Bitcoin will hit its zenith of 2020 again according to Bitpay’s Sonny Singh. It has been a couple of years since Bitcoin catapulted towards the $20,000 mark. 2018 was a lacklustre spell, and 2019 did bring out the optimism in people only to fall flat at $13,000. Is it living in a fool’s paradise to build our hopes to see BItcoin’s back to its very best? Sonny Singh, the chief commercial officer of Atlanta-based bitcoin payment service provider, Bitpay, certainly believes in the anthesis.
Sonny Singh who spoke to Bloomberg Technology envisions that the elusive crypto would be back to being a domineering figure, just like it was back in December 2019. Singh states that his previous prophecy that BItcoin will hit the $15,000 mark he nailed it as it almost came true.
Sonny Singh believes that the driving force behind this redemption would not be the halving, which many people are banking on. He states, that the halving is already taken into consideration, what he believes will be the real catalyst is the unforeseen events, like Facebook’s Libra launch, which helped in soaring the BTC in 2019.
Factors leading to the increase according to Sonny Singh
For 2020, Sonny Singh regards the change in the chain of events, like China, Russia and India entering the crypto dungeon. Libra rivals or any economic predicaments could help propel BTC, adding more substance to the ever-growing fact that Bitcoin is a safe haven asset.
On Wednesday, as Iran let loose on the U.S. bases in Iraq, global markets hit rock bottom, but Bitcoin trade saw a spurt and broke past $8,000. Bitcoin pulled off a coup, which is usually accustomed to gold in dreadful situations.
Bitcoin has fallen below $8,000 at the time of writing, which comes after President Trump played down the tension between the U.S. and Iran in his morning speech. however, the tensions might escalate again as both sides aren’t willing to take a step back. As tensions sore, rest assured that bitcoin would too.