Sonny Singh, chief commercial officer (CCO) at bitcoin service provider BitPay has assured investors that bitcoin’s market will value shoot up again and again. Singh’s comment came at a time when many investors were disheartened by a consistently plummeting bitcoin value since the dawn of the new year.
A Complete Perspective
Following a wild run spanning over most of the second half of 2017, the highest-valued cryptocurrency in the world has hit new lows one after another this year. But that hasn’t stopped Singh from seeing the proverbial glass as half full.
In a recent interview with Bloomberg, the BitPay CCO went as far as saying that the high volatility of bitcoin and other virtual currencies that most investors are wary of is actually “exciting.”
He also said that the majority of crypto investors overreact to any new information that paints the crypto market in a poor light – more so now than ever considering that the market value of many top crypto coins has seen sharp decline recently.
Singh also pointed out that these extreme reactions are not just confined to periods presided by drops and falls. There was no dearth of extreme reactions, for instance, when the market value of bitcoin was hitting new highs almost every day in December 2017.
Sailing the Rocky Crypto Seas
Speaking of the alleged plans of the Chinese and South Korean governments to enforce stringent regulations on digital currencies, the BitPay CCO said that it could potentially be a positive development for the crypto market:
“There’s talks about Asian regulators trying to manage and maybe ban some crypto exchanges in Korea. China’s already been stopped from bitcoin trading for a while and now Korea’s in focus. But again I think regulators don’t want to ban it, they just want to regulate it more and make sure it’s all being done in a legal way which is actually good for the industry.”
Singh also stated that there is no imminent danger in sight that crypto investors should be wary of, adding that based on past records, it is natural for bitcoin prices to fluctuate between highs and lows. He reminded the investor community that it was only last month when most major cryptocurrencies including bitcoin had hit all-time highs regarding their market value.
The BitPay boss stretched that his business was currently “all smooth sailing,” without any sign of a decrease in volume.
On a related note, the crypto market has improved marginally over the past 24 hours with the majority of the top coins showing signs of growth.
Author: Priyeshu Garg