Sonny Singh, the chief commercial officer of cryptocurrency payment processor company BitPay, revealed this week that he is a Bitcoin (BTC) maximalist after stating that it is highly unlikely that altcoins will ever recover.
In short, Bitcoin maximalists look down on altcoins and usually consider Bitcoin as the only viable digital currency moving forward. This was very much how Singh came off during an interview with Bloomberg on Wednesday where he broke down the current state of the cryptocurrency market.
In the interview, Singh emphasized that he is not concerned about the future outlook for Bitcoin, especially given the string of premier financial institutions that have announced plans to launch Bitcoin products. This was most recently exemplified when multinational investment bank Morgan Stanley (MS) revealed that it is preparing to offer Bitcoin swap trading to clients, enabling investors to gain exposure to the world’s largest digital currency without needing to own it.
Singh sees less potential in the altcoin market and explicitly stated that these coins will never return to January 2018 highs. He also thinks the ICO market’s best days are in the past, which is starting to be seen in the data.
The ICO market has struggled recently with last month seeing the lowest amount of capital raised in over 16 months. The cooling interest in ICOs has worked to add significant downward pressure on the price of Ethereum (ETH), the largest smart contract platform for projects.
Adding to the Ethereum’s issues, recent data shows that projects that previously staged ICOs are beginning to offload their ETH holdings. Additionally, short interest continues to hit new all-time highs.
Bitcoin, on the other hand, has begun to show signs of becoming a more mature asset. Despite the significant market-wide decline over the past weeks, the price of Bitcoin has been relatively stable as it rapidly approaches the lowest period of volatility in nearly 16 months.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.