Bitcoin [BTC]’s ecosystem has seen a lot of bad business leave, says Bitpay’s CEO

The cryptocurrency market’s behavior has been quite volatile with the bear currently reigning supreme over the bulls. As the rates of Bitcoin [BTC], as well as other cryptocurrencies, fluctuate sporadically, major proponents of the space have voiced their own opinions and qualms about the space.

In a recent debate on Bloomberg, Sonny Singh, the Chief Executive Officer [CEO] of Bitpay sided with the advantages of the cryptocurrency industry and his predictions for the future. The debate also included Bloomberg’s Stephen Gandel who focused on Bitcoin’s fall and the lack of adoption shown by the cryptocurrency market.

Sonny Singh stated that he was still bullish on the cryptocurrency market as more and more institutions and people were entering the space at a rapid rate. At the same time, he mentioned that the bearish market had taken out a lot of bad businesses which were built on just hype and not on anything substantial. He added:

“The traditional companies are all fine right now, while at the same time they are hiring new people. Fidelity and Goldman Sachs are the perfect examples of this phenomenon. Both the traditional bigwigs have delayed their cryptocurrency projects but they will come to fruition soon.”

Singh further added that regulators need to consider cryptocurrencies as an asset class for economics. Stephen Gandel was of a different opinion though, citing the not-so-great use cases and the 80 percent drop in value over the last year. Gandel also said that since the usage went down, the value of Bitcoin should only be floating around $4000 and can also fall to a lower multiple.

Singh countered by saying that everything that was built last year was overvalued and overhyped as 2018 was an anomaly in the cryptocurrency industry. He substantiated that comment by saying:

“Any industry that goes up by 20 times in a year is a big thing and the correction was eventually bound to happen. Last year, everyone thought that banks are using blockchain and associated technologies but that will only happen slowly.”

Gandel elucidated on his side of the argument by pointing out the illegal use cases possessed by the largest cryptocurrency on the planet. Sonny Singh rebutted the point that such illegal activities have been curbed now and there are big changes coming into the space that is focused on making Bitcoin a proper transaction and payment system.

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