From mainstream use of Bitcoin and cryptocurrency to a Tron transaction frenzy, here’s a look at some of the stories breaking in the world of crypto.
BitPay CEO Stephen Pair says he thinks Bitcoin and cryptocurrency are on an increasingly fast track to mass adoption. In a new interview on CNBC’s Squawk Box, Pair says he’s shortened his timeline to about three to five years.
“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. So I think you’re really looking somewhere in the three-to-five-year time frame. I used to say 10 years, but now I think it’s more like three to five years until you can go into a restaurant, a retail establishment, and everybody’s going to expect that that store will be able to accept a blockchain payment.
And remember, this is not just about Bitcoin or the various tokens we see today. It’s also about issuing dollars on a blockchain, or euros on a blockchain. And so we’re not just talking about payments denominated in Bitcoin terms when we speak about blockchain payments. We’re talking about all kinds of digital assets that can be used for that payment.”
As for the price of Bitcoin, Pair says in the long run, true value will always follow adoption.
“I think there can be many catalysts, not just ETF adoption or ETF launches. In our business we process more than a billion dollars worth of payments a year. I would like to see that grow into $10 billion, $100 billion. And our customer base that uses and needs cryptocurrency – that adoption will push the prices higher…
A very big component of the price is certainly speculation.