He states that there won’t be much growth in bitcoin or in other cryptocurrencies until one of the major financial companies like Fidelity or Bakkt launches their product, which will most probably happen next year.
The CEO of JP Morgan Chase, Jamie Dimon’s comments on Bitcoin, where he mentioned that Bitcoin “will blow up” and “it is a fraud,” was also a topic for debate in the interview. Singh disagrees with Dimon about the fraud concept saying that once Dimon sees other large financial institutions launching products around bitcoin, he will change his mind.
Singh pointed out that there is a significant difference between bitcoin and other cryptocurrencies since most companies are building products that are centered around bitcoin. He went on to say that:
“ICO markets are pretty much dead right now and maybe a couple will survive. None of them will survive, unless bitcoin survives first. [Bitcoin]’s what everyone is focused on.”
Sonny Singh went on to say next year will be an “exciting time” for bitcoin.
He believes that the price of bitcoin will range around $15,000 to $20,000 next year, but that depends on when the financial companies launch their products, and they move very slow since “nothing moves fast in FinTech.”
Watch the complete interview on Bloomberg here.