In the latest crypto news, the CEO of the merchant platform BitPay Stephen Pair has stated that the speculation on future adoption is what drives the price of Bitcoin (BTC) towards becoming more than just “actual utility.”
The news emerged from an interview on CNBC where Pair spoke about the reasons behind Bitcoin’s current value compared to its historic price highs, stating:
“A very big component of the [Bitcoin’s] price is certainly speculation. It’s investors that are speculating on the future usage and adoption of this technology. I’m sure a small component of that price is the actual utility.”
When asked about a Bitcoin ETFs potential to stimulate a price rally, Pair also argued that “not just ETF adoption or ETF launches” could be catalysts for price movement. He also said that “adoption will push the prices higher” stating:
“I do think we’ll see those kinds of prices at some point in the future, if history is any guide.”
When asked about the blockchain-based currencies and their use in daily transactions, the CEO of BitPay said that he expects such adoption to occur on a mass scale in under half a decade:
“I used to say 10 years, but now I think it’s more like 3-5 years until you can go into a restaurant, a retail establishment, and just everybody’s going to expect that that store will be able to accept a blockchain payment.”
Pair then concluded that he was not referring to “Bitcoin or the various tokens that we see today but also issuing dollars on a blockchain or euros on a blockchain” as some of the possibilities.
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