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Bitcoin Will Not Go Lower Than $20K, Suggests BitPay CCO

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Bitcoin’s journey to $35K has got several people eyeing the king coin. While Bitcoin has managed to lure institutional investors into the crypto realm, the world seems to be speculating the future of the asset. With some predicting that the bull run could fuel the assets drive to $100K, a few others are staying cautious fearing the repetition of 2019. BitPay’s CCO Sonny Singh, however, has his own stance on the whole thing.

Bitcoin Could Lose Balance If Institutional Investors Start Selling Sooner Than Expected

A series of all-time highs was recently achieved by the king coin. BTC currently resides at $35,166.42, with a price change of 11.38% in the last 24-hours. Over the past few days, Bitcoin was seen retracing which was alarming for a few. However, the Chief Commercial Officer of BitPay, Sonny Singh pointed out that it was nothing more than a minor blip. While the members of the crypto community are overwhelmed by the adoption rate of the king coin, Singh suggested that institutional investors could say sayonara after garnering the profit they require, which could be sooner than expected.

Appearing in a recent interview with Bloomberg Singh said,

“A lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go down. All those buyers that bought in, they said ‘Oh were into Bitcoin now for a three to five-year time horizon,’ which is great, but I think if Bitcoin hits $45,000 next month or so, they’re going to say, ‘wow we just made 2x, you know, we don’t need that three-year horizon anymore, let’s start selling some.’”

Singh jumped on to the bandwagon and predicted that Bitcoin hit somewhere between $40K to $45K in the next month. While several have been putting out conjectures of Bitcoin being a bubble that’s ready to burst soon, Singh proposed that the king coin would not go lower than $20K. He suggested that the selling pressure of $200 million sell orders would cause a scene as the industry hasn’t witnessed it ever before. He added,

“That could cause a catapulting event to cause things to start going down pretty quickly and could see it go down from 45 to 40 to 35 down to 30 or things like that, but I think the floor would be $20,000.”

AT&T pioneers the way in crypto adoption

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AT&T, the world’s largest telecommunications company, will go down in history as the first company of its kind to adopt payments in the form of cryptocurrencies. It will be using the services of BitPay, a highly-reputed cryptocurrency-based payments processor.

BitPay will be an option for AT&T customers to pay their bills online. That’s what the world’s largest telecommunications firm announced yesterday. Kevin McDorman, the firm’s vice president, said,

“We’re always looking for ways to improve and expand our services. We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

BitPay is a cryptocurrency payments platform that makes it easier for businesses to accept digital assets as a means of payment and bridges digital currencies with the conventional banking system. Its high transfer speeds help users avoid the volatility characteristic in the cryptocurrency market so that they can use their digital wealth to pay successfully for any goods or services offered by merchants that are in the BitPay network. Users can use Bitcoin (BTC) or Bitcoin Cash ABC (BCH) to settle their bills online.

Adoption by AT&T is a huge deal for the crypto verse, even if it’s indirect and through a third-party. This is a company that’s been around for more than thirty years, and that’s always been leading the industry in every possible way. It’s based in Dallas, Texas. It’s the most prominent provider of landlines in the United States, and it’s the second largest company in mobile services.

The company has diversified and gone into the internet industry as well as the entertainment industry. It owns many other companies, one of which is WarnerMedia, the planet’s largest media and entertainment provider.

AT&T also offers internet and cable TV services in most of the US. In this market, it’s Comcast’s primary competitor.

AT&T’s announcement shows the company’s vision, which has always been broader and deeper than the rest. It’s also an essential step for crypto mainstream adoption because very few companies in the country have so many clients in all possible demographic groups as AT&T does.

Crypto adoption (or tolerance, at least) by one of the world’s business giants implies a vote of confidence of sorts for cryptocurrencies. Granted, only two assets will be accepted at the beginning, as described before. There’s every chance that the company chose BitPay precisely because it doesn’t deal in altcoins but only in BCH and BTC.

The rationale behind that would be that BTC is king when it comes to cryptocurrencies and almost every cryptonaut who owns any digital coins at all has also owned BTC at some point or other. So this is probably how AT&T is playing it safe when entering the crypto world.

It will be fascinating to see if the rest of the telecom industry follows suit if only not to let AT&T get away with an edge over them in crypto adoption. The high degree of competition in the telecom market means that very soon Comcast, or Verizon, or both (and other companies too) will also find the way to accommodate their cryptonaut clients.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.