At the beginning of January, when bitcoin was still below USD 8,000, Singh estimated that BTC will rise above USD 20,000 this year.
the Chief Commercial Officer (CCO) of major crypto payment processor BitPay, Sonny Singh, now says that the Coronavirus could be such an incident. However, according to him, it’s too early to tell whether it’s time to revise his USD 20,000 per BTC prediction. Singh told Cryptonews.com that the new virus is “definitely one of the unforeseen things that could affect the price of bitcoin,” in addition to other factors such as the news that India will once again allow crypto-related activities after the country’s Supreme Court over-ruled the previous crypto ban. (A day later, Sout Korean parliament p.)
Singh followed up by explaining that the virus has so far had a very limited negative impact on the bitcoin price, saying: “While stocks and gold dropped a lot, bitcoin’s drop wasn’t as dramatic.”
“The Coronavirus is such an unprecedented experience, that most investors are still trying to figure out how this will affect the stock market, gold and bitcoin. No one really knows how long this virus will last or the real effect on the markets,” the CCO added.
