Bitpay CCO Optimistic About Bitcoin, Alts, not so much

[wry]

Bitpay's Chief Commercial Officer (not sure exactly what that means, it's a new one to me) went on record to forecast a rebound in Bitcoin prices over the medium term.  He made clear he just thought it was Bitcoin that was going to recover, not many of the alt coins.  His reasoning seems to be that Wall Street is still going to move into crypto in a big way, and they will only move into the most well known coin and that is Bitcoin.

Given that right now Bitpay only accepts Bitcoin and Bitcoin Cash I'm not sure I accept his pessimistic appraisal of the situation for alts, but it seems to make sense for Bitcoin, if Wall Street moves further in.  However, I am starting to have doubts, the SEC keeps slapping down the ETF offers and the addition of the futures markets correlated perfectly with Bitcoins huge drop in price.  It seems to me Wall Street is as likely to shoot against Bitcoin as for it.

Anyway, the full stories if you want to check them out:

https://ethereumworldnews.com/bitpay-cco-bullish-bitcoin-cryptocurrency-2018/

also same story, slightly different:

https://cointelegraph.com/news/bitpay-cco-predicts-altcoins-to-never-come-back-bitcoin-to-rebound-in-2019

[bmg]

Bitpays is an amazing company i am a very proud customer. With the rise of altcoins I feel that it would do them some good to add e t h and LTC wallets that would be very convenient to the customers😃

[wry]

11 minutes ago, bmg said:

Bitpays is an amazing company i am a very proud customer. With the rise of altcoins I feel that it would do them some good to add e t h and LTC wallets that would be very convenient to the customers😃

This is a great point @bmg!  I wonder if this is a sign that they are not anticipating supporting more coins?  I too would like to see them add LTC. 

[bmg]

I mean I really don't see them not doing it because of what it could bring to their company.   they would have tons more customers just by adding to all coins to their wallets I mean I know just personally myself I would use my card and my wallet a lot more if they added ETH &LTC

[wry]

1 hour ago, bmg said:

I mean I really don't see them not doing it because of what it could bring to their company.   they would have tons more customers just by adding to all coins to their wallets I mean I know just personally myself I would use my card and my wallet a lot more if they added ETH &LTC

You know, given that a site like luckygames can support what 70 coins or so, and Stake and PD each easily support three, I am surprised they don't support more coins.  I'm guessing it is because they are looking at higher volumes and more mainstream uses and so therefore might face higher wallet implementation costs than those gambling sites.  I expect they are also more worried about fraud and scammers.

Anyway, like you I'd wish they would support more coins, so we'll see!  Thanks for your comments!

[Bigmann23]

Hopefully bitpay will open up to atleast ETH and LTC but i think the rest are just to unstable the use shape shifter thats probly enougj for them. Hope there becomes a better competitor for shapeshifter myself.

[bmg]

I think one reason they may be hesitant to pick up altcoins could be due to the fact that they don't hold  as much value is Bitcoin . They may feel  it's just a waste of time and energy. I also agree with what you said wry about the fraud and scammers that could be reasons they're hesitant as well