Stephen Pair, CEO of the crypto platform BitPay, expects mass adoption of cryptocurrencies use in daily transactions to take place in less than half a decade. Pair shared is thoughts on an interview with CNBC last week.
“Our thesis at BitPay is that all digital assets, or most digital assets, will be issued on a blockchain and then most payments will be conducted on a blockchain — and we’re building a platform for that future.” — stated Stephen Pair.
And continued:
“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.”
And the BitPay CEO noted he was not just referring to “Bitcoin or the various tokens that we see today — it’s also about issuing dollars on a blockchain or euros on a blockchain.”
“So we’re not just talking about payments in denominated bitcoin terms when we speak about blockchain payments. We’re talking about all kinds of digital assets that can be used for that payment.” — Pair concluded.
The CEO also believes adoption for everyday transactions will push the prices higher. However, he is convinced that it is speculation on future adoption that drives Bitcoin’s price — more than its actual utility and use.
“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.”
A study released by the Cambridge Centre for Alternative Finance last week shared that the number of verified cryptocurrency users nearly doubled this year. If the uptrend is kept it could point towards an eventual recovery of the market.
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