Bitcoin’s price will continue to rise, Sonny Singh, chief commercial officer at BitPay, has said, calling the volatility in the cryptocurrency “exciting”.
Speaking to Bloomberg, he said: “I mean again, what’s another 25 percent drop amongst friends I always say right? So it’s exciting.
“Every time there’s good news or bad news the market tends to overreact and now we’re seeing an overreaction on the downward side.
“There’s talks about Asian regulators trying to manage and maybe ban some crypto exchanges in Korea.
“China’s already been stopped from bitcoin trading for a while and now Korea’s in focus.”
Singh said that regulation would be a good thing for the cryptocurrency space.
He said: “But again I think regulators don’t want to ban it, they just want to regulate it more and make sure it’s all being done in a legal way which is actually good for the industry.”
Asked whether BitPay, a bitcoin payment service provider, had seen a slowdown in bitcoin transaction , Singh said: “So we checked, we actually had a record December.
“Then for the last coupe of weeks we’ve been right on schedule to keep up with that same volume so we don’t see any difference in our volume actually
“It’s all smooth-sailing at Bitpay.”
Singh added he was not concerned about the fall in bitcoin’s price as it is always volatile.
He said: “The market cap of bitcoin has gone up 16x in the last 12 months almost so to see a little correction of 25 percent.
“But again next week it might be back up again.
“Bitcoin predominantly goes up and down, it’s quite volatile right?
“This is the first drop we’ve seen in the last year when a lot of new retail buyers have come in so it’s new for a lot of new people.
“But people who have been in the industry for four or five years, this happens quite often actually.”
Bitcoin dropped 7.43 percent to $10,505.13 at 9:49am in London, according to CoinDesk.com
Ripple fell 6.86 percent to $1.11 at 9:49am in London and ethereum was down 9.52 percent to $953.37 at 9:50am in London.