Bitcoin payments processor Bitpay’s chief commercial officer, Sonny Singh, has told Bloomberg TV that the current surprise bull run taking place in the crypto market is a direct result of growing interest coming from large businesses in the industry.
And the interest, he believes, will only grow over the coming months, along with piling endorsements to expand Bitcoin’s price range even higher than many will expect.
Singh referenced many big names now making the headlines either in adopting blockchain technology or in direct implementation of their own cryptocurrencies, such as Facebook’s GlobalCoin and JP Morgan’s JPM Coin:
“You’re starting to see that these currencies have real use cases around the world, and it’s making people really excited now because they can see the light at the end of the tunnel for these use cases.”
Singh also reflected on the current duplicity of regulators, but warned that as Bitcoin gained increased exposure and mainstream dominance, they would not soon be able to favor private crypto and go against decentralized ones:
“How’s the regulator going to show that JPMorgan we like, but bitcoin and ethereum we don’t like?… It’s going to be hard. They’re going to have to make a classification: ‘digital currencies — these are the rules around all digital currencies.’ And that’s what the industry’s waiting for — to have regulations that we can follow and adhere to to prove that everything is legal in an organized way.”
Bitpay itself was recently in the news with another big-name corporation getting on board the Bitcoin train when it signed with telecoms giant AT&T to help them accept Bitcoin for payments. In February, it helped onboard the Wikimedia Foundation, allowing the non-profit to accept Bitcoin payments.
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