Blockchain Payments Mass Adoption to Happen in 3-5 Years, Says Stephen Pair

Stephen Pair, the CEO of crypto merchant platform Bitpay recently stated that predictions and future speculations are the major drivers of the price of Bitcoin instead if it’s actual usage.

Speaking in an interview with CNBC, Stephen Pair remarked on the reasons behind Bitcoin’s current value. According to him, “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 to comment about proposed Bitcoin ETF and how that could potentially boost price rally, Pair argued that “not just ETF adoption or ETF launches” could be catalysts for price movement, but that“adoption will push the prices higher,”

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

Also the CEO answered questions regarding the use of blockchain-based currencies’ in daily transactions. According to the CEO, he expects blockchain based transactions to become fully adopted in the next five years.

“I used to say 10years, but now I think it’s more like 3-5 years until you can go into are restaurant, a retail establishment, and just everybody’s going to expect that that store will be able to accept a blockchain payment.”

Making his point clear, Pair noted that he wasn’t referring to the use of “Bitcoin or the various tokens that we see today, rather he is talking about issuing dollars on a blockchain or euros on a blockchain.”

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

In a recent report conducted by Cambridge Centre for Alternative Finance, facts have emerged that the number of verified cryptocurrency users nearly doubled this year. With this, many believe that the crypto markets may be bracing up for an imminent recovery.