Mon. Feb 18th, 2019

Blockchain Payments Mass Adoption 3-5 Years Away – BitPay CEO

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Dec 16

 

Stephen Pair, CEO of crypto payments platform BitPay, recently speculated that “future adoption drives Bitcoin’s (BTC) price more than actual utility,” in an interview on CNBC. 

As stated with regards to Bitcoin’s current market price, being compared to historic highs: 

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 the questioning steered towards a Bitcoin ETF, Pair argued that “not just ETF adoption or ETF launches” could be catalysts for price movement, but that “adoption will push the prices higher,” adding optimistically:

I do think we’ll see those kinds of prices at some point in the future, if history is any guide.”

Answering a question regarding Blockchain technology based token payments, the BitPay CEO told CNBC that he expects mass adoption taking place within 3-5 years, stating:

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 further noted that he was not just referring to “Bitcoin or the various tokens that we see today [but] also about issuing dollars on a blockchain or euros on a blockchain.”

According to Hester Peirce, a commissioner for the United States Securities and Exchange Commission (SEC), the approval of a Bitcoin ETF is not necessarily close at hand. Peirce said that an approval “could be 20 years from now” or “tomorrow,” urging the crypto community to not “ hold [its] breath.”

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