Stephen Pair, CEO of Bitpay, has announced that speculation issues drive the current valuation of Bitcoin. But, the actual usage of the crypto market leader which acts as a currency is only responsible for small variations in price.
Further, Pair suggested that BitPay intends to alter their circumstances significantly for the next few years and accordingly quoted that: “A very big component of the price is certainly speculation while its investors speculate on the future usage and adoption of this technology. A small component of the price is actual utility, and that’s what BitPay is focused on — using the platform and delivering products to our customers that they find valuable.”
Blockchain payment
Pair further stated that as per Bitpay’s opinion about mass adoption is only one of the major factor which helps in the prediction of Bitcoin future price. It only aims at creating enough infrastructure which can make it happen. He added that the presence of numerous factors in the market might have hit the Bitcoin price to the maximum in late 2017 apart from the ETF introduction.
As per his opinion, the present transactions of Bitpay volume is approximately $1 billion in a single year which may grow to $10 billion or $100 billion in the recent upcoming years. Also, even customers may opt Bitpay for processing payment in their daily life schedule including retail activities, which will ultimately lead to an increase in the value of Bitcoin price.
In a span of next three to five years, blockchain adoption will have a major makeover altogether and will bypass all of our expectation level in the cryptocurrency world and maybe will also be accepted as the default database style. He explained the process through one example that people may adopt blockchain process payment for paying their restaurant bills or any retail bills or any other bills which are associated in their daily lifestyle and hence Bitcoin value will rise and may be stored and transferred as value.
He further added that: “Our thesis at BitPay is that most digital assets will be issued on a blockchain and most payments will be issued on a blockchain. We are building a platform for that future. Remember this is not just about bitcoin or the various tokens that we see today. It’s also about issuing dollars or euros on a blockchain. 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 could be used for that payment.”