that institutional adoption of cryptocurrencies was still at a low level and there was, therefore, more upside potential.
Citing the case of Facebook’s yet-to-be-launched cryptocurrency as well as Square’s and Fidelity expected crypto-related products, Singh stated that the rally was just getting started and so far it was ‘just the tip of the iceberg’.
According to Singh, the current rally in bitcoin was being driven by fundamentals. This was in contrast to the price collapse last year and the bull run in 2017:
The recent downturn last year and the upturn before that two years ago was not driven by fundamentals. It was more by hysteria and you know momentum.
Fundamentals driving the current bitcoin rally: singh
In the senior BitPay executive’s view, the current rally owes a lot to growing institutional adoption. This includes firms such as JPMorgan, Fidelity, AT&T, Facebook and Square that have either developed crypto-related products or are beginning to accept cryptocurrencies.
Telecom Giant AT&T Gains First-Mover Status by Accepting Crypto https://t.co/Kowgl3k5TW
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According Singh, their involvement had demonstrated that cryptocurrencies ‘have real use cases around the world’.
Regarding Facebook’s foray into cryptocurrencies, Singh suggested that the social media giant was probably working on a peer-to-peer payments platform.