During an interview with Bloomberg, BitPay CCO expressed that he sees a bright future for Bitcoin but that ICOs and altcoins may never see their December 2017 peaks ever again.

Despite a lack of agreement in the cryptocurrency community on the future direction of the market, some experts, like Sonny Sing, Chief Commercial Officer of BitPay, believes his company has the right approach to mainstream penetration.

Sonny Singh foresees Wall Street support for Bitcoin

The downturn in the cryptocurrency market has seen Bitcoin price down by more than 70% since its all-time high last year. Despite that, investors and experts remain optimistic about the changes to come.

The CCO of BitPay, Sonny Singh is of the view that the market has reached a developmental roadblock which requires a catalyst before it can move forward.

Singh believes that the entry of institutional investors will be the driving force behind the new market push.

He stated large financial institutions such as Goldman Sachs, Fidelity, BlackRock and others entering the industry by next year would lead to another price surge.

No revival for Altcoins and ICOs

Sigh does not have the same optimistic outlook on the future of altcoins. During his interview, he stated that he doesn’t see a revival for altcoins and ICOs, with the prices of altcoins in free fall over the past few months.

Unlike Bitcoin, Wall Street companies would not be lining up to launch altcoin products and that may affect them negatively, Singh predicted.

He is not alone in his beliefs, as several market experts agree that the market is currently self-regulating by killing underperforming cryptocurrencies that offer absolutely no value beyond market speculation.

Regarding ICOs, Singh said investors are not looking for new ICOs or investing in little-known coin projects due to the current situation of the market.

The ICO market has also been a cause of concern for many due to several scam projects presented to investors over the past few months.

Singh further added that despite how it appears, the current health of the cryptocurrency market is nothing to worry about. He believes the trajectory looks positive for the industry.

Talking about BitPay, Singh stated that the company is very much bullish about Bitcoin and is making moves that would see it become even more relevant in the industry.

Big companies entering the scene

His predictions of big Wall Street companies coming into the crypto industry are coming true fast. Besides the few companies he mentioned by name, others key banks are also looking to enter the fray.

Investment banks Citigroup and Morgan Stanley are already developing products for institutional investors. The establishment of Bakkt is something that the entire market is excited about while there is a possibility that a Bitcoin ETF would be approved by next year.

If all these come to fruition, there is a chance that the crypto market will rise to a new high.